EXHIBIT 10.8.8
ADDENDUM TO EMPLOYMENT AGREEMENT
BETWEEN SUMMIT MANAGEMENT COMPANY AND XXXX XXXXX
1. The consulting Agreement entered into by the parties on April 15, 1996
will terminate effective as of the date of this agreement. The
following terms of the Consulting Agreement will survive its
termination:
a. Employees' medical insurance costs pursuant the COBRA coverage
in place from prior employment will continue to be reimbursed
by the Company as agreed until Employee is eligible for the
Company's medical coverage.
b. A .10% (ten basis points) bonus will be paid at closing for
the properties listed on the attached schedule if purchased by
the Company. The bonus will be computed based on the total
purchase price including any stock/securities.
2. A Severance payment for termination by the Company or its assigns,
without cause, will be computed at one months salary per year of
service pro rated for partial years. This provision does not apply
during the first year of service however the initial year will be
counted in any future Severance calculation.
"EMPLOYEE"
By: /s/ Xxxx X. Xxxxx
___________________
Xxxx X. Xxxxx
SUMMIT MANAGEMENT COMPANY
By: /s/ Xxxx X. Xxxx
__________________
Xxxx X. Xxxx
President