Exhibit 10.47
MODIFICATION OF EMPLOYMENT AGREEMENT
This Modification of Employment Agreement made as of this 9th day of
March, 2005, by and between Valley National Gases, Inc. ("Company"), a West
Virginia corporation and Xxxxxx X. Xxxxxx ("Employee").
WITNESSETH:
WHEREAS, Employee is deemed by Company to be a valuable executive
officer serving the Company; and
WHEREAS, Company wishes to retain Employee as an executive officer of
the Company; and
WHEREAS, the Company does not have any retention agreements or policies
presently in place that would affect this Employee; and
WHEREAS, the Company and Employee have previously entered an Employment
Agreement ("Employment Agreement") which is dated the 1st day of June, 2004; and
WHEREAS, the parties now desire to amend the Employment Agreement.
NOW, THEREFORE, in consideration of the premises contained herein and
in that certain Employment Agreement between the parties, it is agreed as
follows:
1.) Section 2. of the Employment Agreement is hereby amended to read as
follows:
Term. The Employee's employment by the Company and the initial
term of this Agreement ("Initial Term") shall commence as of the date
hereof and shall continue in full force and effect, unless earlier
terminated as provided hereinafter in Section 6., until the third (3rd)
anniversary thereof. At the conclusion of the Initial Term, Employee's
employment with the Company may, at the Company's election, continue
thereafter, until terminated as provided hereinafter in Section 6., on
the terms and conditions as set forth in this Agreement. The Initial
Term and all time of employment thereafter shall collectively be
referred to as the "Employment Term".
2.) Other than the amendment to the term of the Employment Agreement
above set out, there are no additional modifications to the Employment Agreement
which continues in full force and effect.
IN WITNESS WHEREOF, the Company has caused this Modification of
Employment Agreement to be executed by authority of its Board of Directors, and
the Employee has hereunto set his hand, as of the day and year first written
above.
Valley National Gases, Inc.
WITNESS:
/s/ Xxxxx X. Xxxx By: /s/ W.A. Xxxxxxxxxx
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Xxxxxxx X. Xxxxxxxxxx
Its: Chief Executive Officer
WITNESS:
/s/ Xxxxx X. Xxxx /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
