Addendum to Employment Agreement between Frank Lazo and Peak International Limited

Contract Categories: Human Resources › Employment Agreements
Summary

This addendum modifies the employment agreement between Frank Lazo and Peak International Limited, originally dated July 1, 2004. The main change is that the agreement will now remain in effect until either party terminates it according to its terms, rather than ending on a specific date. All other terms of the original agreement remain unchanged. The addendum was signed by both parties on July 7, 2005.

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EX-10.3 4 dex103.htm ADDENDUM TO EMPLOYMENT AGREEMENT BETWEEN FRANK LAZO AND PEAK INTL. LTD. Addendum to Employment Agreement between Frank Lazo and Peak Intl. LTD.

Exhibit 10.3

 

ADDENDUM TO EMPLOYMENT AGREEMENT

FRANK LAZO AND PEAK INTERNATIONAL LIMITED

 

Whereas, the parties entered into an employment agreement dated July 1, 2004 and having a term from July 1, 2004 thru June 30, 2005 (hereinafter the “Agreement”); and

 

Whereas, the parties desire to amend paragraph 1.1 of the Agreement so that it remains in effect until terminated in accordance with its terms;

 

Now, therefore, the parties agree as follows:

 

Paragraph 1.1 of the Agreement is deleted and the following substituted in lieu thereof: “The term (“Term”) of this Agreement shall remain in effect until terminated as hereinafter provided.”

 

The parties also agree that the Agreement shall remain in effect from July 1, 2004, notwithstanding anything to the contrary in paragraph 1.1 prior to the execution of this addendum.

 

In witness whereof, the parties have executed this addendum on the seventh day of July, 2005.

 

PEAK INTERNATIONAL LIMITED

  

FRANK LAZO

/s/ Cal Reed

  

/s/ Frank Lazo

By:

  

Cal Reed, Chairman and CEO