ADDENDUM
EMPLOYMENT CONTRACT BETWEEN
XXXXXXX X. XXXXXX (EMPLOYEE)
and
THE JPM COMPANY (EMPLOYER)
Recitals:
1. Employee is currently employed by Employer, under an employment
contract dated the 1st day of July, 1998.
2. Employee and Employer wish to amend the employment contract to include
the additional terms set forth below.
3. All other terms and conditions of the original employment agreement
shall remain in full force and effect.
Agreement: Paragraph 13 of Employee's Employment Contract shall be amended
to include the following additional clauses:
13.6 Good Cause Termination. In the event of a Change of Control, for
a period of six months thereafter, the EMPLOYEE may terminate this
Agreement for Good Cause.
a) Good Cause. Good Cause shall be defined as a reduction by EMPLOYER
in the base salary as in effect at the time of the Change in Control.
13.7 Effect of Good Cause Termination. In the event of a termination
by the EMPLOYEE for Good Cause, EMPLOYEE shall be entitled to the same
benefits as if the EMPLOYEE had been involuntarily terminated without
cause.
13.8 Non-competition Restriction. In the event of a Change of Control
and involuntary termination of EMPLOYEE within six months of such Change of
Control, by involuntary termination without cause or by Good Cause
resignation, the non-competition restrictions of paragraphs 6, 8 and 9
shall be reduced to twelve months.
THE JPM COMPANY
By: /s/ Xxxxx X. Xxxxxxxxx Witness: /s/ Xxxxxxx X. Xxxxxx
(Signature)
Employee:
/s/ Xxxxxxx X. Xxxxxx
Witness: /s/ Xxxxxxxx Xxxxxxx
Date: 16 August 2000
