Exhibit 10.24
AMENDMENT TO EMPLOYMENT AGREEMENT OF
XXX X. XXXXXX
This is an Extension and Amendment made on the 12th day of November, 2001
to the EMPLOYMENT AGREEMENT dated October 15, 1998 between XXXXXXXXX STEEL INC.,
a California corporation (the "Company"), XXXXXX INTERNATIONAL, INC. (fka Xxxxxx
Steel Company), a Delaware corporation (the "Parent"), and XXX X. XXXXXX, an
individual ("Executive").
RECITALS
The parties desire to amend the EMPLOYMENT AGREEMENT on the terms and
conditions set forth herein.
NOW THEREFORE, in consideration of the mutual covenants, agreements,
representations, and warranties contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows:
1. No further stock options will be granted pursuant to Paragraph 5 of
the Employment Agreement and Schedule A thereto, entitled "Incentive
Stock Option Plan."
2. Executive will receive an additional annual cash bonus payment in the
amount of $ 1 per share for each option that would have been granted
to Executive, but for this AMENDMENT.
Except as specifically amended herein, the EMPLOYMENT AGREEMENT remains in
full force and effect.
In witness whereof, the parties have executed this AMENDMENT TO THE
EMPLOYMENT AGREEMENT of the date written above.
XXXXXX INTERNATIONAL, INC. A DELAWARE CORPORATION
By: /s/ Xxxxx Xxxxxx
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Printed Name: Xxxxx Xxxxxx
XXXXXXXXX STEEL INC., A CALIFORNIA CORPORATION
By: /s/ Xxx X. Xxxxxx
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Printed Name: XXX X. XXXXXX
By: /s/ Xxx X. Xxxxxx
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XXX X. XXXXXX
