EXHIBIT 10.3(B)
October 30, 1998
Innovative Valve Technologies, Inc.
0 Xxxxxxxxxx Xxxxx, Xxxxx 000
Xxxxxxx, Xxxxx 00000
Attn. Compensation Committee
Re: AMENDED AND RESTATED EMPLOYMENT AGREEMENT OF XXXXXXX X. XXXXXXXX
DATED OCTOBER 15, 1997 (THE "EMPLOYMENT AGREEMENT")
Gentlemen:
The purpose of this letter is to evidence our mutual understanding and
agreement as to the following matters:
1. We have mutually agreed that I will prospectively be elected and serve as
President of the Company and the first sentence of Section 2 of the
Employment Agreement shall upon such election be modified to delete the
reference to my service as Senior Vice President and Chief Financial
Officer and to recite my service as President. Such change in my titles
and responsibilities shall in no way be a breach of the Employment
Agreement by me, or trigger any compensation or payments to me from the
Company or result in any right by me to terminate the Employment
Agreement.
2. Except as otherwise expressly set forth above, the Employment Agreement
shall remain in full force and effect and I shall be fully entitled to any
and all compensation, termination payments and any other benefits
whatsoever available to me under the Employment Agreement.
Please evidence the Committee's agreement with the foregoing by executing
the acknowledgment set forth below.
Very truly yours,
Xxxxxxx X. Xxxxxxxx
AGREED AND ACCEPTED
THIS 11TH DAY OF JANUARY, 1999
COMPENSATION COMMITTEE OF THE BOARD
OF DIRECTORS
By:_______________________________
Xxxxxx X. Xxxxxx, Chairman
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