Exhibit 10.50
AMENDMENT NO. 1
TO
EMPLOYMENT AGREEMENT
This Amendment No. 1 to Employment Agreement ("Agreement") is entered
into between LOWRANCE ELECTRONICS, INC., a Delaware corporation having offices
at 00000 Xxxx Xxxxxx Xxxxx, Xxxxx, Xxxxxxxx 00000 ("Employer" or "Company"), and
Xxxxxxx X. Xxxxxxxx, an individual currently residing at 0000 X Xxxxxxx Xxxxx,
Xxxxxx Xxxxx, Xxxxxxxx 00000 ("Employee"), to be effective as of April 7, 2004.
In consideration of the mutual promises, covenants, and obligations
contained herein, the parties agree as follows:
1. RECITALS.
(a) Employer and Employee entered into a certain Employment
Agreement (the "Employment Agreement") dated as of April 7, 2000 (the "Effective
Date"). Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Employment Agreement.
(b) The Initial Term of the Employment Agreement ended on
April 7, 2002, without either party having provided the other party with written
notice of termination.
(c) The Renewal Term of the Employment Agreement automatically
began on April 7, 2002, and will expire on April 7, 2004.
(d) Employer and Employee desire to enter into this Agreement
to extend the Renewal Term of the Employment Agreement for one (1) additional
year.
2. AMENDMENT. The definition of "Renewal Term", as such term is used in
Exhibit A to the Employment Agreement, is hereby amended to mean the period
commencing on the expiration of the Initial Term and terminating on April 7,
2005. For purposes of the Employment Agreement, "Term" shall mean the period
commencing on the Effective Date and terminating upon the expiration of the
Renewal Term, as amended herein.
IN WITNESS WHEREOF, Employer and Employee have duly executed this
Agreement in multiple originals to be effective on the date first written above.
LOWRANCE ELECTRONICS, INC. EMPLOYEE
By: ________________________________ ______________________________
Xxxxxxx X. Xxxxxxxx, President Xxxxxxx X. Xxxxxxxx
This ____ day of ___________, 2004. This ____ day of __________, 2004.
