Cronos is heavily dependent upon third-parties to supply it with the capital needed to acquire containers; such capital may not be available to the Group to enable it to expand its fleet of containers

EX-10.22 5 f97632exv10w22.txt EXHIBIT 10.22 EXHIBIT 10.22 AMENDMENT TO MEMORANDUM EMPLOYMENT AGREEMENT THIS AMENDMENT TO MEMORANDUM EMPLOYMENT AGREEMENT (the "Amendment"), made as of this 4th day of November, 2003, by and between Cronos Containers S.r.L., an Italian corporation (the "Employer"), and Nico Sciacovelli (the "Employee"), W I T N E S S E T H: - - - - - - - - - - WHEREAS, Employer and Employee entered into a Memorandum Employment Agreement, dated as of December 1, 1999, as amended on December 18, 2001 and November 5, 2002 (hereinafter, the "Employment Agreement"); and WHEREAS, pursuant to clauses 1.1 and 12.1 of the Employment Agreement, Employer agreed to employ Employee, and Employee agreed to serve in the employ of the Employer, on an exclusive and full-time basis, as the Vice President of Europe of Employer, through November 30, 2004, subject to earlier termination pursuant to the provisions of the Employment Agreement; and WHEREAS, Employer and Employee desire to extend the term of the Employment Agreement; NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the parties hereto agree as follows: 5. Extension of Term of Employment Agreement. Employer agrees to employ the Employee, and the Employee agrees to serve in the employ of the Employer, on an exclusive and full-time basis, in the position identified for Employee in the Employment Agreement, subject to the supervision and direction of that person or persons set forth in the Employment Agreement, through November 30, 2005, unless such period is sooner terminated by either party giving the other not less than three (3) months written notice and pursuant to the provisions of the Employment Agreement. 6. Continuance in Force of Employment Agreement. Other than as specifically amended hereby, the terms and provisions of the Employment Agreement shall remain in full force and effect. E5 EXHIBIT 10.22 IN WITNESS WHEREOF, the Employer and the Employee have signed this Amendment, effective as of the date and year first above written. "EMPLOYER" CRONOS CONTAINERS S.R.L. By /s/ PETER J YOUNGER ---------------------------------- Its Director "EMPLOYEE" /s/ NICO SCIACOVELLI ------------------------------------- Nico Sciacovelli E6