Mr. Don V. Ingram Dallas, Texas Re: Amendment to Employment Agreement dated September 1, 2000.
EXHIBIT 10.1
December 18, 2001
Xx. Xxx X. Xxxxxx
0000 Xxxxxxxxx Xxxxx
Xxxxxx, Xxxxx
Re: Amendment to Employment Agreement dated September 1, 2000.
Dear Xx. Xxxxxx:
Please refer to the Employment Agreement dated September 1, 2000 among
IMCO Recycling Inc., IMCO Management Partnership L.P. and you. Capitalized terms not defined in this amendment (the “Amendment”) shall have the respective meanings assigned to those terms in the Employment Agreement. The parties hereto
desire to amend the terms and conditions of the Employment Agreement as follows:
1. Section 5.3(c) of the
Employment Agreement is hereby deleted in its entirety and substituted in lieu thereof is the following new Section 5.3(c), to read as follows:
“(c) The Company, in its sole discretion, may terminate the Executive’s employment by giving him not less than thirty (30) days advance written notice of the
termination. A termination by the Company under this Section 5.3(c) or written notice by the Company that it has decided not to extend the term of this Agreement pursuant to Section 1.2 shall be referred to for all purposes as being “Terminated
Without Cause.”
2. The first sentence of Section 6.1(b) of the Employment Agreement is hereby deleted in its
entirety and substituted in lieu thereof is the following new sentence:
“(b) If the
Executive resigns or terminates his employment for any reason or the Executive’s employment is terminated by the Company at any time during the Term of this Agreement or the Company fails to extend the term of this Agreement pursuant to Section
1.2, the Company and the Executive expressly agree that the Executive will be retained by the Company for a twenty-four month period following the termination of his employment to provide services in an advisory and consulting capacity and to
prevent any other business competitive with IMCO, the IMCO Group or the Company from securing his services and utilizing his experience, background and expertise.”
Xxx X. Xxxxxx
December 18, 2001
Page 2
Except as expressly modified by the terms of this Amendment, all other terms and provisions of the Employment Agreement shall remain in full force and effect for all purposes. This Amendment may be
executed in one or more counterparts, each of which will be deemed to be an original copy of the Amendment and all of which, when taken together, will be deemed to constitute one and the same agreement.
If the foregoing accurately sets forth your understanding with regards to the subject matter hereof, please sign and return one of the enclosed counterparts of
this Amendment, whereupon this Amendment shall become a binding agreement among the parties.
Very truly yours,
IMCO Recycling Inc.; and
IMCO Management Partnership L.P. (by its
General Partner, IMCO Recycling Inc.)
By: |
/s/ XXXX X.
XXXXXX | |
Xxxx X. Xxxxxx Executive Vice President |
AGREED AND ACCEPTED
effective as of the day and year first above written.
Employee
/s/ XXX X.
XXXXXX | ||
Xxx X. Xxxxxx |