EXHIBIT 10.50
Amendment, dated as of February 12, 1997, to employment
agreement dated as of January 21, 1994 between Celadon Group, Inc., a Delaware
corporation, and Xxxxxxx Xxxxxxx (the "Employee") (the "Employment Agreement").
The parties wish to amend section 3(b) of the Employment
Agreement as set forth below. Accordingly, the parties agree as follows:
1. The following sentence is added, immediately after the
first sentence of section 3(b) of the Employment Agreement:
"Notwithstanding anything to the contrary in the preceding
sentence, the Employee shall be entitled to receive, for the
fiscal year during the Employment Period ending June 30, 1997,
an incentive bonus, subject to such withholding of taxes and
other amounts that may be required by law, equal to 5% of the
Company's consolidated net income before income taxes and
before deduction for any bonus payable under this Agreement in
excess of $3 million, as determined in accordance with
generally accepted accounting principles at the end of that
fiscal year."
2. The Employment Agreement, as so amended, shall remain in
full force and effect.
3. This amendment may be executed in counterparts, each of
which shall be deemed an original, but both of which together shall constitute
the same agreement.
CELADON GROUP, INC.
By: /s/ Xxxx X. Xxxxxx
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Name: Xxxx X. Xxxxxx
Title: Chairman
Compensation Committee
EXECUTIVE:
/s/ Xxxxxxx Xxxxxxx
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Xxxxxxx Xxxxxxx
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