EXHIBIT 10.2
AMENDMENT NO. 1
TO
EMPLOYMENT AGREEMENT
This Amendment No. 1 to Employment Agreement is made as of the 1st day of
January 1997, by and between Xxxxxxx Enterprises, Inc., a Louisiana corporation
(the "Company"), and Xxxxxxx X. Xxxxx (the "Employee").
W I T N E S S E T H:
WHEREAS, the Company has entered into an Employment Agreement (the
"Employment Agreement") with the Employee dated as of August 1, 1995; and
WHEREAS, the Company has approved, effective January 1, 1997, (i) an
increase in the Employee's annual base salary to $175,000, and (ii) an increase
in the Employee's maximum incentive bonus to $100,000, to reflect the scope of
the responsibility assumed by the Employee and his accomplishments over the past
several years.
NOW THEREFORE, the Company and the Employee agree as follows:
Article II Section 1 of the Employment Agreement is hereby amended to read
in its entirety as follows:
1. SALARY. For the period ending December 31, 1996, a salary ("Base
Salary") at the rate of $155,000 per fiscal year of the Company ("Fiscal
Year"), payable to the Employee at such intervals as other salaried
employees of the Company are paid. Commencing January 1, 1997, the Base
Salary shall be $175,000.
Article II Section 2 of the Employment Agreement is hereby amended to read
in its entirety as follows:
2. BONUS. For the period ending October 31, 1995, the Employee shall
be eligible to receive an incentive bonus, the amount of which shall be
determined pursuant to Paragraph 4 of the Prior Agreement. This incentive
bonus shall be paid in cash no later than 30 days following the filing of
the Company's annual report on Form 10-K for the Fiscal Year ending October
31, 1995. For the Fiscal Year ending October 31, 1996, the Employee shall
be eligible to receive a bonus (the "Bonus") of up to $75,000. For the
period beginning November 1, 1996, the Employee shall be eligible to
receive a bonus (the "Bonus") of up to $100,000 per Fiscal Year. The
-1-
Bonus shall be comprised of two elements, the quantitative element and the
qualitative element:
(a) The quantitative element shall be equal to 75% of the maximum
Bonus and shall be based on the attainment of certain goals to be
established by the Company's Compensation Committee and Employee.
(b) The qualitative element shall be 25% of the maximum Bonus and
shall be awarded at the discretion of the Chief Financial Officer. The
Chief Financial Officer and Employee shall establish incentive goals and
other criteria for the award of the qualitative element.
The Bonus shall be paid in cash no later than 30 days following the
filing of the Company's annual report on Form 10-K for the Fiscal Year in
which the Bonus has been earned.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and signed as of the date indicated above.
XXXXXXX ENTERPRISES, INC.
By: /s/ Xxxxx X. XxXxxxxxx
----------------------
Xxxxx X. XxXxxxxxx
Compensation Committee Chairman
EMPLOYEE:
/s/ Xxxxxxx X. Xxxxx
--------------------
Xxxxxxx X. Xxxxx
-2-
