EXHIBIT 10.49
AMENDMENT AND EXTENSION AGREEMENT
This Extension Agreement is entered into this 15th day of June,
l995, between IMC Global Inc., a Delaware corporation (the "Company"),
and Xxxxxxx X. Xxxxxx of Northbrook, Illinois ("Xxxxxx"):
WHEREAS, there presently exists an Employment Agreement (the
"Agreement") between Xxxxxx and the Company dated April l5, l993,
providing for his employment in an executive capacity, and expiring on
February 29, 1996, and there also exists an Agreement (the "Letter
Agreement") between Xxxxxx and the Company dated July 19, 1993,
regarding his consultancy after his retirement from the Company; and
WHEREAS, the Board of Directors has concluded that because of
Xxxxxx'x capabilities and his contributions to the success of the
Company and his performance of the responsibilities of Chairman and
Chief Executive Officer of the Company, it is in the interests of the
Company to extend the duration of the Agreement;
Now, therefore, it is mutually agreed as follows:
l. Extended Term. The Agreement, as amended aforesaid, shall be
extended and continue in full force and effect until June 30,
1997.
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2. Term in Position. Xxxxxx shall serve as Chairman and Chief
Executive Officer through June 30, 1996, and as Chairman from
July 1, 1996, through June 30, 1997.
3. Salary. A) Xxxxxx'x salary as Chairman and Chief Executive
Officer shall never be less than $530,040 per year; B)
Xxxxxx'x salary as Chairman shall be $250,020 per year.
4. Retirement and Consultancy. Xxxxxx will retire from
employment on July 1, 1997, and commence to render consulting
services to the Company for the period July 2, 1997, through
June 30, 1999, at a rate of $20,835 per month. Payment of the
proceeding fee is guaranteed to Xxxxxx for the entire period
regardless of whether the Company avails itself of Xxxxxx'x
services.
5. Other Terms. All the terms and provisions of the Agreement
and the Letter Agreement, respectively, shall remain in full
force and effect, except as modified hereby.
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IN WITNESS WHEREOF, the Company has caused these presents to be
signed on its behalf, and Xxxxxx, to evidence his acceptance hereof,
has hereunto set his hand and seal as of the day first above written.
IMC GLOBAL, INC.
By X. X. Xxxxx
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X. X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Attest:
By Xxxxxxxxx Xxxxx
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