Exhibit 10.69
AMENDMENT TO EMPLOYMENT AGREEMENT
AMENDMENT TO EMPLOYMENT AGREEMENT ("this Amendment") dated this 1st day of
August, 2000, by and between TREMONT INVESTMENT MANAGEMENT, INC., a company
organized under the laws of the Province of Nova Scotia and the laws of Canada
and XXXXXX XXXXXXX, an individual residing at 000 Xxxxxxxxx Xxxxxxx, Xxxxxxx,
Xxxxxxx X0X 0X0 Xxxxxx ("Xxxxxxx").
WITNESSETH:
WHEREAS, Xxxxxxx is employed by Tremont pursuant to and in accordance with
the terms and conditions contained in an employment agreement dated July 17,
1998 (the "Employment Agreement"), by and between Tremont and Xxxxxxx; and
WHEREAS, Xxxxxxx and Tremont are each desirous of amending the Employment
Agreement in accordance with this Amendment, effective August 1, 2000.
NOW, THEREFORE, in consideration of the promises and mutual covenants,
terms and conditions hereinafter set forth and in the Employment Agreement, the
parties hereto hereby agree as follows:
1. Section 2 of the Employment Agreement is hereby amended and shall read as
follows: "Term of Employment. Xxxxxxx'x employment under this Agreement shall
commence as of the date hereof and continue until July 31, 2001, which shall be
automatically renewed for one-year periods, unless sooner terminated pursuant to
Section 8 of the Employment Agreement.
2. Section 7(a) of the Employment Agreement are hereby amended by deleting the
following phases: (i) "U.S.$125,000.00 for the annual period commencing on the
August 1, 1998 and ending on July 31, 1999" and (ii) "U.S.$150,000.00 for the
annual period commencing on the August 1, 1999 and ending on July 31, 2000" and
inserting in their place "U.S.$200,000.00 for the annual period commencing on
the August 1, 2000 and ending on July 31, 2001". The following phase has been
deleted from the paragraph that follows section 7 (a)(ii): "Following the
Initial Term, the renewal of the terms of Xxxxxxx'x employment and compensation
shall be determined by the Board of Directors of the Corporation; provided,
however, that Xxxxxxx'x annual salary shall not exceed U.S.$150,000 until such
time as any and all redeemable preferred shares of the Corporation issued to
Tremont in exchange for additional capital contributions, as contemplated in the
Joint Venture and provided for in the Shareholders' Agreement have been redeemed
in full.
3. Except to the extent amended by this Amendment, the terms and conditions of
the Employment Agreement shall remain in full force and effect. In the event of
any conflict between the terms of the Employment Agreement and the Amendment,
the Amendment shall control.
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4. Each party hereby represents and warrants to the other that each has read the
foregoing provisions and that each has had a sufficient opportunity to discuss
this Amendment with anyone each party might desire prior to signing below.
Further, in signing this Amendment, each party has not relied on or been induced
to execute this Amendment by any statements, representations, agreements or
promises, oral or written, made by the other except for those expressly
contained in this Amendment.
IN WITNESS WHEREOF, this Amendment has been executed and delivered by the
parties hereto as of the date first above written.
By: /s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx
TREMONT INVESTMENT MANAGEMENT, INC.
By: Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx, Chief Financial Officer
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