Exhibit 10.5.4
FOURTH AMENDMENT OT
EMPLOYMENT AGREEMENT
This FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT is made this 31st day of
December, 2003, by and between STANDARD PARKING CORPORATION, a Delaware
corporation (the "COMPANY") and Xxxxxxx X. Xxxx (the "EXECUTIVE").
RECITALS
A. The Executive and Standard Parking, L.P., a Delaware limited
partnership ("SPLP"), previously executed a certain Employment Agreement dated
as of March 26, 1998 (the "ORIGINAL EMPLOYMENT AGREEMENT"). The Original
Employment Agreement was modified by that certain Amendment To Employment
Agreement dated as of June 19, 2000 by and between the APCOA/Standard Parking,
Inc. ("A/SP") and Executive (the "FIRST AMENDMENT"), that certain Second
Amendment To Employment Agreement dated as of December 6, 2000 by and between
A/SP and Executive (the "SECOND AMENDMENT"), and that certain Third Amendment To
Employment Agreement dated as of April 1, 2002 by and between A/SP and Executive
(the "THIRD AMENDMENT"). The Original Employment Agreement, as modified by the
First Amendment, Second Amendment and Third Amendment, is hereafter referred to
as the "EMPLOYMENT AGREEMENT". The Company is the successor-in-interest to all
of SPLP's and A/SP's rights, and has assumed all of SPLP's and A/SP's
obligations, under the Employment Agreement.
B. The Company and Executive have agreed to modify certain provisions
of the Employment Agreement as set forth below.
NOW, THEREFORE, in consideration of the Recitals, the mutual promises and
undertakings herein set forth, and the sum of Ten Dollars in hand paid, the
receipt and sufficiency of which consideration are hereby acknowledged, the
parties hereby agree that the Employment Agreement shall be deemed modified and
amended, effective immediately, as follows:
1. Executive's annual base salary for calendar year 2004 shall be an
amount that is Nine Thousand Dollars ($9,000) less than Executive's 2003 base
salary.
2. Effective from and after January 1, 2004, the amount of the
aggregate "Annual Premiums" payable by the Company pursuant to subsection (d) of
paragraph 7 of the Employment Agreement (whether in payment of premiums or other
amounts due pursuant to (i) the existing Policies, and/or (ii) any additional or
substitute life insurance policies or any other investment vehicles hereafter
procured by Executive in his sole discretion) shall be Sixty-Two Thousand
Dollars ($62,000).
3. Except as expressly modified above, all of the remaining terms and
provisions of the Employment Agreement are hereby ratified and confirmed in all
respects, and shall remain in full force and effect in accordance with their
terms.
IN WITNESS WHEREOF, the Company and Executive have executed this Fourth
Amendment to Employment Agreement as of the day and year first above written.
COMPANY: EXECUTIVE:
STANDARD PARKING CORPORATION
a Delaware corporation /s/ Xxxxxxx X. Xxxx
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Xxxxxxx X. Xxxx
By: /s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
President and Chief Executive Officer