EXHIBIT 10.23
AMENDMENT TO EMPLOYMENT AGREEMENT
This AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made as of
December 31, 1998, between Xxxxxxxx Commercial Corporation, a Delaware
corporation (the "Company"), and Xxxxxxx X. Xxxxxxxx, Xx. ("Executive"), with
reference to the Employment Agreement between the parties dated as of July 8,
1996 (the "Employment Agreement"). Except as otherwise defined in this
Amendment, capitalized terms used herein have the same meanings given in the
Employment Agreement.
NOW, THEREFORE, based on the mutual covenants contained herein and in the
Employment Agreement, the parties agree as follows:
1. Amendment to Employment Agreement. Section 3.2 of the Employment
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Agreement is hereby amended to add to the end of such Section the following:
"Notwithstanding anything to the contrary in any annual cash bonus program
of the Company (whether pursuant to the 1996 Performance Based Annual
Incentive Compensation Plan or otherwise), Executive shall be entitled to
receive payment of the annual cash bonus amount computed with respect to
each Term Year only if Executive continues to provide full-time services to
the Company as follows (it being the intention that the annual bonus
computed with respect to each Term Year be earned and paid only if such
continued service requirement is satisfied): if full-time employment
continues through March 31 of the year following the Term Year, 30% of
payment to be made; if full-time employment continues through June 30 of
the year following the Term Year, 30% of payment to be made; if full-time
employment continues through September 30 of the year following the Term
Year, 20% of the payment to be made; and if full-time employment continues
through December 31 of the year following the Term Year, 20% of the payment
to be made."
2. No Other Changes. Except as expressly provided in this Amendment, the
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Employment Agreement shall remain in full force and effect in accordance with
its terms.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
first date set forth above.
XXXXXXXX COMMERCIAL
CORPORATION
/s/ Willliam X. Xxxxxxxx, Xx. /s/ Xxxx X. Xxxxx
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Xxxxxxx X. Xxxxxxxx, Xx. By: Xxxx X. Xxxxx
Its: C.F.O.
