AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT, (the "Amendment"), made
and entered into on the 10th day of August, 1995, to be effective as
of the Ist day of July, 1995, by and between DIMON International, Inc.
(the "Company") and Xxxxx X. Xxxxxxx (the "Executive").
R E C I T A L S:
---------------
The Company and the Executive entered into that certain Employment
Agreement (the "Agreement") dated October 18, 1994, which was
effective as of July 1, 1994. The Company and the Executive have
agreed to modify Section 4.1 of the Agreement to reflect certain
understandings between the parties with regard to the payment of the
Executive's Base Salary and the Executive's participation in the
Company's new incentive bonus plan.
NOW, THEREFORE, the Company and the Executive agree that the
Agreement shall be amended by inserting the following new paragraph
at the end of Section 4.1:
"The Company has selected the Executive to
participate in the new incentive bonus plan. If the
requirements of the incentive bonus plan are met, the
Executive will be entitled to a bonus with respect to
each fiscal year of the Company in an amount ranging
from 0% to 45% of $180,000. (This dollar amount shall
be referred to as the Executive's "Revised Base
Salary"). In consideration of the Company selecting
the Executive to participate in the incentive bonus
plan, the Executive agrees that his annual Base Salary,
for purposes of determining his monthly salary payments
pursuant to this Section 4.1, shall be equal to his
Revised Base Salary. Should the sum of (A) and (B),
where (A) is his Revised Base Salary and (B) is the
amount of the annual incentive bonus paid or to be paid
with respect to the Executive for any Employment Year,
be less than the amount of the Base Salary specified in
this Section 4.1 (as increased each Employment Year by
the annual cost of living adjustment), the Company
shall pay the difference to the Executive effective as
of the end of the applicable Employment Year. The
Executive's Revised Base Salary may be increased (but
not decreased) from time to time by action of the
Company's Board of Directors."
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(108)
IN WITNESS WHEREOF, the parties have executed this Amendment
to Employment Agreement on the day and year first above written.
EXECUTIVE:
/s/ Xxxxx X. Xxxxxxx
_______________________(SEAL)
Xxxxx X. Xxxxxxx
WITNESS:
/s/ Xxxxxx X. Xxxxxxx
__________________________
Xxxxxx X. Xxxxxxx
DIMON International, Inc.
By: /s/ Xxxxxx X. Xxxx III
________________________________
Xxxxxx X. Xxxx III
President or Vice President
Attest:
/s/ Xxxxxx X. Xxxxx
________________________
Xxxxxx X. Xxxxx
Secretary/Asst. Secretary
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(109
