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Exhibit 10.71
AMENDMENT NO. 3
TO
EMPLOYMENT AGREEMENT
This Amendment No. 3 to Employment Agreement (the "Amendment") is entered
into as of December 12, 2000, between Xxxxxxxxx Industries, Inc., a Delaware
corporation (the "Company"), and Xxxx Xxxxx, an individual (the "Employee").
RECITALS
The Company and the Employee are parties to that certain Employment
Agreement entered into as of March 30, 1999, as amended on March 31, 1999 and
December 27, 1999 (the "Employment Agreement"), pursuant to which the Employee
is employed as Chairman of the Company. The Company and the Employee desire to
amend the Employment Agreement on the terms and conditions set forth in this
Amendment.
TERMS OF AGREEMENT
In consideration of the above recitals and the mutual promises herein
contained, the Company and the Employee hereby agree as follows:
1. Effective as of January 1, 2001, Section 3(c)(ii) of the Employment
Agreement is amended in its entirety by deleting the initial paragraph and
subsection (A) thereof and substituting the following:
"(ii) Annual Company Bonus. For each calendar year at the end of
which year the Employee is employed by the Company:
(A) If the Net Income (as hereinafter defined) of the Company
for such year is an amount equal to the Company's target net income as
determined in the sole discretion of the Board (or the Executive
Committee) for such year (the "Target"), the Employee shall be entitled to
a bonus (i) in the case of the calendar year ended December 31, 2000, in
an amount equal to the Salary of the Employee as of December 31, 2000,
(ii) in the case of the calendar year ended December 31, 2001, in an
amount equal to $720,000, and (iii) in the case of any subsequent calendar
year, in an amount determined by the Board or the Compensation Committee
thereof (but not less than the Salary of the Employee as of December 31 of
such calendar year) (each such amount being referred to as the "Target
Bonus"). For purposes of this Agreement, "Net Income" shall mean actual
net income, as determined by the Company in its sole discretion in
accordance with GAAP.
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2. Except as expressly amended hereby, all of the terms and conditions of
the Employment Agreement shall continue in full force and effect.
3. This Amendment shall be governed by and construed in accordance with
the laws of the State of Florida. This Amendment may be executed in any number
of counterparts, each of which shall be an original but all of which taken
together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly
executed and delivered as of the day and year first above written.
XXXXXXXXX INDUSTRIES, INC.
By: /s/ Xxxx xxx Xxxxx
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Name: Xxxx xxx Xxxxx
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Title: Executive Vice President
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EMPLOYEE
/s/ Xxxx Xxxxx
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Xxxx Xxxxx
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