EXHIBIT 10.4
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment, dated as of March 1, 1997, amends that
certain Employment Agreement (the "Employment Agreement") dated
as of January 1, 1995, by and between Spectrum Information
Technologies, Inc. ("Employer") and Xxxxxx X. Xxxxxxx
("Employee").
1. Paragraph 2 is amended and restated in its entirety as
follows:
2. Term of Employment. Employee shall be an at-will
employee and the period during which Employee is employed by Employer
pursuant to this Agreement is called the "Term of Employment".
2. Paragraph 7.(b) is amended and restated in its entirety
as follows:
7.(b) Employer retains the right to discharge Employee
for any reason not specified above. Employer agrees, however,
that if it discharges Employee for any reason other than "just
cause" as defined above, Employee will be entitled to full
compensation, including participation in all benefit programs set
forth in Section 4 hereof, subject to the provisions of such
Section 4, for one (1) year. In addition, all stock options for
the stock of Employer theretofore granted to Employee will
immediately vest and become immediately exercisable and will
remain exercisable throughout the original term of such option,
notwithstanding any provision to the contrary regarding
termination of employment in the stock option agreement issued in
respect of such stock option or any other stock option plan of
Employer pursuant to which such stock option may have been
granted. Employee shall not be required to mitigate the payments
provided for hereunder by seeking other employment or otherwise,
nor shall any such payments be offset by any other compensation
or earnings of the Employee following the termination of
employment. Employee's benefits pursuant to this paragraph are
and shall be payable immediately upon such discharge without just
cause.
All other terms and provisions contained in the Employment
Agreement shall remain in effect.
Spectrum Information Technologies, Inc.
/s/ Xxxxxxx X. Xxxxxxx
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By: Xxxxxxx X. Xxxxxxx
Its: Chairman of the Compensation Committee
/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
