Exhibit 10.1
FORM OF
FIRST AMENDMENT
TO THE
EMPLOYMENT AGREEMENT
BETWEEN
X.X. XXXXXXX AND HADRON, INC.
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THIS FIRST AMENDMENT (the "First Amendment") to the Employment Agreement
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between X.X. Xxxxxxx ("Xxxxxxx") and Hadron, Inc. ("Hadron" or "Company") dated
as of July 1, 2000 (the "Agreement") is made effective as of January 16, 2001 by
and between Xxxxxxx and Hadron.
RECITALS:
WHEREAS Hadron and Xxxxxxx have previously entered into the Agreement; and
WHEREAS the parties hereto wish to amend the agreement as it pertains to
the change in Xxxxxxx'x position with Hadron.
NOW, THEREFORE, IN CONSIDERATION of the foregoing Recitals and the mutual
promises and covenants of the parties made herein, and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto, intending to be legally and equitably bound,
do hereby agree as follows:
1. Amendment of Agreement.
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A. Section 1 of the Agreement, captioned "Change of Status" is hereby
deleted in its entirety and the following is substituted in its place:
"1. Change of Status. Xxxxxxx hereby agrees as of the Effective Date
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that his employment with the Company shall be as a part-time employee and Member
of the Board of Directors."
B. Section 4(a) of the Agreement, captioned "Base Fee" is hereby
deleted in its entirety and the following is substituted in its place:
"Base Fee. For the Services performed hereunder by Xxxxxxx, Hadron shall
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pay Xxxxxxx $11,866.67 per month, payable on the first day of each month. Hadron
shall be obligated to pay this amount to Xxxxxxx through June 30, 2002."
C. Section 6 of the Agreement, captioned "Outstanding Obligations of
Company to Xxxxxxx" is hereby deleted in its entirety and the following is
substituted in its place:
"Outstanding Obligations of Company to Xxxxxxx. Company shall pay to
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Xxxxxxx $34,777.70, which represents all remaining payments due to him under
Xxxxxxx'x deferred compensation plan, by making five (5) equal monthly payments
of $6,955.54 to Xxxxxxx."
2. Miscellaneous.
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(a) Except as amended by this First Amendment, all of the terms and
conditions of the Agreement are continued, ratified and in full force and
effect, binding in accordance with their terms.
(b) This First Amendment may be signed in any number of counterparts,
each of which shall constitute one and the same instrument, and each of the
undersigned parties may execute this First Amendment by signing any such
counterpart.
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment
to the Employment Agreement between X.X. Xxxxxxx and Hadron, Inc. as of January
16, 2001.
Hadron, Inc.
By:
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Xxx X. Xxxxx
Chairman of the Board
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X.X. Xxxxxxx
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