Employment Agreement Extension
Exhibit 10.3
Effective Date: June 30, 2010
Agreement made among Xxxx Services, LLC, Xxxx, Inc. (collectively, the “Employers”) and Xxxx X.
Xxxxxxxxxx (“Employee”) to extend a certain Employment Agreement, dated as of May 17, 2007, as
amended by the Employment Agreement Extension, dated as of May 30, 2010, by and between the parties
(collectively, the “Employment Agreement”).
Revised Term
The term of the Employment Agreement expires on June 30, 2010. The parties are in the process of
negotiating a new agreement (the “New Employment Agreement”) relating to Employee’s employment with
Employer (although no such agreement is assured). In the interim, the parties wish to continue and
extend the Employment Agreement. Therefore, Employers and Employee agree that the Employment
Agreement shall be binding for an additional period of time, beginning with the expiration of the
current term on June 30, 2010 and continuing through the earlier of July 31, 2010 or a date on
which a New Employment Agreement is executed.
Revised Conditions
This extension shall be on the same terms and conditions as provided in the Employment Agreement
and as if set forth in this Agreement. For the avoidance of doubt all Guaranteed Minimum Bonus
obligations under the Employment Agreement (except for payment of any accrued but unpaid amounts)
shall terminate as of June 30, 2010.
Acknowledgement and Agreement
We have carefully reviewed this Agreement and acknowledge, agree to and accept all of its terms and
conditions. We are executing this Agreement as of the Effective Date above.
| Employers: | Employee: | |||||||||
| XXXX SERVICES, LLC | ||||||||||
| By: | /s/ Xxxxx Xxxxxxx | /s/ Xxxx X. Xxxxxxxxxx | ||||||||
| Name: | Xxxxx Xxxxxxx | Xxxx X. Xxxxxxxxxx | ||||||||
| Title: | President & Chief Executive Officer | |||||||||
| XXXX, INC. | ||||||||||
| By: | /s/ Xxxxx Xxxxxxx | |||||||||
| Name: | Xxxxx Xxxxxxx | |||||||||
| Title: | President & Chief Executive Officer | |||||||||
