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EXHIBIT 10.13.1
AMENDMENT NO. 1
TO
EMPLOYMENT AGREEMENT
OF
XXXX XXXXXX
AMENDMENT NO. 1, effective as of April 1, 2000 ("Amendment"), to that
certain Employment Agreement, dated as of July 1, 1997 (the "Employment
Agreement"), between Jaco Electronics, Inc., a New York corporation ("Jaco"),
and Xxxx X. Xxxxxx (hereinafter referred to as "Girsky"), pursuant to which
Girsky had been employed as Chairman of the Board, President and Treasurer of
Jaco. Terms not defined in this Amendment shall have such meanings otherwise
ascribed to them in the Employment Agreement.
WHEREBY, Jaco and Girsky desire to amend the Employment Agreement to
correct a typographical error to properly reflect the intention of the parties.
NOW, THEREFORE, in consideration of the premises hereinafter set forth,
the parties, intending to be legally bound, agree as follows:
1. Section 1.1 of the Employment Agreement entitled, "Term of Employment;
Duties," is hereby deleted and replaced in its entirety by the following:
"Jaco hereby employs Girsky as Chairman and President of
Jaco, and Girsky hereby agrees to serve Jaco in such
capacities and to perform such duties consistent therewith
as Jaco's Board of Directors from time to time shall
determine for a period commencing on the Effective Date and
ending on the fourth (4th) anniversary of the Effective
Date (the "Initial Term"), provided, however, the term of
this Employment Agreement shall be automatically extended
after each anniversary date of the Effective Date for an
additional one year period following the Initial Term,
unless either Jaco or Girsky shall provide a notice of
non-renewal to the other party (the "Notice of
Non-Renewal"), which notice shall be in writing and shall
be delivered not less than 90 days prior to an anniversary
date after the Effective Date (the "Employment Period"). In
the event that a Notice of Non-Renewal is delivered by
either party, this Employment Agreement shall continue for
a period of three (3) years following the anniversary date
which follows immediately after the date that a valid and
effective Notice of Non-Renewal is delivered. By way of
example, if the Notice of Non-Renewal is delivered after
the second anniversary date and not less than 90 days prior
to the third anniversary date of the Effective Date, this
Employment Agreement shall continue until the sixth
anniversary date of the Effective Date.
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2. Notwithstanding the foregoing restatement of Section 1.1 of the
Employment Agreement, all other provisions of the Employment Agreement shall
continue in full force and effect.
IN WITNESS WHEREOF, the undersigned have each caused this Amendment to be
executed by its duly authorized representative, effective as of the date first
written above.
JACO ELECTRONICS, INC.
By: /s/ Xxxxxxx Xxxx
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Name: Xxxxxxx Xxxx
Title: Vice President, Finance
/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
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