Correction to Employment Agreement, by and between Pulse Microsystems Ltd.,
an Ontario corporation (the "Corporation"), and Xxxxx Xxxxxxxx (the
"Executive").
WHEREAS, Pulse and the Executive entered into an employment agreement dated
as of February 25, 1994 (the "Employment Agreement"); and
WHEREAS, the parties have discovered an error in Section 2(b) of the
Employment Agreement concerning the amount of the bonus to be paid during the
First Renewal Term (as defined in the Employment Agreement); and
WHEREAS, the parties desire to correct this error.
NOW, THEREFORE, it is hereby agreed:
1. Section 2(b) of the Employment Agreement, as it now exists, is stricken
and instead is replaced by corrected Section 2(b) reading in its entirety as
follows:
First Renewal Option. Subject to the provisions of Section 2(d) hereof,
upon notice given in manner provided herein not less than one hundred twenty
(120) days prior to the expiration of the Initial Term, the Executive may extend
the Initial Term for an additional three (3) year period (the "First Renewal
Term") upon the same terms and conditions (except the right to renew for three
(3) years) as set forth herein except that the bonus provided for in Section
5(b) of this Agreement shall be 12.5% of the Company's annual pre-tax profits
(as defined in Paragraph 5(b)(iii) hereof) during the First Renewal Term. The
First Renewal Term shall terminate as of the close of business on the eighth
(8th) anniversary of the Effective Date.
2. Except as herein corrected, the Employment Agreement remains in full
force and effect.
Dated: November 4, 1997
PULSE MICROSYSTEMS LTD.
By: /s/Tas Tsonis
-----------------------------
Tas Tsonis, President
/s/Xxxxx Xxxxxxxx
-----------------------------
XXXXX XXXXXXXX
Consented to:
XXXXXX INTERNATIONAL CORP.
By:/s/Xxxxx Xxxxxxx
------------------------
Xxxxx Xxxxxxx, President
