Exhibit 10.6.5
FIFTH AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
THIS FIFTH AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (this "Fifth
Amendment") is made and entered into as of this 30th day of April, 2004, by and
between STANDARD PARKING CORPORATION, a Delaware corporation (the "Company") and
XXXXX X. XXXXXXX ("Executive").
RECITALS
A. The Company and Executive are parties to an Executive Employment
Agreement dated August 1, 1999 (the "Employment Agreement"), which was modified
pursuant the First Amendment to Executive Employment Agreement dated April 25,
2001 ("First Amendment"), the Second Amendment dated October 19, 2001 (the
"Second Amendment"), Third Amendment dated January 31, 2002 ("Third Amendment")
and Fourth Amendment dated April 1, 2003 ("Fourth Amendment"). The Employment
Agreement, First Amendment, Second Amendment, Third Amendment and Fourth
Amendment are hereinafter collectively referred to as the "Employment
Agreement". All capitalized terms used herein and not otherwise defined shall
have the same meaning ascribed to such terms in the Employment Agreement.
B. The Company and Executive desire to amend certain terms of the
Employment Agreement as hereinafter set forth.
NOW, THEREFORE, the Employment Agreement is hereby amended in the following
respects:
1. Paragraph 3 is hereby amended by deleting the existing Paragraph 3 in
its entirety and substituting the following paragraph in lieu thereof:
"3. EMPLOYMENT PERIOD. The Company shall employ the Executive, and the
Executive shall serve the Company, on the terms and conditions set
forth in this Agreement, for a period of three (3) years beginning May
1, 2004 (the "Commencement Date") and ending April 30, 2007 (the
"Employment Period"), provided, however, that commencing on the third
anniversary of the Commencement Date and thereafter on each annual
anniversary of such date (each annual anniversary thereof shall
hereinafter be referred to as the "Renewal Date"), unless previously
terminated, the Employment Period shall be automatically extended so
as to terminate three (3) years from the Renewal Date (individually
referred to as a "Renewal Period" and in the plural as the "Renewal
Periods"), unless 180 days prior to the Renewal Date the Company or
the Executive shall terminate this Agreement by giving notice to
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the other party that the Employment Period shall not be so extended.
The Employment Period, as extended by one or more Renewal Periods,
shall hereinafter be deemed to be the Employment Period.
Notwithstanding any such termination, Paragraph 5 shall remain in full
force and effect."
2. Subsection (i) of subparagraph 4 (c) is hereby amended by deleting the
reference to "36-month period" in the first sentence and substituting in lieu
thereof "60-month period".
3. Subsection (ii) of subparagraph 4 (c) is hereby amended by (x)
deleting the multiplier "three times" in the first sentence and substituting in
lieu thereof "five times", and (y) deleting the reference to the "36-month
period" in the second sentence and substituting in lieu thereof "60-month
period".
4. Subsection (ii) of subparagraph 4(j) is hereby amended by adding the
following sentence immediately following the sentence beginning "For Example..."
and ending "...until age 65.":
"For purposes of computing the Company Contribution, each year that
Executive receives Salary Continuation Payments shall constitute a
year Executive remains with the Company."
5. Subparagraph (f) of Paragraph 5 is hereby amended by deleting the
reference to "eighteen (18) months" in the second sentence of the introductory
paragraph and substituting in lieu thereof "sixty (60) months".
6. Subparagraph (g) of Paragraph 5 is hereby amended by deleting the
entire subparagraph and substituting the following subparagraph in lieu thereof:
"(g) As additional consideration for the representation and
restrictions contained in Paragraph 5, the Company agrees to pay
Executive as follows (the "Salary Continuation Payments"):
(i) if Executive's termination occurs for any reason other than
Cause, the sum of $530,000 in equal monthly installments for up to
sixty (60) months following the date of Termination;
(ii) if Executive's termination occurs for Cause, the sum of
$100,000 in equal monthly installments for up to sixty (60) months
following the date of termination.
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In the event Executive breaches this Agreement at any time during the
60-month period following the date of Termination, the Company's
obligation to continue any Salary Continuation Payments shall
immediately cease and Executive agrees to return to the Company all
Salary Continuation Payments paid up to that time."
7. Except as specifically amended by this Fifth Amendment the Employment
Agreement shall remain unchanged and in full force and effect.
IN WITNESS WHEREOF, Executive and the Company have executed this Fourth
Amendment as of day and year first above written.
Standard Parking Corporation
By: /s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
Chairman of the Board
Executive:
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
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