Exhibit 10.15
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(Vitronics Letterhead)
As of March 21, 1995
Mr. Ronald W. Lawler
30 Preservation Way
Westford, Massachusetts 01886
Re: Renewal and Modification of Employment Agreement dated
November 13, 1992
Dear Mr. Lawler:
Reference is made to that certain Employment Agreement dated
as of November 13, 1992 by and between the undersigned, Vitronics
Corporation (the "Company"), and you pursuant to which the
Company employed you to serve, on a full-time basis, as the Chief
Operating Officer of the Company, a copy of which is attached
hereto and incorporated herein by reference (the "Agreement").
Capitalized terms used but not defined herein shall have the
meanings ascribed to such terms in the Agreement.
Pursuant to Paragraph 2 of the Agreement, subject to earlier
termination, the Employment Period was for an initial 24 month
period and continuing thereafter on a quarterly basis. The
Company now desires to amend the Agreement to, among other
things, extend the term thereof for an additional period of one
year commencing effective January l, 1995 through December 31,
1995, which period shall automatically renew for additional one
year periods unless ninety (90) days' prior written notice is
given prior to the expiration of an annual extension period of
the Company's intention not to renew the Agreement.
Accordingly, the Company hereby agrees with you as follows:
1. That the base salary payable to you pursuant to Section
3.1 of the Agreement shall be $140,000 annually, effective as of
January 1, 1995. Your salary shall be adjusted by the Board of
Directors effective January l of each renewal period, if
applicable.
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Forbes Road, Newmarket Industrial Park, Newmarket, New Hampshire 03857
Telephone: (603) 659-6550 Fax: (603) 659-7194
Mr. Ronald W. Lawler
Page Two
As of March 21, 1995
2. That Paragraph 2 entitled "Employment Period' shall be
deleted in its entirety and the following shall be substituted
therefor:
"2. Employment Period. The Employment Period shall
commence as of January 1, 1995 and shall terminate on December 31,
1995, unless terminated earlier pursuant to Sections 3.9, 4 or 5
hereof, provided, however, that the initial Employment Period shall
automatically renew for additional one year periods thereafter unless
the Company shall provide the Employee with not less than ninety (90)
days' prior written notice of its intention not to renew prior to the
expiration of the initial Employment Period or any annual extension
thereof. In the event that the Company shall not renew this Agreement
as provided in the preceding sentence, the Company shall continue to
pay the Employee's salary, at his then current rate, for a six (6)
month period following termination and thereafter for a maximum of six
(6) additional months unless the Employee shall become employed during
said time, at which time such payments shall cease."
3. Except as modified hereby, the Agreement shall remain in
full force and effect and is hereby ratified, confirmed and
approved in all respects.
4. This Agreement constitutes the entire agreement between
the us with respect to the subject matter hereof and may not be
modified except in writing signed by each of us.
5. This Agreement shall be governed by the laws of the
Commonwealth of Massachusetts.
VITRONICS CORPORATION
By: /s/ James J. Manfield, Jr.
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Title: Chairman CEO
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Agreed to and accepted:
/s/ Ronald W. Lawler
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Ronald W. Lawler
Dated: 7/14/95
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