AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit
10.22
AMENDMENT
TO EMPLOYMENT AGREEMENT
AMENDMENT
NO. 1
dated as
of June 30, 2001 between XXXXX
PLASTICS CORPORATION,
a
Delaware corporation (the "Corporation"), and
XXXXXXX X. XXXXXX (the
"Executive").
Reference
is made to the Employment Agreement dated as of October 4, 1996 (the "Employment
Agreement"), between the Corporation and the Executive. The Corporation and
the
Executive desire to extend the term of the Employment Agreement. All capitalized
terms used herein and not otherwise defined shall have the meanings ascribed
to
such terms in the Employment Agreement.
Accordingly,
in consideration of the mutual covenants and premises contained herein and
other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:
1. Term.
Section
2 of the Employment Agreement is hereby amended to read in its entirety as
follows:
"Subject
to earlier termination as provided herein, the employment of the Executive
hereunder shall commence on October 4, 1996 (the “Effective
Date”),
and
terminate on June 30, 2006 (the “Expiration
Date”).
Such
period of employment is hereinafter referred to as the “Employment
Period.”
2. Termination
of Employment.
Section
8(b) of the Employment Agreement is hereby amended by adding a new paragraph
(iii) which reads in its entirety as follows:
“(iii)
the applicable bonus provided for in Section 5(b) computed on a pro-rata basis
to the Termination Date, payable at the same time and in the same manner only
as, if and when bonuses are paid to other employees of the Corporation of
comparable seniority.”
3. Effect
of Amendment.
Except
as expressly amended hereby, the Employment Agreement shall remain in full
force
and effect and unchanged.
4. Counterparts.
This
Amendment No. 1 may be executed in one or more counterparts, each of which
shall
be deemed an original but all of which together shall constitute one and the
same instrument.
*
* * *
*
IN
WITNESS WHEREOF,
the
parties have hereunto set their hands as of the date first written
above.
XXXXX
PLASTICS CORPORATION
By:
/s/ Xxx X. Boots
Xxx
X.
Boots
President
and Chief Executive Officer
/s/ Xxxxxxx X. Xxxxxx
Xxxxxxx
X. Xxxxxx
