Exhibit 10.3
AMENDMENT TO THE
AMENDED AND RESTATED
EMPLOYMENT AGREEMENT
DATED AS OF SEPTEMBER 17, 1997
BETWEEN
XXXXXX XXXX AND XXXXXXX INDUSTRIES, INC.
WHEREAS, Xxxxxx Xxxx ("Executive") and Xxxxxxx Industries, Inc. (the
"Company") have entered into an Amended and Restated Employment Agreement
effective as of September 17, 1997, (the "Agreement"); and
WHEREAS, the parties now desire to amend the Agreement to eliminate the
three-year rolling term of the Agreement and impose a fixed term ending on
December 31, 2007;
NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, effective as of June 21, 2004, the Agreement is
hereby amended as follows (this amendment is hereinafter referred to as the
"Amendment").
1. The text of Section 1 of the Agreement, entitled Term of
Employment, is hereby replaced in its entirety by the following:
"The Employer agrees to employ the Executive, and the Executive
hereby accepts such employment, as Chairman of the Board of
Directors of the Employer. This Agreement shall commence as of
the date first written above and shall end on December 31, 2007
(the "Employment Period")."
2. Except as expressly amended by this Amendment, the remaining
terms and provisions of the Agreement shall remain unchanged and continue in
full force and effect.
This Amendment may be executed in one or more counterparts, each of
which shall be deemed an original but all of which together shall constitute
one and the same instrument.
IN WITNESS WHEREOF, the Company has caused its name to be ascribed to
this Amendment by its duly authorized representative and Executive has
executed this Amendment as of the 21st day of June, 2004.
XXXXXXX INDUSTRIES, INC.
BY:/s/Xxxxxxx X. X'Xxxxx
NAME: Xxxxxxx X. X'Xxxxx, CEO
/s/Xxxxxx X. Xxxx
Xxxxxx Xxxx
