EXHIBIT 10(A) Amendment to the Employment Agreement between the Company and
Xxxxxxx X. Xxxx dated March 14, 1996
March 14, 1996
Xxxxxxx X. Xxxx
00 Xxxxx Xxxxx
Xxxx Xxxxxxxxxx, Xxx Xxxx 00000
Dear Xx. Xxxx:
Reference is made to that certain Employment Agreement dated as of December 1,
1993 between Compuflight, Inc. ("Compuflight") and Xxxxxxx X. Xxxx ("Thal") (the
"Employment Agreement").
Compuflight and Thal hereby agree that the provisions of Section 8 of the
Employment Agreement are null and void as of December 1, 1993. Compuflight and
Thal hereby agree further that, effective as of March 1, 1996, a new Paragraph 8
of the Employment Agreement is added as follows:
"8. Retirement
The Company agrees to acquire on or before July 31, 1996 an annuity and/or
universal life insurance policy (the "Policy") taken out with an insurance
company licensed to do business in the State of New York and having a
BESTS/MOODYS/STANDARD & POORS rating of not less than "A", which will provide
for the following: (a) the Employee being the beneficiary thereof; (b)
commencing one (1) month following the later of (i) the end of the Employment
Period or (ii) the cessation date of the Employee's employment with the
Company, the payment to the Employee of sixty (60) equal monthly installments of
Ten Thousand Dollars ($10,000) (such payments not to extend beyond the
Employee's death, except that, if the cessation date of the Employee's
employment with the Company is after March 31, 1999, and the Employee dies after
March 31, 2004, the Employee shall be entitled to receive all sixty (60) monthly
payments provided for hereunder); and (c) a death benefit in the amount of Six
Hundred Thousand Dollars ($600,000) covering the Employee's death through March
31, 2004, which amount shall decrease to the extent of any payments pursuant to
(b) above. The Policy shall be paid for in equal monthly installments over the
period ending March 31, 1999. Notwithstanding the foregoing, the Employee shall
not be entitled to any of the payments set forth in (b) above if, prior to the
end of the Employment Period, the Employee voluntarily terminates his employment
with the Company."
Except as amended hereby, the provisions of the Employment Agreement shall
continue in full force and effect in accordance with its terms.
This agreement shall be binding upon and shall enure to the benefit of the
successors, assigns and legal representatives of Compuflight and Thal.
The Employment Agreement, as amended hereby, may be amended only by a writing
executed by Compuflight and Thal.
If the foregoing is acceptable, please indicate your agreement thereto by
signing in the space provided below and returning an executed copy to the
undersigned.
Very truly yours,
Agreed to: COMPUFLIGHT, INC.
Xxxxxxx X. Xxxx
/s/ Xxxxxxx X. English
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/s/ Xxxxxxx X. Xxxx
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