Exhibit 10.21
AMENDMENT NO. 2
TO
EMPLOYMENT AGREEMENT
This Amendment No. 2 to Employment Agreement is made as of the 31st
day of October, 1998, by and between Xxxxxxx Enterprises, Inc., a Louisiana
corporation (the "Company"), and Xxxxxxx X. Xxxxxxx, Xx. (the "Employee").
W I T N E S S E T H:
WHEREAS, the Company has entered into an Employment Agreement with the
Employee dated as of August 1, 1995 as amended by Amendment No. 1 to
Employment Agreement dated as of August 1, 1997 (as amended, the
"Employment Agreement"); and
WHEREAS, the Company and the Employee have agreed to a change in the
bonus for which the Employee is eligible, effective November 1, 1997, as
set forth herein.
NOW THEREFORE, the Company and the Employee agree as follows:
SECTION 1. Except as expressly amended herein, all of the terms and
provisions of the Employment Agreement shall remain in full force and
effect.
SECTION 2. Article II, Section 2 of the Employment Agreement is
hereby amended to read in its entirety as follows:
2. BONUS. (a) Beginning November 1, 1997, the Employee
shall be eligible to receive an annual incentive bonus ("Bonus")
determined as provided below. The maximum bonus for which the
Employee shall be eligible ("Maximum Bonus") shall be determined
in accordance with the Company's Executive Maximum Bonus
Calculation Statement attached as Exhibit A hereto. For purposes
of such calculation, the Employee's Maximum Bonus shall be:
* $0 at the Below Threshold level
* $45,000 at the Threshold level
* $200,000 at the Target level
* $270,000 at the Outstanding level
(b) For the Fiscal Year ending October 31, 1998, the percentage
of the Maximum Bonus that the Employee shall be eligible to receive
shall be based upon two factors:
(i) 75% of the Maximum Bonus will be awarded based on earnings
per share growth; and
(ii) 25% of the Maximum Bonus will be awarded based on the
attainment of other objectives that will be established by the Chief
Executive Officer and the President.
(c) Beginning November 1, 1998, the percentage of the Maximum
Bonus that the Employee shall be eligible to receive shall be based
upon three factors:
(i) 25% of the Maximum Bonus will be awarded based on earnings
per share growth;
(ii) 50% of the Maximum Bonus will be awarded based on business
unit earnings; and
(iii) 25% of the Maximum Bonus will be awarded based on the
attainment of other objectives that will be established by the Chief
Executive Officer and the President.
(d) The Bonus shall be paid in cash no later than 30 days
following the filing of the Company's annual report on Form 10-K for
the Fiscal Year in which the Bonus has been earned.
(e) With respect to Fiscal Years prior to the Fiscal Year ending
October 31, 1998, the Employee's Bonus shall be as set forth in the
employment agreement in effect for the relevant period.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed and signed as of the date indicated above.
XXXXXXX ENTERPRISES, INC.
By: /s/ XXXXX X. XXXXXXXXX
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Xxxxx X. XxXxxxxxx
Compensation Committee Chairman
EMPLOYEE:
/s/ XXXXXXX X. XXXXXXX, XX.
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Xxxxxxx X. Xxxxxxx, Xx.
