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Exhibit 10.48
AMENDMENT
TO
EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (the "Amendment") is entered
into as of December 27, 1999, between Xxxxxxxxx Industries, Inc., a Delaware
corporation (the "Company"), and Xxxx Xxxxx, an individual (the "Employee").
RECITALS
The Company and the Employee are parties to that certain Employment
Agreement entered into as of March 30, 1999 (the "Employment Agreement"),
pursuant to which the Employee is employed as Chairman of the Company. The
Company and the Employee desire to amend the Employment Agreement on the terms
and conditions set forth in this Amendment.
TERMS OF AGREEMENT
In consideration of the above recitals and the mutual promises herein
contained, the Company and the Employee hereby agree as follows:
1. Effective as of January 1, 2000, Section 3(c)(ii) of the Employment
Agreement is amended in its entirety by deleting such section and substituting
the following:
"(ii) ANNUAL COMPANY BONUS. For each calendar year commencing
with the year ending December 31, 2000, at the end of which year the
Employee is employed by the Company:
(A) If the Net Income (as hereinafter defined) of the
Company for such year is an amount equal to the Company's target net
income as determined in the sole discretion of the Board (or the
Executive Committee) for such year (the "Target"), the Employee shall
be entitled to a bonus in an amount equal to the Salary of the Employee
as of December 31 of such year (the "Target Bonus"). For purposes of
this Agreement, "Net Income" shall mean actual net income, as
determined by the Company in its sole discretion in accordance with
GAAP.
(B) If the Net Income of the Company for such year is
more than the Target and less than 125% of the Target, the Employee
shall be entitled to a bonus as calculated below:
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B = Target Bonus + [Target Bonus x 2 x (NI - T)]
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T
where:
B = the bonus earned in such year.
T = the Target for such year.
NI = the Net Income of the Company for such year.
(C) If the Net Income of the Company for such year is
equal to or greater than 125% of the Target, the Employee shall be
entitled to a bonus in an amount equal to 150% of the Target Bonus.
(D) If the Net Income of the Company for such year is
greater than 75% of the Target but less than the Target, the Employee
shall be entitled to a bonus as calculated below:
B = Target Bonus - [Target Bonus x 4 x (T - NI)]
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T
where:
B = the bonus earned in such year.
T = the Target for such year.
NI = the Net Income of the Company for such year.
(E) If the Net Income of the Company for such year is
equal to or less than 75% of the Target, the Employee shall not be
entitled to a bonus."
2. Except as expressly amended hereby, all of the terms and conditions
of the Employment Agreement shall continue in full force and effect.
3. This Amendment shall be governed by and construed in accordance with
the laws of the State of Florida. This Amendment may be executed in any number
of counterparts, each of which shall be an original but all of which taken
together shall constitute one and the same instrument.
[SIGNATURES ON FOLLOWING PAGE]
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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly
executed and delivered as of the day and year first above written.
XXXXXXXXX INDUSTRIES, INC.
By: /s/ W. Penny
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Name: W. Penny
Title: VP HR
EMPLOYEE
/s/ Xxxx Xxxxx
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Xxxx Xxxxx
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