Amendment To Employment Agreement
AMENDMENT dated as of February 10, 1997, to Employment Agreement dated as
of August 23, 1988, as amended, by and between Presstek, Inc., a Delaware
corporation (the "Company" or "Employer") and Xxxxxxx X. Xxxxxxxx (the
"Executive").
W I T N E S S E T H:
WHEREAS, the Executive is currently the Company's Vice
Chairman, Chief Executive Officer, and Secretary; and
WHEREAS, the Company and Executive entered into an Employment Agreement
dated as of February 23, 1988 (the "Agreement") which Agreement, as amended,
provided for the employment by the Company of the Executive until March 31,
1997; and
WHEREAS, the Company wishes to formally extend the term of the Executive's
employment with the Company pursuant to the Agreement for a period expiring in
March 1998; and
WHEREAS, the Company and Executive desire to amend the terms of the amended
Agreement as provided herein;
NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, and other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the Company and Executive hereby
agree as follows:
1) Section 2. (a) of the Agreement is hereby amended to provide that
Employer shall pay to Executive an annual salary of $175,000, payable in monthly
installments or more frequent pay periods as may be determined by the Employer.
Said salary shall be subject to periodic review by and possible upward
adjustment in the sole discretion of the Board of Directors of the Employer.
2) Section 8 (d) of the Agreement is hereby amended to provide that the
Employer agrees to employ the Executive as an executive officer for a period
expiring on March 31, 1998.
3) Except as specifically set forth above, all of the other provisions of
the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this amendment as of
the date first written above.
PRESSTEK, INC.
By: s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
President and COO
s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxxx
