Amendment to Employment and Non-Competition Agreement
Exhibit
99.1
Amendment
to Employment and Non-Competition Agreement
This
Amendment to Employment and Non-Competition Agreement (this “Amendment”)
is
entered into as of July 25, 2005, by and between Zones, Inc. (“Parent”),
Zones
Corporate Solutions, Inc. (the “Company,”)
and
Xxxxxxxxx Xxxxxx (the “Associate”).
Recitals
A.
On
March
31, 2003, Parent, Corporate PC Source, Inc. (the predecessor to the Company),
and the Associate entered into an Employment and Non-Competition Agreement
(the
“Agreement”).
B.
Corporate
PC Source, Inc. has since combined with the Company in a statutory
merger.
C.
The
parties now desire to amend the Agreement.
Agreement
NOW,
THEREFORE,
based on
the foregoing premises and in consideration of the commitments set forth
below,
Associate, Parent and Company agree as follows:
1. Section
3
of the Agreement is hereby amended and restated in its entirety as
follows:
“Incentive
Bonus. In addition to Base Salary, Associate shall be paid a quarterly incentive
bonus (the “Bonus”) equal to the greater of (i) $43,750, or (ii) the amount of
the bonus the Associate is eligible to receive under the Parent’s bonus plans in
which the Associate participates. Subject to Associate’s continued employment,
the Bonus shall be payable on the last payroll date of the month following
the
quarter end with respect to which the Bonus is payable and be subject to
income
tax and other applicable withholding.”
2. Except
as
amended hereby, the Agreement will remain in full force and effect.
3. This
Amendment may be executed in counterparts, and each counterpart shall have
the
same force and effect as an original and shall constitute an effective, binding
agreement on the part of each of the undersigned.
[Remainder
of page intentionally left blank. Signature page follows.]
IN
WITNESS WHEREOF, each of the parties has executed this Agreement, in the
case of
the Company by their duly authorized officers, as of the day and year first
above written.
Zones
Corporate Solutions, Inc.
By: |
/s/
XXXXXX XXXXXXXX
|
Date: |
July
26, 2005
|
|
Print Name: |
Xxxxxx
XxXxxxxx
|
|||
Title: |
Chief
Financial Officer
|
Zones,
Inc.
By: |
/s/
XXXXX XXXXX
|
Date: |
July
26, 2005
|
|
Print Name: |
Xxxxx
Xxxxx
|
|||
Title: |
Chief
Executive Officer
|
Associate
/s/
XXXXXXXXX XXXXXX
|
Date: |
July
25, 2005
|
|
Xxxxxxxxx
Xxxxxx
|
[Signature
Page to Amendment to Employment and Non-Competition
Agreement]