EXHIBIT 10.1.26
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (the "Amendment") is entered into as of
October 25, 2003, by and between Beacon Power Corporation, a Delaware
corporation (the "Company"), and Xxxxxxx Xxxxxxxxxx (the "Executive").
WHEREAS, the Company and Executive are entering into this Amendment to the
Employment Agreement (the "Agreement") dated as of May 6, 2002 between them in
order to extend the duration of the Agreement by six months, NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1. Section 1 of the Agreement is hereby amended in its entirety to read as
follows:
"Section 1. Term. This Agreement shall be effective for a term commencing on
October 25, 2002 (provided the Executive is an employee of the Company on that
date), and continuing until April 25, 2004, unless earlier terminated pursuant
to Section 9. The period of the Executive's employment hereunder is referred to
as the "Employment Period"."
2. Section 9(c) of the Agreement is amended in its entirety to read as
follows:
"(c) Continuation /Nonrenewal. Unless this Agreement has been otherwise
terminated before April 24, 2004, the Company and the Executive agree to discuss
in good faith the possible continuation of the Executive's employment,
commencing six months prior to April 24, 2004. If the Company fails to offer the
Executive a new employment agreement, with at least equivalent material terms to
this Agreement, by April 24, 2004 and in fact the Executive ceases to be an
employee of the company following April 24, 2004, the Company shall pay the
Executive a monthly amount until April 24, 2005, equal to the sum of one-twelve
of the Executive's Base Salary in effect at the expiration of the Agreement plus
one-twelve of the Executive's bonus for the most recent fiscal year of the
Company, in accordance with the Company's regular payroll practices, less
applicable holdings required by law. In the event the Executive and the Company
do not sign a new employment agreement by April 24, 2004 but the Executive's
employment with the Company continues on an at-will basis past that date by
terminates for any reason before April 24, 2005, payment of the foregoing
monthly amount will commence after such termination and continue only until
April 24, 2005. If the at-will employment continues after April 24, 2005 but
then terminates, no such monthly amount will be paid."
3. In all other respects, the Agreement shall remain unamended.
IN WITNESS WHEREOF, this Amendment has been executed as a sealed instrument as
of the date first above written.
EXECUTIVE BEACON POWER CORPORATION
/s/Xxxxxxx Xxxxxxxxxx
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Xxxxxxx Xxxxxxxxxx
