EXHIBIT 99.1
EMPLOYMENT AGREEMENT
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
Reference is made to an Employment Agreement (hereinafter called
"Agreement") dated November 13, 2001, and the Second Amendment to the Employment
Agreement dated March 1, 2004, between Handy Hardware Wholesale, Inc., a Texas
Corporation (therein and hereinafter called the "Employer"), and Xxxxx Xxxxxx
Xxxxxxx, Xx. (therein and hereinafter called the "Employee").
At this time, Employer and Employee wish to amend the Agreement as
hereinafter set forth:
NOW, THEREFORE, in consideration of the premises, the agreements herein
contained and other good and valuable considerations, Employer and Employee
hereby amend the Agreement as follows:
1. Paragraph 2 of the Agreement is hereby amended to read as follows:
2. As compensation for his services hereunder, Employer shall pay
Employee the following:
a. For the period from August 20, 2001 through December 31, 2002,
Employer shall pay Employee Thirteen Thousand, Seven Hundred
Fifty and No/100 Dollars ($13,750.00) per month; and for the
period from January 1, 2003 through December 31, 2005, Employer
shall pay Employee Fourteen Thousand, Five Hundred Eighty-three
and 34/100 Dollars ($14,583.34) per month.
b. Employee's compensation shall be payable semi-monthly on the
fifteenth and last days of each month during the period of
Employee's employment under this Agreement; provided however,
that Employee shall not be entitled to any compensation for any
period of time in excess of sixty (60) days during which he is
unable to perform his duties hereunder. Said monthly salary shall
be prorated for any partial month at the beginning and end of the
Term of Employment or for any period for which Employee is not
entitled to compensation as provided in the immediately preceding
sentence.
2. Paragraph 3.a. of the Agreement is hereby amended to read as follows:
a. The Term of Employment by Employer shall mean the period
commencing August 20, 2001 and terminating December 31, 2005,
unless sooner terminated in accordance with the terms and
conditions hereinafter set forth, provided, however, in the event
of the death of the Employee, the Term of Employment shall end on
the date of the death of Employee.
Except as amended above, the Agreement remains unchanged and continues in
full force and effect.
The Third Amendment is executed in multiple counterparts, each of which
shall have the force and effect of an original, this 17th day of February, 2005.
HANDY HARDWARE WHOLESALE, INC.
/s/Xxx Xxxxxxx By: /s/Xxxxx X. Xxxx
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Xxxxx Xxxxxx Xxxxxxx, Xx. Name: Xxxxx X. Xxxx
Title: Chairman of the Board
EMPLOYEE EMPLOYER
