Exhibit 10.3
AMENDMENT NO. 1
TO
EMPLOYMENT AND NON-COMPETITION AGREEMENT
THIS AMENDMENT NO. 1 TO EMPLOYMENT
AND NON-COMPETITION AGREEMENT (this “Amendment”) is
made and entered into as of December 10, 2007, by and between
POWERSECURE INTERNATIONAL, INC., a Delaware corporation (the
“Company”), and Gary J. Zuiderveen
(“Officer”).
Recitals
WHEREAS, the Company and Officer have
previously entered into that certain Employment and Non-Competition
Agreement, dated as of April 16, 2007 (as the same may
hereafter be amended or otherwise modified from time to time, the
“Employment Agreement”); and
WHEREAS, the offices and duties of
Officer have changed; and
WHEREAS, the Company and Officer now
desire to amend the Employment Agreement in order to modify the
compensation of Officer, upon the terms and subject to the
conditions set forth herein;
Agreement
NOW, THEREFORE, in consideration of
the premises and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound hereby, agree as
follows:
Section 1.
Amendments to Employment Agreement . Effective
as of the date hereof, the Employment Agreement shall be amended as
provided in this Section 1.
(a) Amendment to Section 2:
“Term” . Section 2 of the
Employment Agreement is hereby amended to replace the phrase
“ December 31, 2009 ” in the first sentence
in reference to the expiration of Employee’s employment under
the Employment Agreement with the phrase “
December 10, 2012 .”
(b) Amendment to Section 3(a): “Duties of
Employee” . Section 3(a) of the
Employment Agreement is hereby amended to read in its entirety as
follows:
“
(a) General Duties and
Responsibilities . During and throughout the
Employment Term, Employee shall faithfully and diligently, to the
best of his ability, serve as the Vice President of Financial
Reporting, Principal Accounting Officer and Controller of the
Company, and in such additional management offices and capacities
and with such additional titles and duties as shall be designated
by the Company’s Board of Directors (the “Board”)
during the Employment Term, shall have the authority and perform
the duties and responsibilities customary for such
offices, and
shall have such other duties as may be assigned to him from time to
time by the Board, by the Chief Executive Officer of the Company
(the “CEO”) or by the Chief Financial Officer of the
Company (the “CFO”). Employee shall perform his duties
hereunder in accordance with the policies from time to time
established and amended by the Company and in accordance with all
applicable laws and regulations. Employee shall use his best
efforts to promote the best interests of the Company. Employee
shall always be subject to the direction, approval and control of
the Board, the CEO and the CFO in the performance of his duties.
Employee acknowledges and agrees that he may be required by the
Company, without additional compensation, to perform services for
any oth
