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Exhibit 10.3
AGREEMENT dated as of September 27, 1996 between Xxxxx X.
Xxxxxxxxxx, Xxxxx X. Xxxxxx, Xxxx X. Xxxxx, Xxxx Xxxxxxxxxxx (collectively, the
"Executive Officers") and CONNECTIVITY PRODUCTS INCORPORATED, a Delaware
corporation ("CPI").
W I T N E S S E T H:
WHEREAS, each of the Executive Officers is a party to an employment
agreement, dated as of May 17, 1996 (each, an "Employment Agreement"), with CPI
pursuant to which they are each entitled to receive a salary of $175,000 per
annum.
NOW THEREFORE, in consideration of the premises and of the mutual
covenants hereinafter set forth, the parties hereto hereby agree as follows:
1. Notwithstanding the terms of the Employment Agreements, each of
the Executive Officers hereby agrees to permanently and irrevocably forego
$11,461.52 of their salary due to them in September 1996 under the Employment
Agreements.
2. Except as otherwise provided herein, the terms of the Employment
Agreements shall remain in full force and effect.
3. This Agreement may be executed in any number of counterparts, and
each such counterpart hereof shall be deemed to be an original instrument, but
all such counterparts together shall constitute but one agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written.
/s/ Xxxxx X. Xxxxxxxxxx /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxxxxxx Xxxxx X. Xxxxxx
/s/ Xxxx X. Xxxxx /s/ Xxxx Xxxxxxxxxxx
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Xxxx X. Xxxxx Xxxx Xxxxxxxxxxx
CONNECTIVITY PRODUCTS INCORPORATED
By:/s/Xxxxx X. Xxxxxxxxxx
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Name: Xxxxx X. Xxxxxxxxxx
Title: President
