SOUTHEAST POWER CORPORATION
ELECTRICAL CONTRACTORS
0000 Xxxxxxx Xxxx
Xxxxxxxxxx, XX 00000-0000
Phone: 000-000-0000
Fax: 000-000-0000
September 20, 1999
Xx. Xxxx X. Xxxxxxx
000 Xxxxxx Xxxxx - Xxxxx 000
Xxxxxxxxx, XX 00000
Dear Xx. Xxxxxxx:
Pursuant to a Resolution of the Board of Directors of Southeast Power
Corporation ("SEPCO"), adopted on January 1, 1986, SEPCO entered into an
Employment Agreement with you. Subsequent Amendments have extended this
Employment Agreement until December 31, 2005.
The Board of Directors, on September 20, 1999 passed a resolution to amend
your Employment Agreement as follows:
1. Extend the term of your Employment Agreement until December 31,
2009.
2. Amend Paragraph 1 (a) to said Employment Agreement to read as
follows:
1. Duties - XXXXX hereby employs EMPLOYEE to perform, and
EMPLOYEE agrees to perform the following:
(a) To act as Chairman of the business of SEPCO until
December 31, 2009, and from year to year until
terminated.
3. Amend Paragraph 10 to said Employment Agreement to read as follows:
10. Termination of Employment: SEPCO may terminate your
employment at any time upon thirty (30) days written notice to
you; provided, however, that in the event SEPCO terminates
your employment, SEPCO shall pay you within ten (10) days of
such notice of termination an amount equal to the cash salary
that you would have received in the absence of such
termination from the date of such termination through December
31, 2009, and shall on the date of such termination commence
payment of any retirement benefits.
Sincerely,
SOUTHEAST POWER CORPORATION
Agreed to and accepted:
By: /s/ /s/
Xxxxxx X. Xxxxx, President Xxxx X. Xxxxxxx
THE GOLDFIELD CORPORATION, INC.
By: /s/
Xxxxxxx X. Xxxxxx, Vice President
AMENDMENT
TO EMPLOYMENT AGREEMENT
WHEREAS, Xxxx X. Xxxxxxx ("Employee") and Southeast Power Corporation
("SEPCO") entered into an employment agreement on January 1, 1986, (the
"Employment Agreement") which was also executed by XXXXX's parent company,
The Goldfield Corporation ("Goldfield"); and,
WHEREAS, Employee, SEPCO and Xxxxxxxxx have agreed to extend the term of
the employment agreement until December 31, 2009.
NOW, therefore, for and in consideration of the mutual covenants and
premises herein contained, Employee, SEPCO and Xxxxxxxxx agree as follows:
1. That Paragraph 1 (a) of the Employment Agreement is amended to read
as follows:
(a) to act as Chairman for the business of SEPCO until December 31,
2009 and from year to year until terminated.
2. That the Employment Agreement, except as herein amended, shall remain
in full force and effect.
/s/
Xxxx X. Xxxxxxx
SOUTHEAST POWER CORPORATION
By: /s/
Xxxxxx X. Xxxxx, President
THE GOLDFIELD CORPORATION
By: /s/
Xxxxxxx X. Xxxxxx, Vice President
