{"id":39080,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-dyncorp-and-patrick-c-fitzpatrick.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-dyncorp-and-patrick-c-fitzpatrick","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-dyncorp-and-patrick-c-fitzpatrick.html","title":{"rendered":"Employment Agreement – DynCorp and Patrick C. FitzPatrick"},"content":{"rendered":"
                             Employment Agreement of\n                             Patrick C. FitzPatrick\n\n     THIS AMENDMENT  NUMBER 1 entered into as of this first day of May, 2002, by\nand between DynCorp,  a Delaware  corporation  (the  \"Company\"),  and Patrick C.\nFitzPatrick,  its  Senior  Vice  President  and  Chief  Financial  Officer  (the\n\"Executive\"):\n\n     WHEREAS the Company and the Executive entered into that certain  Employment\nContract effective November 1, 2001 (hereinafter the \"Employment Contract\") and\n\n     WHEREAS in consideration of the mutual undertakings  herein described,  the\nparties  desire to amend the Employment  Contract in the following  particulars,\nbut not otherwise;\n\n     NOW  THEREFORE,  for  and  in  consideration  of  the  parties'  agreements\nhereinafter set forth, the Employment Contract is hereby amended as follows:\n\n1.   Paragraph 1, Section 4.3.1 of the Employment  Contract is hereby amended by\n     deleting such paragraph in its entirety and  substituting  the following in\n     lieu thereof:\n\n          \"Semi-annual  payments as specified in the following  table, the first\n          of  which  shall  be  made  within  5 days of the  termination  of the\n          Executive's  employment with the Company, and thereafter at the end of\n          each of the successive  six-month periods,  in amounts as indicated in\n          such  table  (increased  by 4% per annum for each 12 months or portion\n          thereof that  transpires  between the effective date of this Agreement\n          and the date such  initial  payment is made)  without  withholding  or\n          deduction;  provided that such payments shall be in  consideration  of\n          the  Executive  providing  consulting  services  to the  Company as an\n          independent  contractor  for the periods  indicated  and for up to the\n          number of hours per 6-month period specified in such table:\n<\/pre>\n\n
\n           ——————————————————————————————-
\n            Employment Termination Date     No. of       Semi-Annual        Term of        Maximum
\n                                          Semi-Annual      Payment       Consulting in     Hrs. Per
\n                                             Pmts.                           Months        6-Month
\n                                                                                            Period
\n           ——————————————————————————————-
\n                                                                             
\n           Before February 1, 2003             8           $61,500             48            160
\n           ——————————————————————————————-
\n           February 1, 2003 through            7           $60,000             42            160
\n           January 2004
\n           ——————————————————————————————-
\n           February 1, 2004 through            7           $56,500             42            160
\n           January 2005
\n           ——————————————————————————————-
\n           February 1, 2005 through            6           $55,000             36            160
\n           January 2006
\n           ——————————————————————————————-
\n           February 1, 2006 through            6           $46,500             36            150
\n           January 2007
\n           ——————————————————————————————-
\n           After January 2007                  5           $46,000             36            150
\n           ——————————————————————————————-
\n<\/c><\/c><\/c><\/c><\/s><\/caption>\n<\/table>\n
          Services  to  be  furnished   hereunder  by  the  Executive  shall  be
\n          consistent  with the  Executive’s  past service  with the Company,  as
\n          requested by the President of the Company,  provided further, however,
\n          that in the event of the death or Complete Disability of the Executive
\n          any time  during the term of such  consulting,  the  Executive  or his
\n          estate or legal  representative shall be entitled to receive within 10
\n          days of death or  Complete  Disability  an amount  equal to 50% of the
\n          balance of such payments remaining to be paid.<\/p>\n
2.   Section 7.2 of the  Employment  Contract  shall be amended by deleting such
\n     section in its entirety and substituting the following in lieu thereof:<\/p>\n
          “In  consideration  of the  covenant  described  in Section  7.1,  the
\n          Company  agrees  to pay the  Executive  the  amount  specified  in the
\n          following table (increased by 4% per annum for each 12-month period or
\n          portion  thereof that  transpires  between the effective  date of this
\n          Agreement and the date of termination)  which shall be payable in full
\n          within 5 days of the delivery of the release  described in Section 4.3
\n          hereof;<\/p>\n\n
\n                      ——————————————————————-
\n                          Employment Termination Date                Covenant Payment
\n                      ——————————————————————-
\n                                                                      
\n                      Before February 1 2003                             $950,000
\n                      ——————————————————————-
\n                      February 1 2003 through January 2004               $900,000
\n                      ——————————————————————-
\n                      February 1 2004 through January 2005               $850,000
\n                      ——————————————————————-
\n                      February 1 2005 through January 2006               $800,000
\n                      ——————————————————————-
\n                      February 2006 through January 2007                 $750,000
\n                      ——————————————————————-
\n                      After January 2007                                 $700,000
\n                      ——————————————————————-
\n<\/c><\/s><\/caption>\n<\/table>\n
          In the event of a breach of such covenant by the  Executive,  damages,
\n          if any recoverable by the Company, shall be limited to an amount equal
\n          to the  amount of the above  covenant  payment  times a  fraction  the
\n          numerator  of which  shall be the  number  of months  remaining  to be
\n          performed  under the Consulting  Agreement  described in Section 4.3.1
\n          hereof at the time of the breach and the denominator of which shall be
\n          the  number of  months of the  Executive’s  consulting  obligation  as
\n          described in the table in Section 4.3.1.”<\/p>\n
In witness  whereof,  the undersigned  have caused this Amendment Number 1 to be
\nexecuted effective as of the year and date set forth above.<\/p>\n
DynCorp<\/p>\n
By:_____________________________<\/p>\n
Executive<\/p>\n
\/S\/ Patrick C. FitzPatrick
\n——————————-
\nPatrick C. FitzPatrick<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7380],"corporate_contracts_industries":[],"corporate_contracts_types":[9539,9544],"class_list":["post-39080","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-dyncorp","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39080"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39080"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39080"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}