EXHIBIT 10.3
AMENDMENT NO. 1
TO
EMPLOYMENT AGREEMENT
This Amendment No. 1 to Employment Agreement is made as of the 1st day of
January 1997, by and between Xxxxxxx Enterprises, Inc., a Louisiana corporation
(the "Company"), and Xxxxxxxx X. Xxxxxxx (the "Employee").
W I T N E S S E T H:
WHEREAS, the Company has entered into an Employment Agreement (the
"Employment Agreement") with the Employee dated as of August 1, 1995; and
WHEREAS, the Company has approved, effective January 1, 1997, an increase
in the Employee's incentive bonus to $100,000 to reflect the scope of the
responsibility assumed by the Employee and his accomplishments over the past
several years.
NOW THEREFORE, the Company and the Employee agree as follows:
Article II Section 2 of the Employment Agreement is hereby amended to read
in its entirety as follows:
2. BONUS. For the period ending October 31, 1995, the Employee shall
be eligible to receive an incentive bonus, the amount of which shall be
determined pursuant to Paragraph 4 of the Prior Agreement. This incentive
bonus shall be paid in cash no later than 30 days following the filing of
the Company's annual report on Form 10-K for the Fiscal Year ending October
31, 1995. For the Fiscal Year ending October 31, 1996 the Employee shall
be eligible to receive a bonus (the "Bonus") of up to $75,000. For the
period beginning November 1, 1996, the Employee shall be eligible to
receive a Bonus (the "Bonus") of up to $100,000 per Fiscal Year. The Bonus
shall be comprised of two elements, the quantitative element and the
qualitative element:
(a) The quantitative element shall be equal to 75% of the maximum
Bonus and shall be based on the attainment of certain goals to be
established by the Company's Compensation Committee and Employee.
(b) The qualitative element shall be 25% of the maximum Bonus of
and shall be awarded at the discretion of the President. The President and
Employee shall establish incentive goals and other criteria for the award
of the qualitative element.
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The Bonus shall be paid in cash no later than 30 days following the
filing of the Company's annual report on Form 10-K for the Fiscal Year in
which the Bonus has been earned.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and signed as of the date indicated above.
XXXXXXX ENTERPRISES, INC.
By: /s/ Xxxxx X. XxXxxxxxx
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Xxxxx X. XxXxxxxxx
Compensation Committee Chairman
EMPLOYEE:
/s/ Xxxxxxxx X. Xxxxxxx
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Xxxxxxxx X. Xxxxxxx
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