EXHIBIT 10.18
EMPLOYMENT AGREEMENT
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
Reference is made to an Employment Agreement (hereinafter called
"Agreement") dated November 13, 2001, and the Second Amendment to the Employment
Agreement dated March 1, 2004, between Handy Hardware Wholesale, Inc., a Texas
Corporation (therein and hereinafter called the "Employer"), and Xxxxx Xxxxxx
Xxxxxxx, Xx. (therein and hereinafter called the "Employee").
At this time, Employer and Employee wish to amend the Agreement as
hereinafter set forth:
NOW, THEREFORE, in consideration of the premises, the agreements herein
contained and other good and valuable considerations, Employer and Employee
hereby amend the Agreement as follows:
1. Paragraph 2 of the Agreement is hereby amended to read as follows:
2. As compensation for his services hereunder, Employer shall
pay Employee the following:
a. For the period from August 20, 2001 through December
31, 2002, Employer shall pay Employee Thirteen
Thousand, Seven Hundred Fifty and No/100 Dollars
($13,750.00) per month; and for the period from January
1, 2003 through December 31, 2005, Employer shall pay
Employee Fourteen Thousand, Five Hundred Eighty-three
and 34/100 Dollars ($14,583.34) per month.
b. Employee's compensation shall be payable semi-monthly
on the fifteenth and last days of each month during the
period of Employee's employment under this Agreement;
provided however, that Employee shall not be entitled
to any compensation for any period of time in excess of
sixty (60) days during which he is unable to perform
his duties hereunder. Said monthly salary shall be
prorated for any partial month at the beginning and end
of the Term of Employment or for any period for which
Employee is not entitled to compensation as provided in
the immediately preceding sentence.
2. Paragraph 3.a. of the Agreement is hereby amended to read as follows:
a. The Term of Employment by Employer shall mean the
period commencing August 20, 2001 and terminating
December 31, 2005, unless sooner terminated in
accordance with the terms and conditions hereinafter
set forth, provided, however, in the event of the death
of the Employee, the Term of Employment shall end on
the date of the death of Employee.
Except as amended above, the Agreement remains unchanged and continues in
full force and effect.
The Third Amendment is executed in multiple counterparts, each of which
shall have the force and effect of an original, this 17th day of February,
2005.
HANDY HARDWARE WHOLESALE, INC.
By: /s/ Xxxxx X. Xxxx
/s/ Xxxxx Xxxxxx Xxxxxxx, Xx. ----------------------------------
--------------------------------- Name: Xxxxx X. Xxxx
Xxxxx Xxxxxx Xxxxxxx, Xx. Title: Chairman of the Board
EMPLOYEE EMPLOYER
