SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 99.3
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SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This Second Amendment to Employment Agreement (“Second Amendment”) is made as of
the 3rd day of January, 2006, by and between XXXXX ENTERPRISES, INCORPORATED, a Florida corporation
(the “Company”), and Xxxxxxx X. Xxxxx (the “Executive”).
WHEREAS, the parties entered into that certain Employment Agreement (the “Employment
Agreement”) dated the 1st day of August, 2004, which was amended by that certain First
Amendment to Employment Agreement dated the 28th day of July, 2005.
WHEREAS, the parties desire to further amend the Employment Agreement to increase the
compensation to be received by the Executive.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:
1. | The second paragraph on Exhibit “A” entitled “Base Salary” shall be deleted in its entirety and replaced by the following: |
Base Salary — Effective August 1, 2004, $7,211.54 per week payable
bi-weekly. On August 1, 2005, Executive will be eligible for a compensation
review with a contemplated minimum increase of 15%. Effective January 1,
2006, Executive’s compensation will be increased to $9,615.38 per week
payable bi-weekly. Any future salary increases will be dependent upon
Executive satisfying certain performance goals established by joint
agreement with the Board of Directors.
2. Except as specifically set forth herein, the terms and conditions of the
Employment Agreement shall remain unmodified. All defined terms in the
Employment Agreement shall apply to this Second Amendment.
IN WITNESS WHEREOF, the parties have executed this Second Amendment to Employment Agreement as
of the day and year first above written.
XXXXX
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ENTERPRISES, INCORPORATED | EXECUTIVE | ||||
By: /s/ Xxxxx X. Xxxxxx
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/s/ Xxxxxxx X. Xxxxx | |||||
Xxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxx | |||||
Vice President and General Counsel
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