FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
("First Amendment"), made and entered into this 22nd
day of April, 1999, to be effective as of the
1st day of May, 1999, by and between DIMON Incorporated
(the "Company") and Xxxxx X. Xxxxxx (the "Executive").
WHEREAS, the Company and the Executive entered into
that certain Employment Agreement (the "Agreement")
dated January 3, 1997, which was effective as of October
1, 1996. The Company and the Executive have agreed to
modify Section 3.1 of the Agreement to reflect certain
understandings between the parties with regard to the
expiration date of the Initial Term and the provisions
for notice regarding expiration of the Term of the
Executive's employment.
NOW, THEREFORE, for good and valuable consideration,
the sufficiency of which is hereby acknowledged, the
Company and the Executive agree that the Agreement shall
be amended as follows:
1. The date "September 30, 1999" used in
subsection (i) of the first sentence of Section 3.1 shall
be replaced with the date "October 31, 1999" such that
the first sentence of Section 3.1 shall read as follows:
3.1 Term of Employment. The
term of the Executive's employment
(the "Initial Term") under this
Agreement shall commence effective as
of October 1, 1996, and shall
continue until the earliest to occur
of the following dates (the
"Termination Date"): (i) October
31, 1999 (except as otherwise
provided in this Section 3.1); (ii)
the last day of the Employment Year
(as defined in this Section 3.1) in
which the Executive attains the age
of sixty (60); (iii) the date of
death of the Executive; (iv) the date
coinciding with the end of one
hundred eighty (180) days of
continuous "Total Disability" of the
Executive (as defined in Section
7.4); (v) the specified date of
termination under the Notice
Exception (as defined in Section
3.2); (vi) the date of termination
under the Cause Exception (as defined
in Section 3.3) determined pursuant
to Section 3.5; or (vii) the date the
Executive terminates his employment
for Good Reason (as defined in
Section 3.4) determined pursuant to
Section 3.5.
2. The date "August 1" in the third sentence of
Section 3.1 shall be replaced with the date "September
1" such that the third sentence of Section 3.1 shall
read as follows:
If either party hereto desires for
the Term to expire at the end of the
Initial Term or at the end of any
succeeding one-year Extension Period,
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such party shall give written notice
of such desire to the other party no
later than September 1 of the
Employment Year (as defined in this
Section 3.1) in which the Initial
Term will expire or September 1 of
any succeeding one-year Extension
Period.
3. The date "October 1" used in the last sentence
of Section 3.1 shall be replaced with the date "November
1" such that the sentence reads as follows:
Each twelve-month period beginning
November 1 during the Term is
referred to herein as an "Employment
Year."
IN WITNESS WHEREOF, the parties have executed this
First Amendment to Employment Agreement on the day and
year first above written.
EXECUTIVE
/s/ Xxxxx X. Xxxxxx
____________________________
Xxxxx X. Xxxxxx
WITNESS
Xxxxx X. Xxxxxxx
/s/ Xxxxx X. Xxxxxxx
_________________________
DIMON INCORPORATED
/s/ Xxxxxxx X. X'Xxxxxx
By: Xxxxxxx X. X'Xxxxxx
______________________
Its: Senior Vice President -
Human Relations
______________________
Attest:
/s/ Xxxx X. Xxxxxxxx
Xxxx X. Xxxxxxxxx
_________________________
Secretary/Assistant Secretary
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