Amendment to Retirement and Transition Agreement between Robert W. Fiondella and Company (February 10, 2003)

Summary

This agreement amends the original Retirement and Transition Agreement between Robert W. Fiondella and his employer. It changes Mr. Fiondella's retirement date to March 31, 2003, and extends his access to an office, secretarial support, and a company car and driver through June 30, 2003. He will also receive a consulting fee equal to his current monthly salary for April through June 2003, in exchange for providing advice on management transition matters. All other terms of the original agreement remain unchanged.

EX-10.49 10 pnx59425_ex10-49.htm RETIREMENT AND TRANSITION AGREEMENT

 EXHIBIT 10.49 RETIREMENT AND TRANSITION AGREEMENT  Exhibit 10.49 February 10, 2003 Robert W. Fiondella 29 Summerberry Circle Bristol, CT 06010 Re: Retirement and Transition Agreement Dear Bob: This letter sets forth our agreement to amend your Retirement and Transition Agreement (the "Agreement") dated September 27, 2002 to change your retirement date to March 31, 2003. In addition, we intend to continue to provide an office, secretarial support, and access to a company provided driver and car through June 30, 2003 on the same terms and conditions as the Agreement currently contemplates. You will also be paid a consulting fee, on the first day of each month, equal to your current monthly salary for the period commencing April 1, 2003 and ending June 30, 2003. In consideration for these amendments, we expect you to make yourself available to provide advice and counsel on management transition matters until June 30, 2003. The terms of the Agreement remain unaltered in all other respects. If this letter accurately describes your understanding of our proposal, please sign both copies of this letter on the line below and return one copy to me. Very truly yours, Tracy L. Rich Acknowledged: - ------------------------------------------------------ --------------------------------------- Robert W. Fiondella Dated