AMENDMENT TO MONITORING AGREEMENT DATED OCTOBER 1, 2002
Exhibit 10.16
AMENDMENT TO MONITORING AGREEMENT
DATED OCTOBER 1, 2002
WHEREAS, BLACKSTONE MANAGEMENT PARTNERS L.P., a Delaware limited partnership (“BMP” and XXXXXX HOLDINGS, INC., a Delaware Corporation (“HHI”) and XXXXXX INTERNATIONAL, INC. A Delaware corporation (“Opco”) entered into a MONITORING AGREEMENT (this “Agreement”) dated as of October 1, 2002.
NOW, THEREFORE, in consideration of the foregoing recital and conditions contained in this Amendment, the parties hereto agree as follows:
1. | Effective January 1, 2003, Xxxxxxx X. Xxxxxx (“Xxxxxx”) is serving as Chairman of the Board of HHI and Opco. |
2. | HHI and Opco have agreed to pay to Xxxxxx a monthly fee of $20,833.33 (the “Monthly Fee”) for such services and also to reimburse him for his reasonable out-of-pocket expenses (as defined in the Agreement). |
3. | BMP, HHI and Opco agree that the amount of all Monthly Fees paid to Xxxxxx by HHI and Opco during his tenure as Chairman will reduce the annual Monitoring Fee (as defined in the Agreement). |
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their duly authorized officers or agents as of the date first above written.
BLACKSTONE MANAGEMENT PARTNERS L.P. By: Blackstone Management Partners L.L.C., Its General Partner By: /s/ Xxxxx X. Xxx /s/ Xxxxx X. Xxx Name: Xxxxx X. Xxx Title: Senior Managing Director |
XXXXXX HOLDINGS, INC. By: Xxxxxx International, Inc. By: /s/ Xxxxxx X. XxXxx /s/ Xxxxxx X. XxXxx Name: Xxxxxx X. XxXxx Title: Vice President-Finance, CFO XXXXXX INTERNATIONAL, INC. By: /s/ Xxxxxx X. XxXxx /s/ Xxxxxx X. XxXxx Name: Xxxxxx X. XxXxx Title: Vice President-Finance, CFO |