EXHIBIT 10(x)
SECOND ADDENDUM
TO THAT CERTAIN
EMPLOYMENT AGREEMENT
BETWEEN
FARMSTEAD TELEPHONE GROUP, INC.
AND
XXXXXX X. XXXXXX, XX.
DATED AS OF JANUARY 1, 1998,
AS AMENDED BY THAT CERTAIN RESTATED FIRST ADDENDUM DATED AS OF AUGUST
1, 2001
(the "Agreement")
This Second Addendum to the Agreement is effective as of the 1st day of
January 2003 (the "Effective Date").
RECITALS
The Executive and Company are parties to the Agreement.
The parties wish to make additional modifications to certain provisions of
the Agreement for the limited purposes of extending Executive's Employment
Period by adding an additional year to the Active Employment Period and
postponing commencement of the Limited Employment Period.
For good and valuable consideration, the receipt and sufficiency of which
is acknowledged, the parties agree as follows.
1. Section 2.1 of the Agreement is revised to read as follows:
Employment Period. Subject to Section 2.3 below, the Company
agrees to employ the Executive for eleven (11) years (the "Term"):
(a) during six (6) consecutive years of full time employment
commencing January 1, 1998, "Active Employment Period," plus;
(b) during five (5) consecutive years of limited employment,
"limited Employment Period", commencing January 1, 2004.
2. It is understood and agreed that Executive's annual Base Salary
rate in effect on January 1, 2003 is $160,000.00, but that Executive's Base
Salary in effect at the commencement of the Limited Employment Period shall
be deemed to be $300,000 for purposes of computing the Executive's
compensation entitlements under Section 2.2 of the Agreement.
3. It is understood and agreed that Executive shall be deemed to have
been actually paid a Base Salary of $200,000.00 for the entirety of
calendar year 2002 for the purposes of computing any adjustments to
Executive's compensation entitlements under Paragraphs 2(ii), 2(iv) and
2(v) of the Restated First Addendum to the Agreement (collectively the
"Adjustment Provisions"). It is also understood and agreed that the Base
Salary that is paid to Executive during calendar year 2003 is not a factor
in and shall have no effect on the computation of any adjustments under the
Adjustment Provisions.
4. Unless specifically defined, all capitalized terms in this Second
Addendum shall have the meanings assigned in the Agreement.
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5. The Agreement shall continue in full force and effect as
specifically modified by the terms of this Second Addendum to the
Agreement.
Executed by the parties as of the Effective Date.
FARMSTEAD TELEPHONE GROUP, INC.
By:___________________________________
Name:_________________________________
Title:__________________________________
XXXXXX X. XXXXXX, XX.
/s/ Xxxxxx X. Xxxxxx, Xx.
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