EXHIBIT 10(D)(2)
AMENDMENT NO. 1 TO
EXECUTIVE EMPLOYMENT AGREEMENT
The Executive Employment Agreement, as amended and restated as of July
15, 1992 (the "AGREEMENT"), by and between Electro Rent Corporation (the
"COMPANY") and Xxxxxxx Xxxxxxxx (the "EXECUTIVE") is amended and supplemented by
the terms of this Amendment No. 1 (this "AMENDMENT") as set forth below.
Capitalized terms not otherwise defined herein are given the meanings ascribed
to such terms in the Agreement.
1. SECTION 1.2(c). Section 1.2(c) shall be modified by adding the following
sentence at the end of Section 1.2(c):
"In addition, during the continuation of the Executive's employment
hereunder, the Company shall maintain (by insurance policy or, if not
available on commercially reasonable terms, self insurance) medical
coverage, consistent with the standard of coverage currently available
to the Executive, for the Executive, his spouse and his dependant
children until each child reaches the age of 24, unless prior to that
time the child has become disabled, in which case the medical coverage
shall be maintained with respect to that child for as long as he/she
shall live (the "FAMILY MEDICAL BENEFIT").
2. NEW SECTION 2.4. A new Section 2.4 shall be added to the Agreement as
follows: Section 2.4. Regardless of any termination of the employment
relationship, at its expense, the Company shall continue to maintain (by
insurance policy or, if not available on commercially reasonable terms,
self insurance) the Family Medical Benefit for (i) the Executive and his
spouse for as long as they live, and (ii) each of the Executive's
children until that child reaches the age of 24, unless prior to that
time the child has become disabled, in which case the Family Medical
Benefit shall be maintained with respect to that child for as long as
he/she shall live.
3. SECTION 2.2(b). Section 2.2(b) shall be revised to replace the words
"during the Employment Term" on the eighth line of page 6 with the words
"with respect to any fiscal year of the Company in which Executive was
employed by the Company." 4. SECTION 2.3(a). The words "the Term" on the
fourth line of Section 2.3(a) shall be replaced with the words "with
respect to any fiscal year of the Company in which Executive was
employed by the Company."
5. SECTION 2.3 (b). The words ", including the Family Medical Benefit" will
be added following the words "Termination of Employment" in the third
line of page 8.
6. GENERAL. Except as explicitly modified in this Amendment, the Agreement
shall continue in full force and effect. IN WITNESS WHEREOF, the parties
hereto have duly executed this Amendment on the 12 day of October 2001.
ELECTRO RENT CORPORATION EXECUTIVE
By: /s/ Xxxxxx Xxxxxxxxx By: /s/ Xxxxxxx Xxxxxxxx
Its: Chief Executive Officer Xxxxxxx Xxxxxxxx
Exhibit 10(D)(2)
