AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT
10.14
AMENDMENT
TO EMPLOYMENT AGREEMENT
This AMENDMENT TO EMPLOYMENT
AGREEMENT (“Amendment”) is entered into as of October 1, 2007 among
Cadiz Inc., a Delaware corporation (the “Company”) and
O'Xxxxxxx Xxxxxx, XX (“Iselin”). The
parties to this Amendment are hereinafter sometimes referred to collectively as
the "Parties".
RECITALS:
WHEREAS, the Parties have entered into
an Employment Agreement as of September 12, 2005 (the "Agreement"), with a
commencement date of October 3, 2005 (the "Commencement Date"); and
WHEREAS, the Parties desire to amend
the Agreement in certain respects;
NOW THEREFORE, in consideration of the
above recitals, the promises and the mutual representations, warranties,
covenants and agreements herein contained, the Parties hereby agree as
follows. Defined terms used herein shall, if not otherwise defined in
this Amendment, have the same meaning as set forth in the
Agreement.
1. Payments following
Termination. Section 6(b)(ii) of the Agreement is hereby
amended in its entirety to read as follows:
"xx.Xx the event of termination of this
Agreement by the Company following a Change in Control pursuant to Section
(a)(ii) above, which Change in Control occurs within forty-eight (48) months of
the Commencement Date, Iselin shall be entitled to receive for a period of
twelve (12) months following the effective date of termination, as though Iselin
were continuing to provide services to the Company under this Agreement (i) base
compensation as set forth in Section 4 above and (ii) all fringe benefits as
described in Section 5(d) above to the extent that such benefits can then
lawfully be made available by the Company (or the Company’s successor in
interest) to Iselin."
2. Existing
Agreement. Except as otherwise amended or modified herein or
hereby, the provisions of the Agreement are hereby reaffirmed and shall remain
in full force and effect.
IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.
By:
Xxxxx Xxxxxxxxx, Chief Executive Officer
ISELIN
By:
O'Xxxxxxx
Xxxxxx XX
