AMENDMENT TO EMPLOYMENT AGREEMENT
This amendment to the current employment agreement is entered into as of this
26th day of July 1999 by and between IVC Industries, Inc. and Xxxxx Xxxxx.
In consideration of the premises and mutual covenants defined in the EMPLOYMENT
AGREEMENT, and in compliance with section 3.(a) "Annual review of the Executive
salary by the Chief Executive Officer", and in lieu of the employment
anniversary of the Executive the 2nd day of June, the parties hereto agree to
the following update:
1. Xx. Xxxxx will serve IVC Industries, Inc. as Chief Information Officer
and Sr. Vice President of Information Technology.
2. Revised base salary. The revised base salary will reflect an eighteen
percent increase from the current base salary, effective on the
employment anniversary. This is less than the twenty-five percent
increase necessary to match the median low of the salary scale for the
northeast region.
3. Benefits. As a company executive, Xx. Xxxxx shall be entitled to a car
allowance equal to the average call allowance granted to other key
senior management personnel.
In witness whereof, the Company has caused this Agreement to be signed by a duly
authorized officer, and Xx. Xxxxx has signed this Agreement.
The Company:
IVC Industries, Inc.
000 Xxxxx Xxxx Xxxx
Xxxxxxxx, XX 00000
By: /s/ E. Xxxxxx Xxxxx
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E. Xxxxxx Xxxxx
Chief Executive Officer
Executive:
/s/ Xxxxx Xxxxx
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Xxxxx Xxxxx
