Exhibit 10.3
ADDENDUM TO EMPLOYMENT CONTRACT
R E C I T A L S
WHEREAS, KEY TRONIC CORPORATION (the "Employer") and Xxxx X. Xxxxxx (the
"Employee") desire to modify Employee's December 27, 1993 Employment Contract
(the "Agreement");
WHEREAS, said modification is based upon the mutual desires of the Employer
and the Employee;
NOW, THEREFORE, in consideration of the mutual covenants contained therein,
the following modification to the December 27, 1993 Employment Contract is
executed. Except as provided in this modification, the other terms and
conditions set out in the December 27, 1993 Employment Contract remain in full
force and effect.
1. Section 10a of the Agreement is hereby amended to read in full as follows:
"10. TERMINATION
a. Employer's Board of Directors and/or its President and its
CEO may, in their discretion, terminate Employee's employment at
any time for any reason or for no reason. After such
termination, all rights, duties and obligations of both parties
shall cease except that Employer shall pay Employee for
Employee's accumulated unused vacation and subject to the
provisions below, Employer shall continue to pay Employee's base
salary only in effect prior to termination for a period of two
years after termination if termination occurs prior to July 30,
2002 and for a period of one year after termination if
termination occurs on or after July 30, 2002. Also, for the
period during which any such payments are being made, Employer
will continue Employee's group medical and dental plan coverage
for Employee and Employee's dependents as such plans are then
generally offered to employees of Employer. Employee may elect
to continue group medical coverage at the termination of
severance benefits, for the balance of any COBRA period, at
Employee's sole expense."
EMPLOYER: KEY TRONIC CORPORATION EMPLOYEE: XXXX X. XXXXXX
BY: /s/ Xxxxxx X. Xxxxxxxxx BY: /s/ Xxxx X. Xxxxxx
NAME: XXXXXX X. XXXXXXXXX NAME: XXXX X. XXXXXX
TITLE: EXEC. VICE PRESIDENT & CFO
DATE: 11/15/99 DATE: 11/15/99
