AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.3
AMENDMENT TO
EMPLOYMENT AGREEMENT
This Amendment (this Amendment) to the Employment Agreement (the Employment Agreement), dated [], by and between United Maritime Group, LLC (formerly known as TECO Transport Corporation) (the Company), and [Employee] (the Employee) is entered into as of this [], 2010, to be effective as of the date hereof.
WHEREAS, the Company and the Employee are parties to the Employment Agreement; and
WHEREAS, the Company and the Employee desire to amend the Employment Agreement.
NOW, THEREFORE, the Employment Agreement is hereby amended as follows (with terms not otherwise defined in this Amendment having the same meaning as set forth in the Employment Agreement):
1. The first sentence of the definition of Good Reason shall be deleted in its entirety and replaced with the following sentence:
Good Reason shall mean, without Employees consent, (i) a material diminution in Employees title, duties or responsibilities, (ii) the relocation of Employees principal place of employment (as set forth in Section 3(c) hereof) more than fifty (50) miles from its current location, (iii) the failure of the Company to pay any compensation owing to the Employee pursuant to Section 4 when such compensation is due, or (iv) the Companys failure to obtain the full assumption of this Agreement by a successor entity following a sale of all or substantially all of the Companys assets.
Except as provided herein and to the extent necessary to give full effect to the provisions of this Amendment, the terms of the Employment Agreement shall remain in full force and effect.
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[Signatures to appear on following page.]
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written.
UNITED MARITIME GROUP, LLC
By: |
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Name: | ||
Title: | ||
[EMPLOYEE] | ||
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