Addendum B to Employment Agreement between QUANTUM Fuel Systems Technologies Worldwide, Inc. and Brian Olson

Summary

This addendum, effective February 10, 2003, modifies the employment agreement between QUANTUM Fuel Systems Technologies Worldwide, Inc. and Brian Olson. It replaces the original Section 2.3(b) of the agreement, specifying that instead of term life insurance, Mr. Olson will receive an annual lump sum payment of $435. Both parties have agreed to this change, which is formalized by their signatures.

EX-10.25 7 dex1025.htm ADDENDUM B Addendum B

EXHIBIT 10.25

 

ADDENDUM B TO EMPLOYMENT AGREEMENT

 

This addendum is made on February 10, 2003 by and between QUANTUM Fuel Systems Technologies Worldwide, Inc. (herein “QUANTUM”) and Brian Olson (herein “Employee”). For mutual and adequate exchange of consideration, the parties mutually agree to modify Employee’s Employment Agreement of September 1, 2002, as follows, effective February 10, 2003.

 

Section 2.3 (b) of the above referenced Employment Agreement is hereby modified via incorporating the following language in place of the original language of Section 2.3 (b).

 

“QUANTUM shall provide Employee a lump sum compensation of four hundred thirty-five ($435.00) dollars annually in lieu of the term life insurance stated in Section 2.3 (b) of Employee’s Employment Agreement of September 1, 2002.”

 

 

/s/  

Brian Olson        


      /s/  

Alan Niedzwiecki


    Brian Olson          

Alan Niedzwiecki

President & CEO

    Dated:  Feb. 10, 2003            
               

QUANTUM Fuel Systems

Technologies Worldwide, Inc.

                 
                Dated:  Feb. 10, 2003