EXHIBIT 10.12
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
This First Amendment ("Amendment") to the Employment Agreement
("Employment Agreement") between ICO, Inc., a Texas corporation (the "Company"),
and Xxxxxxx X. Xxxxxx (the "Employee") is dated this 31st day of October, 2002.
1. Paragraph 2.7 of the Employment Agreement is hereby amended,
effective as of November 1, 2002, to read as follows:
"During the Employment Period, the Employee shall be entitled to
fringe benefits in accordance with the policies of the Company as
in effect immediately preceding the Effective Date or as in effect
at any time thereafter with respect to other key employees. In
lieu of use of a Company vehicle, and maintenance, repair,
insurance, and fuel charges associated therewith, the Employee
shall receive a monthly vehicle allowance in the sum of $1,380.00
("Vehicle Allowance"), paid in advance on the first payday of each
month. The Vehicle Allowance shall be periodically adjusted to
reflect inflation. As reimbursement for fuel and vehicle-related
charges incurred by Employee when using Employee's personal
vehicle on Company business, Employee shall be reimbursed at the
IRS reimbursement rate of $0.365 per mile (or the prevailing
rate)."
2. All terms and conditions in the Employment Agreement that are
not amended by this Amendment continue to be in full force and effect.
AGREED AND ACCEPTED:
ICO, INC.
By: /s/ Xxx X. Xxxx /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Printed Name: Xxx X. Xxxx
Title: CFO and Treasurer
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