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EXHIBIT 10
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AGREEMENT (the "First Amendment"), made as of the 30th day of June,
1997, is intended to amend a certain Employment Agreement, hereinafter the
"Employment Agreement," dated as of the 1st day of January, 1992 by and between
Xxxxxx X. Xxxxxx (the "Executive") and the General Host Corporation (the
"Company");
WHEREAS, the Executive has been employed by the Company for more than
thirty-one years and for twenty-five years has been, and currently is, serving
as Chairman of the Board of Directors of the Company (the "Board") and Chief
Executive Officer of the Company;
WHEREAS, the Company desires that the Executive continue to serve as
Chairman of the Board and Chief Executive Officer of the Company and the
Executive is willing to continue to serve as Chairman of the Board and Chief
Executive Officer of the Company on the terms and conditions as hereinafter set
forth in this amendment (the "Amendment");
WHEREAS, the Executive and the Company additionally desire to clarify
several other provisions of the Employment Agreement;
NOW, THEREFORE, based upon the mutual promises and conditions contained
herein, the parties hereto do hereby agree that the Employment Agreement shall
be amended as follows:
1. Section 2, entitled "Term of Employment," is amended to read in
its entirety as follows:
The term of employment pursuant to this Agreement shall commence on
January 1, 1992, and shall continue through the close of business on December
31, 2000, subject to the terms and conditions of this Agreement.
2. Section 4, entitled "Salary," is amended by deleting the provision
immediately following the table and by adding the following sentence after the
table:
The minimum base salary for each year during the term of this Agreement
beginning with 1998 shall be increased by 5% of the minimum base salary for the
immediately preceding year; provided, however, that nothing in this Agreement
shall preclude the Company from paying the Executive a base salary in excess of
that set forth herein for all or part of any calendar year during the term of
this Agreement.
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3. All of the remaining terms of the Agreement, to the extent they
are not inconsistent with the terms hereof, shall remain in full force and
effect, without amendment or modification.
IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment as of the date and year first above written.
GENERAL HOST CORPORATION
By: Xxxxxxxx Xxxxxxxxxx
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Title: Vice President, General
Counsel & Secretary
Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx