Exhibit 10.15.1
AMENDMENT NO. 1 TO
EMPLOYMENT AGREEMENT
This Amendment No. 1 to Employment Agreement is made as of the 1st day
of May, 1998, by and between Xxxxxxx Enterprises, Inc., a Louisiana
corporation (the "Company"), and Xxxxxx X. Patron (the "Employee").
W I T N E S S E T H:
WHEREAS, the Company has entered into an Employment Agreement with the
Employee dated as of August 1, 1995 (the "Employment Agreement").
WHEREAS, the Employee has agreed to serve as the Company's Executive
Vice President and Chief Administrative Officer.
WHEREAS, the Company has approved, effective May 1, 1998, certain
related changes in the terms of the Employee's employment as provided
below.
NOW THEREFORE, the Company and the Employee agree as follows effective
May 1, 1998:
SECTION 1. EMPLOYMENT AGREEMENT. Except as expressly amended herein,
all of the terms and provisions of the Employment Agreement shall remain in
full force and effect.
SECTION 2. AMENDMENT TO ARTICLE I, SECTION 1. The second paragraph
of Article I, Section 1 of the Employment Agreement is hereby amended to
read in its entirety as follows:
CAPACITY AND DUTIES OF EMPLOYEE. The Employee is
employed by the Company to render services on behalf of the
Company as Executive Vice President and Chief Administrative
Officer. As the Executive Vice President and Chief
Administrative Officer, the Employee shall perform such duties as
are assigned to the individual holding such title by the
Company's Bylaws and such other duties, consistent with the
Employee's job title, as may be prescribed from time to time by
the Board of Directors of the Company (the "Board") and/or the
Company's Chief Executive Officer.
SECTION 3. AMENDMENT TO ARTICLE II, SECTION 1. Article II, Section 1
of the Employment Agreement is hereby amended to read in its entirety as
follows:
1. SALARY. For the period ending May 14, 1998, a salary
("Base Salary") at the rate of $300,000 per fiscal year of the
Company ("Fiscal Year"), payable to the Employee at such
intervals as other salaried employees of the Company are paid.
Commencing May 15, 1998, the Base Salary shall be $200,000 per
Fiscal Year.
SECTION 4. AMENDMENT TO ARTICLE II, SECTION 2. 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 5 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 Years ending October 31, 1996 and 1997, the
Employee shall be eligible to receive a bonus (the "Bonus") of up
to $150,000. For the Fiscal Year ending October 31, 1998, the
Employee shall be eligible to receive a bonus of up to $125,000.
For the period beginning November 1, 1998, the Employee shall be
eligible to receive a 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 and shall be awarded at the discretion of the Chief
Executive Officer. The Chief Executive Officer and Employee
shall establish incentive goals and other criteria for the award
of the qualitative element.
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.
SECTION 5. AMENDMENT TO ARTICLE III, SECTION 4. Article III, Section
4, paragraph (a), subparagraphs (i) and (ii) of the Employment Agreement
are hereby amended to read in their entirety as follows:
(i) the assignment to the Employee of any duties
or responsibilities that are inconsistent with the
Employee's status, title and position as Executive Vice
President and Chief Administrative Officer;
(ii) any removal of the Employee from, or any
failure to reappoint or reelect the Employee to, the
position of Executive Vice President and Chief
Administrative Officer, except in connection with a
termination of Employee's status as an employee as permitted
by this Agreement;
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
------------------------
Xxxxx X. XxXxxxxxx
Compensation Committee Chairman
EMPLOYEE:
/s/ XXXXXX X. PATRON
---------------------
Xxxxxx X. Patron
