Exhibit 10.2
ADDENDUM TO EMPLOYMENT CONTRACT
R E C I T A L S
WHEREAS, KEY TRONIC CORPORATION (the "Employer") and Xxxxxx X. Xxxxxxxxx
(the "Employee") desire to modify Employee's December 9, 1992 Employment
Contract (the "Agreement");
WHEREAS, said modification is based upon the mutual desires of the Employer
and the Employee;
NOW, THEREFORE, in consideration of the mutual covenants contained therein,
the following modification to the December 9, 1992 Employment Contract is
executed. Except as provided in this modification, the other terms and
conditions set out in the December 9, 1992 Employment Contract remain in full
force and effect.
1. Section 10a of the Agreement is hereby amended to read in full as
follows:
"10. TERMINATION
a. Employer's Board of Directors and/or its President and its
CEO may, in their discretion, terminate Employee's employment at
any time for any reason or for no reason. After such termination,
all rights, duties and obligations of both parties shall cease
except that Employer shall pay Employee for Employee's
accumulated unused vacation and subject to the provisions below,
Employer shall continue to pay Employee's base salary only in
effect prior to termination for a period of two years after
termination if termination occurs prior to July 30, 2002 and for a
period of one year after termination if termination occurs on or
after July 30, 2002. Also, for the period during which any such
payments are being made, Employer will continue Employee's group
medical and dental plan coverage for Employee and Employee's
dependents as such plans are then generally offered to employees
of Employer. Employee may elect to continue group medical
coverage at the termination of severance benefits, for the balance
of any COBRA period, at Employee's sole expense."
EMPLOYER: KEY TRONIC CORPORATION EMPLOYEE: XXXXXX X. XXXXXXXXX
BY: /s/ Xxxx X. Xxxxxx BY: /s/ Xxxxxx X. Xxxxxxxxx
NAME: XXXX X. XXXXXX NAME: XXXXXX X. XXXXXXXXX
TITLE: PRESIDENT & CEO
DATE: 11/15/99 DATE: 11/15/99
