EXHIBIT 10.20
SECOND AMENDMENT TO THE
EMPLOYMENT AGREEMENT
OF XXXX XXXXXXXXX
This Second Amendment to the Employment Agreement ("Employment
Agreement") of Xxxx Xxxxxxxxx, made this 31ST day of October, 2002, is by and
between ICO, Inc., a Texas corporation with offices at 0000 Xxxxxxxxxx, Xxxxx
000, Xxxxxxx, Xxxxx 00000; and Xxxx Xxxxxxxxx, a Texas resident ("Employee").
1. Paragraph 4 of the Employment Agreement, entitled "Compensation," is
hereby amended, effective as of November 1, 2002, to read as follows:
"For the services to be rendered to Company pursuant to this
Agreement, Company shall pay Employee a salary in the amount of
One Hundred and Forty Thousand Dollars and no/100 ($140,000.00)
per annum, less all required deductions, including but not limited
to federal withholding, social security, and other taxes, which
salary shall be payable bi-weekly on the Company's regular payroll
schedule. During the term of this Agreement, Employee's salary
shall be reviewed at least annually.
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 $1,190.00
("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 or supplemented pursuant to paragraph 1 above continue to be in full
force and effect between Employee and ICO, Inc.
AGREED AND ACCEPTED:
ICO, INC.
By: /s/ Xxx X. Xxxx /s/ Xxxx Xxxxxxxxx
-------------------------- --------------------------
XXXX XXXXXXXXX
Printed Name: Xxx X. Xxxx
Title: CFO and Treasurer
S-12
