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EXHIBIT 10.23
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement (this "Amendment") is
made this 18th day of August 1997, by and between Aviation Group, Inc., a Texas
corporation (the "Company"), and Xxxx Xxxxxxxxxx, an individual resident of the
State of Louisiana ("Employee").
W I T N E S S E T H:
WHEREAS, the Company and Employee have heretofore entered into that
certain Employment Agreement (the "Agreement"), dated as of March 1, 1996,
pursuant to which the Company employed Employee as its President; and
WHEREAS, the Company and Employee have mutually agreed to modify and
amend the Agreement as hereinafter set forth to extend the term thereof;
NOW, THEREFORE, for and in consideration of the sum of Ten and No/100
Dollars ($10.00) paid by each party to the other, the receipt and sufficiency
of which are hereby acknowledged, the Company and Employee do hereby agree that
the Agreement shall be, and the same hereby is, amended and modified as
follows:
1. Section 1.1 of the Agreement is hereby amended to read in its
entirety as follows: "For the term of employment as stated below, the Company
hereby employs Employee as the President of its subsidiary, Pride Aviation,
Inc., an Oklahoma corporation, to perform such duties as the Board of Directors
of the Company (the "Board") shall from time to time prescribe."
2. The first sentence of Section 2.1 of the Agreement shall be
amended to read in its entirety as follows: "Subject to earlier termination as
hereafter provided, the initial term of employment of Employee hereunder shall
commence on the Effective Date and shall end on August 13, 2000."
3. The Company and Employee hereby agree that all of the terms and
conditions of the Agreement not expressly modified or amended by the terms of
this Amendment are and will remain binding upon, and enforceable against, the
parties hereto.
EXECUTED as of the date first written above.
AVIATION GROUP, INC.,
a Texas corporation
By: /s/ XXX XXXXXXX
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Name: Xxx Xxxxxxx
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Title: Chairman and CEO
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/s/ XXXX XXXXXXXXXX
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Xxxx Xxxxxxxxxx, Individually
