AMENDMENT #2 TO EMPLOYMENT AGREEMENT
THIS AMENDMENT #2 TO EMPLOYMENT AGREEMENT ("Agreement") is entered into by
and between QPQ Corporation ("QPQ"), a Florida corporation and Xxxxxxxx Xxxxxxxx
("Xxxxxxxx"), this 7th day of November, 1996.
W I T N E S S E T H :
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WHEREAS, QPQ and Xxxxxxxx have entered into an Employment Agreement dated
July 23, 1993 and amended November 1, 1994 governing the relationship between
the parties thereto with respect to employment of Xxxxxxxx by QPQ;
WHEREAS, QPQ and Xxxxxxxx desire to extend the duration of Xxxxxxxx'x
employment with QPQ and effect an annual 10% increase in salary through the
duration of the Agreement;
NOW, THEREFORE, it is agreed as follows:
1. SECTION 2 OF EMPLOYMENT AGREEMENT. The term of this Agreement, and
the employment of the Executive hereunder, shall be for a period expiring on
December 31, 1999.
2. SECTION 3 (A) OF EMPLOYMENT AGREEMENT. The Executive's minimum
salary during the first year of the term of this Agreement shall be $166,375 per
annum, payable by check in equal bi-weekly installments or in such other
periodic installments as may be in accordance with the regular payroll policies
of the Company as from time to time in effect, less such deductions or amounts
to be withheld as shall be required by applicable law and regulations, provided
that for each subsequent year during the term, the minimum salary shall be
increased by ten percent (10%) per annum.
3. NO FURTHER AMENDMENT. Except as otherwise provided herein and in
Amendment #1, the terms and provisions of the Employment Agreement remain
unchanged.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Agreement as of the date first above written.
QPQ CORPORATION, a Florida
corporation
By: /s/ Xxx Xxxxxx
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Its: Vice President & CFO
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/s/ Xxxxxxxx Xxxxxxxx
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Xxxxxxxx Xxxxxxxx
