AMENDMENT TO THE XXXXXXX X. XXXX/XXXX COMPANY
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
DATED AS OF DECEMBER 15, 1995.
THIS AMENDMENT is made by and between Xxxx Company ("XXXX"), a Wisconsin
corporation with its principal place of business in West Bend, Wisconsin, and
Xxxxxxx X. Xxxx, ("Executive") as of December 18, 1998.
RECITALS
WHEREAS, XXXX wishes to continue to retain the services of Executive as
its Chairman of the Board, President and Chief Executive Officer and Executive
desires to continue to serve XXXX in that capacity; and
WHEREAS, XXXX and Executive wish to amend the Employment Agreement
between the parties dated as of December 19, 1997.
NOW, THEREFORE, in consideration of the mutual promises and agreements
set forth herein, the parties agree as follows:
Section 2, Term of Employment, shall be revised to read as follows:
Executive's "term of employment," as this phrase is used throughout this
Agreement, shall be for the period commencing January 1, 1999, and ending on
December 31, 2001.
Section 3, Compensation, shall be revised to read as follows: XXXX shall
pay or cause to be paid to Executive during the period commencing January 1,
1999, through the end of the term of employment a minimum base salary of Three
Hundred Fifty Thousand Dollars ($350,000.00) per annum, payable in twenty-six
(26) equal installments (subject to the appropriate withholding items). This
salary shall be reviewed at least annually by the XXXX Board of Directors or a
committee thereof and increased or decreased in its discretion, subject to the
minimum above.
Section 9, Stock Option, shall be revised to read as follows: Concurrent
with the execution of this Amendment Agreement, Executive and XXXX entered
into a Stock Option Agreement, specifically referenced herein and made a part
hereof, wherein Executive was granted, as of December 18, 1998, an option to
purchase twenty-five thousand (25,000) shares of XXXX common stock under the
1995 Stock Option Plan.
IN WITNESS WHEREOF, XXXX has caused this Agreement to be executed by its
duly authorized officers, and Executive has hereunto set his hand, all as of
the date set forth above.
XXXX COMPANY
___________________________________
Its Director
___________________________________
Executive
