Amendment to Employment Letter Agreement between Path 1 Network Technologies Inc. and John R. Zavoli
This amendment updates the employment letter agreement between Path 1 Network Technologies Inc. and John R. Zavoli. It changes the severance terms to provide Zavoli with twelve months of salary and benefits if he is terminated by the company for any reason other than cause. The agreement also confirms that Zavoli remains an at-will employee, meaning either party can end the employment at any time for any reason. The amendment was signed on May 11, 2004.
Exhibit 10.70
AMENDMENT OF
EMPLOYMENT LETTER AGREEMENT
This instrument amends the employment letter agreement dated October 16, 2002 between Path 1 Network Technologies Inc. and John R. Zavoli.
The “Severance Agreement” item therein is amended to read in full as follows:
Severance Agreement: Twelve months severance in the form of salary and benefit continuation in case of termination by Path 1 for any reason other than cause. Subject to this severance arrangement, you shall be an “at-will” employee and your employment can be terminated at any time by Path 1, or by you, for any reason or for no reason.
Dated: May 11, 2004
| PATH 1 NETWORK TECHNOLOGIES INC. | ||
| By: | /S/ JOHN ZAVOLI | |
| (Upon authority of the Compensation Committee, by action taken May 10, 2004) | ||
| /S/ JOHN ZAVOLI JOHN R. ZAVOLI | ||
