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EXHIBIT 10.1
UNIVERSAL COMPRESSION HOLDINGS, INC.
UNIVERSAL COMPRESSION, INC.
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FIRST AMENDMENT
TO
EXECUTIVE EMPLOYMENT AGREEMENT
XXXXX X. XXXXXX
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EFFECTIVE AS OF MAY 15, 1999
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FIRST AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT
First Amendment ("Amendment") to the Executive Employment Agreement
dated as of October 1, 1999, by and among Universal Compression, Inc., a Texas
corporation ("Company"), Universal Compression Holdings, Inc., a Delaware
corporation ("Holdings") and Xxxxx X. Xxxxxx (the "Executive"). All capitalized
terms used herein, but otherwise not defined herein shall have the respective
meanings provided such terms in the Executive Employment Agreement.
WITNESSETH:
WHEREAS, Company, Holdings and Executive are a party to the Executive
Employment Agreement dated as of February 20, 1998 (the "Agreement"); and
WHEREAS, the parties now desire to amend the Agreement on the terms and
conditions set forth herein;
NOW THEREFORE, it is agreed as follows:
1. Section 1.1 shall be revised to delete the reference to "Chief
Financial Officer" on the fourth line thereof, and to delete the last
two sentences thereof.
2. Section 1.2 shall be revised to delete the reference to "Chief
Financial Officer" on the fourth line thereof.
3. Immediately following the first sentence of Section 3.1, the following
sentence should be inserted: "Effective May 15, 1999, as compensation
for all services rendered pursuant to this Agreement, the Company will
pay to the Executive an annual base salary of Twenty-four Thousand
Dollars ($24,000), payable in equal semi-monthly installments of
$1,000."
4. Section 3.2 is to be revised by inserting the following sentence at the
end of such section: "Effective May 15, 1999, the Executive shall be
entitled to receive from the Company an annual cash bonus on or before
sixty (60) days after the end of each of the Company's fiscal years in
an amount to be determined at the discretion of the Compensation
Committee of the Board of Directors."
5. This Amendment shall be effective as of May 15, 1999 (the "Amendment
Effective Date").
6. This Amendment is limited as specified herein and shall not constitute
a modification or waiver of any other provision of the Agreement.
7. This Amendment may be executed in any number of counterparts and by
different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all
of which shall together constitute one and the same instrument.
8. This Amendment and the rights and obligations of the parties hereunder
shall be governed by and construed in accordance with the laws of the
state of Delaware.
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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart
of this Amendment to be duly executed and delivered as of the date hereof, but
effective as of May 15, 1999.
EXECUTIVE
/s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
UNIVERSAL COMPRESSION, INC.
By: /s/ Xxxxxxx X. Xxxxxx
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Title: President
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Date: 9/17/99
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UNIVERSAL COMPRESSION HOLDINGS, INC.
By: /s/ Xxxxxxx X. Xxxxxx
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Title: President
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Date: 9/17/99
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