Exhibit 10.70
AMENDMENT TO EMPLOYMENT AGREEMENT
AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment") dated this 6th of
December, 2000, by and between TREMONT ADVISERS, INC., a Delaware corporation
having its principal executive offices at Corporate Center at Rye, 555 Xxxxxxxx
Xxxxx Avenue, Rye, New York ("Tremont"); and XXXXXX X. XXXXXX, an individual
residing in Pound Ridge, New York ("Executive").
WITNESSETH:
WHEREAS, Executive is employed by Tremont pursuant to and in accordance
with the terms and conditions contained in an employment agreement dated
September 25, 1995 (the "Employment Agreement"), by and between Tremont and
Executive; and
WHEREAS, Executive and Tremont are each desirous of amending the Employment
Agreement in accordance with this Amendment, effective January 1, 2001.
NOW, THEREFORE, in consideration of the promises and mutual covenants,
terms and conditions hereinafter set forth and in the Employment Agreement, the
parties hereto hereby agree as follows:
1. Section 3(a)(i) of the Employment Agreement is hereby amended by deleting the
following phrase: "three hundred ninety-one thousand four hundred dollars"
($391,400) and inserting in its place "four hundred twenty thousand dollars"
($420,000).
2. Section 5 shall be amended by deleting all references therein to "December
31, 2000" and inserting in its place "December 31, 2001."
3. Except to the extent amended by this Amendment, the terms and conditions of
the Employment Agreement shall remain in full force and effect. In the event of
any conflict between the terms of the Employment Agreement and the Amendment,
the Amendment shall control.
4. Each party hereby represents and warrants to the other that each has read the
foregoing provisions and that each has had a sufficient opportunity to discuss
this Amendment with anyone each party might desire prior to signing below.
Further, in signing this Amendment, each party has not relied on or been induced
to execute this Amendment by any statements, representations, agreements or
promises, oral or written, made by the other except for those expressly
contained in this Amendment.
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IN WITNESS WHEREOF, this Amendment has been executed and delivered by the
parties hereto as of the date first above written.
WITNESS
/s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxxxx X. Xxxxxx
----------------------------- -----------------------------
Xxxxxxx X. Xxxxxxx Xxxxxx X. Xxxxxx
Secretary and Treasurer
ATTEST TREMONT ADVISERS, INC.
/s/ Xxxxxxx X. Xxxxxxx /s/ Xxxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxx Xxxxxx X. Xxxxxxxx
Chief Financial Officer Co-Chief Executive Officer
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