Exhibit 10.23.1
[Letterhead of Xxxxxxx]
May 7, 2004
Xxxxx X. Xxxxxxx
President, Chief Executive Officer
Standard Parking Corporation
000 Xxxxx Xxxxxxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Dear Xxx,
This letter memorializes our understanding that the Employment Agreement
between Standard Parking Corporation (the "Company") and me, which I executed
May 7, 2004, will become effective upon the first sale of common stock by the
Company to underwriters for the account of the Company pursuant to a
registration statement under the Securities Act of 1933, as amended, filed
with and declared effective by the Securities and Exchange Committee. If no
such sale is completed by July 31, 2004, the Employment Agreement will become
null and void and will not be, nor ever become, effective.
Yours sincerely,
/s/ Xxxx X. Xxxxxx
---------------------
Xxxx X. Xxxxxx
Accepted and Agreed to
As of May 7, 2004
/s/ Xxxxx X. Xxxxxxx
-----------------------------------------
Xxxxx X. Xxxxxxx
on behalf of Standard Parking Corporation
[Letterhead of Xxxxxxx]
May 7, 2004
Xxxxx X. Xxxxxxx
President, Chief Executive Officer
Standard Parking Corporation
000 Xxxxx Xxxxxxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Dear Xxx,
This letter memorializes our agreement that the total expense of my salary,
annual bonus or other bonus, options and equity awards (based upon a
Black-Scholes valuation model), deferred compensation, short-term and
long-term compensation, automobile allowance, secretary and office in
Greenwich, Connecticut and all other benefits and perquisites for 2004, on an
annualized basis, shall be $650,000, and for 2005, shall be $700,000.
Yours sincerely,
/s/ Xxxx X. Xxxxxx
---------------------
Xxxx X. Xxxxxx
Accepted and Agreed to
As of May 7, 2004
/s/ Xxxxx X. Xxxxxxx
-----------------------------------------
Xxxxx X. Xxxxxxx
on behalf of Standard Parking Corporation
