Amendment to Change of Control Employment Agreement between Analysts International Corporation and Executive
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Summary
This amendment, effective January 1, 2007, is between Analysts International Corporation and an executive. It modifies a previous agreement that provided payments and benefits if the executive's employment ended due to a change of control. The amendment redefines 'Eligible Earnings' as the executive's base pay and deletes a specific paragraph from the original agreement. All other terms remain unchanged. Both parties have agreed to these changes.
EX-10.1 2 ex10_1.htm EXHIBIT 10.1 Exhibit 10.1
EXHIBIT 10.1
AMENDMENT
This Amendment (hereinafter “Amendment”), effective as of January 1, 2007, is made between Analysts International Corporation, a Minnesota corporation located at 3601 West 76th Street, Minneapolis, Minnesota ###-###-#### (the “Company”) and ______________ (the “Executive”). The Company and the Executive agree as follows:
WHEREAS, on ___________, 20__, the Company and the Executive entered into an Agreement (the “Original Agreement”) which provides for certain payments and other benefits in the event the Executive’s employment is terminated in connection with a change of control transaction;
WHEREAS, the Company and the Executive mutually and voluntarily agree to this Amendment to the Original Agreement;
NOW, THEREFORE, in consideration of the foregoing and the covenants contained herein and in the Original Agreement, and for other good and valuable consideration the receipt and sufficiency of which is specifically acknowledged by the parties, the Company and the Executive agree as follows:
1. Effective January 1, 2007, Paragraph 10 of Exhibit A to the Agreement is hereby amended its entirety to read as follows:
“10. ‘Eligible Earnings’ means the Executive’s Base Pay.”
2. Effective January 1, 2007, Paragraph 19 of Exhibit A to the Agreement is hereby deleted in its entirety and shall be of no further force or effect.
3. Except as otherwise modified herein, all other terms and conditions of the Agreement shall remain in full force and effect.
The Company and the Executive have each voluntarily consented to, and executed, this Amendment as of the date first above written.
| ANALYSTS INTERNATIONAL | |
| CORPORATION | |
| By: _____________________________________ | |
| Its: _____________________________________ | |
| ___________________________________ | |
| Executive |
