EXHIBIT 10.8
FIRST AMENDMENT TO THE
EXECUTIVE EMPLOYMENT AGREEMENT
This First Amendment to Executive Employment Agreement is entered into on
this 26th day of February, 2007 and effective as of January 1, 2007, by and
between Xxxxxx, Inc. (the "Employer" or the "Company"), a New Jersey corporation
which maintains its principal executive offices at 0000 00xx Xxxxxx, Xxxxx Xxx,
Xxxx Xxxxx, Xxxxxxx 00000, and Xxxxxxx X. Xxxxxxxxx (the "Executive"), an
individual residing at 000 Xxxxxx Xxxxx, Xxxx Xxxxx, Xxxxxxx 00000.
WHEREAS, the Employer and Executive have entered into an Executive
Employment Agreement dated as of January 1, 2006 (the "Employment Agreement");
WHEREAS, the term of the Employment Agreement expires on December 31, 2006;
WHEREAS, the Employer and Executive wish to extend the term of the
Employment Agreement to December 31, 2007;
WHEREAS, in 2007, the Executive agreed that his Base Compensation would be
$1.00 per annum in order to reduce the Company's operating expenses;
WHEREAS, the Employer and Executive wish to amend the Employment Agreement
to confirm the arrangements described above;
NOW, THEREFORE, in consideration of the representations, covenants and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound hereby, the parties hereto agree as follows:
1. Extension of Term. Section1.1 of the Employment Agreement is hereby amended
to read in its entirety as follows:
1.1 Term. The term of this Agreement shall commence on January 1, 2007
and end on December 31, 2007 (the "Term"), unless further extended or
sooner terminated as hereinafter provided.
2. Salary Adjustment. The first sentence of Section 2.1 of the Employment
Agreement is hereby amended to read in its entirety as follows:
"During the period of the Executive's employment hereunder, the
Executive shall receive a salary of One ($1.00) Dollar per annum paid
in accordance with the Employer's normal payroll procedures (the "Base
Compensation").
IN WITNESS WHEREOF, the parties have executed this Agreement on the day and
year first written above.
WITNESS:
/s/ Xxxxxxx X. Xxxxxxxxx
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Xxxxxxx X. Xxxxxxxxx
ATTEST: XXXXXX, INC.
By: /s/ Xxxxx X. Xxxxxx
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Xxxx Xxxxx, Secretary Xxxxx X. Xxxxxx, Senior Vice
President and Chief Financial
Officer
