Exhibit 99.1
SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT
BETWEEN
CHAMPIONSHIP AUTO RACING TEAMS, INC.
AND
XXXXXXXXXXX X. XXXX
This is the second amendment to the Employment Agreement entered into
as of December 18, 2001 by and between Championship Auto Racing Teams, a
Delaware corporation ("Company"), and Xxxxxxxxxxx X. Xxxx ("Pook"), amended
January 30, 2004. This Second Amendment is entered into on this 1st day of
December, 2004, effective December 18, 2004.
In consideration of the promises set forth below, the parties agree to
amend the Employment Agreement between the Company and Pook as follows:
1. Compensation from December 18, 2004 through June 30, 2005:
The Company shall pay to Pook the following:
o Payment of a car allowance of $600 per month
through June 30, 2005.
o Prepayment of health, life, and disability
insurance through June 30, 2005.
o Continue payment of Pook's current monthly
salary through June 30, 2005.
o Xx. Xxxx will be reimbursed for all of his
reasonable expenses incurred in connection
with the performance of his services under
the Employment Agreement.
2. General Duties
Xx. Xxxx shall continue to perform his duties as Director, Chief
Executive Officer, and President of the Company through June 30, 2005, or such
earlier time as the Company has liquidated or files for protection under the
Federal Bankruptcy Act.
3. Prepayment of Salary in the Event of Bankruptcy or Liquidation
In the event that the Company makes a decision to file bankruptcy, or
enters into a plan of liquidation, then the remaining balance of Pook's salary
and benefits, including
reimbursements through June 30, 2005, shall be wire transferred to Pook no less
than forty-eight (48) hours before such bankruptcy filing or adoption of a
plan of liquidation.
4. Remaining Terms of Employment Agreement
All of the remaining terms and conditions of the Employment Agreement
as amended January 30, 2004 between the Company and Pook shall remain in full
force and effect and shall not be amended by this Second Amendment.
IN WITNESS WHEREOF, the parties have executed this Amendment on the
date first set forth above.
CHAMPIONSHIP AUTO RACING TEAMS, INC. XXXXXXXXXXX X. XXXX
(s) Xxxxxx X. Xxxxxx (s) Xxxxxxxxxxx X. Xxxx
-------------------------------------------- -------------------------
By: Xxxxxx X. Xxxxxx, Chief Financial Officer Xxxxxxxxxxx X. Xxxx
