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EXHIBIT 10.16
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment, dated as of December 31, 1996, to that certain Employment
Agreement (the "Employment Agreement") dated July 25, 1996, by and between
Triton Systems, Inc., a Mississippi corporation (the "Company") and Xxxxx X.
Xxxxx, Xx., an individual residing at 000 Xxxxx Xxxxx, Xxxx Xxxxx Xxxxxxxxxxx
00000 (the "Employee").
RECITALS
WHEREAS, the Company and the Employee have entered into the Employment
Agreement referenced above, which sets forth the terms and conditions under
which the Company employs the Employee as its Vice President - Sales of the
Company;
WHEREAS, the Company and the Employee have agreed to decrease the
Employee's base salary;
NOW, THEREFORE, in consideration of the mutual covenants and promises
contained herein, the parties, each intending to be legally bound hereby, agree
as follows:
1. Section 4(a) of the Employment Agreement shall be deleted in its
entirety and replaced with a new section 4(a) to read as follows:
"Salary. During the Employment term, the Company shall pay the
Employee a base salary, payable in equal installments in accordance with the
Company's then current compensation practices for all of its employees, subject
to withholding and other applicable taxes, at an annual rate of One Hundred
Twenty-Five Thousand Dollars ($125,000.00). The annual base salary will be
subject to review annually and will be revised based on the recommendation of
the Compensation Committee of the Board of Directors of the Company; provided,
however, that such annual base salary shall not be decreased during the Term of
this Agreement."
2. Unless superseded by the terms of this Amendment to Employment
Agreement, the Employment Agreement shall remain in effect under its original
terms.
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IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have
hereunto executed this Agreement as of the day and year first written above.
TRITON SYSTEMS, INC.
By: /s/ Xxxxxx X. Xxxxxxxx
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Name: Xxxxxx X. Xxxxxxxx
Title: President
EMPLOYEE:
/s/ Xxxxx X. Xxxxx, Xx.
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Xxxxx X. Xxxxx, Xx.
