EXHIBIT 10.1
AMENDMENT NO. 2
TO
EMPLOYMENT AGREEMENT
This Amendment No. 2 to Employment Agreement is made as of
the 1st day of November 1997, by and between Xxxxxxx Enterprises,
Inc., a Louisiana corporation (the "Company"), and Xxxxx X.
Xxxxxxx (the "Employee").
W I T N E S S E T H:
WHEREAS, the Company has entered into an Employment
Agreement with the Employee dated as of January 1, 1997 as
amended by Amendment No. 1 to Employment Agreement dated as of
January 1, 1997 (as amended, the "Employment Agreement");
WHEREAS, the Company has approved, effective January 1,
1998, an increase in the Employee's annual base salary to
$275,000; and
WHEREAS, the Company has approved, effective November 1,
1997, an increase in the Employee's maximum bonus to $200,000.
NOW THEREFORE, the Company and the Employee agree as
follows:
Article II Section 1 of the Employment Agreement is hereby
amended to read in its entirety as follows:
1. Salary. A salary ("Base Salary") at the rate
of $200,000 per fiscal year of the Company ("Fiscal
Year"), payable to the Employee at such intervals as
other salaried employees of the Company are paid.
Beginning January 1, 1998, the Base Salary shall be
increased to $275,000 per Fiscal Year.
Article II Section 2 of the Employment Agreement is hereby
amended to read in its entirety as follows:
2. Bonus. For the Fiscal Year beginning November
1, 1996 and ending October 31, 1997, the Employee shall
be eligible to receive a bonus (the "Bonus") of up to
$150,000. For the period beginning November 1, 1997,
the maximum Bonus shall be increased to $200,000 per
Fiscal Year. Such Bonus shall be comprised of two
elements, the quantitative element and the qualitative
element:
(a) The quantitative element shall be equal
to 75% of the maximum Bonus and shall be based on the
attainment of certain goals to be established by the
Company's Compensation Committee and Employee.
(b) The qualitative element shall be 25% of
the maximum Bonus and shall be awarded at the
discretion of the President. The President and
Employee shall establish incentive goals and other
criteria for the award of the qualitative element.
The Bonus shall be paid in cash no later than 30
days following the filing of the Company's annual
report on Form 10-K for the Fiscal Year in which the
Bonus has been earned.
IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and signed as of the date indicated
above.
XXXXXXX ENTERPRISES, INC.
By: /S/ Xxxxx X. XxXxxxxxx
--------------------------------
Xxxxx X. XxXxxxxxx
Compensation Committee Chairman
EMPLOYEE:
/s/ Xxxxx X. Xxxxxxx
--------------------------------
Xxxxx X. Xxxxxxx
