Exhibit 10.2
FIRST AMENDMENT TO EMPLOYMENT CONTRACT
THIS FIRST AMENDMENT TO EMPLOYMENT CONTRACT is made and entered into
this 3rd day of April, 2000, by and between M.G.A., INC., a Delaware corporation
(the "Company"), and X. X. XXXXXXX (the "Employee").
W I T N E S S E T H:
WHEREAS, the Company and Employee entered into that certain Employment
Contract, dated June 9, 1994 (the "Agreement"), providing for the employment of
Employee as Chief Executive Officer of the Company; and
WHEREAS, the Board of Directors of the Company has approved an amendment
to the Agreement to increase the base annual salary payable to Employee under
the Agreement;
NOW, THEREFORE, for good and valuable consideration, the parties hereby
agree to amend the Agreement as follows:
1. Paragraph 4.1 of ARTICLE IV of the Agreement is hereby removed and
deleted in its entirety, and a new Paragraph 4.1 of ARTICLE IV is hereby added
in its place and stead as follows:
"4.1 For the services to be rendered by Employee in his capacity
hereunder, or any other duty assigned to him by the Board of Directors
of the Company, the Company agrees to pay Employee a base annual salary
of Four Hundred Thousand and No/100 Dollars ($400,000.00) per year,
subject to such increases as the Board of Directors (or the Compensation
Committee of the Board of Directors) in its sole discretion deems
appropriate in accordance with the Company's customary procedures
regarding the salaries of its executive officers. Said base annual
salary shall be payable in successive biweekly payments due on the
normal payroll payment days of each month in equal amounts."
2. This amendment shall be effective as of April 3, 2000.
3. In all other respects, the Agreement is hereby ratified and affirmed.
IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment to Employment Contract on the day and year first above written.
ATTEST: M.G.A., INC.
/s/ Xxxx X. Xxxxx By: /s/ S. Page Xxxx
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Assistant Secretary Senior Vice President
/s/ Xxxxxx X. Xxxxxxx /s/ X. X. Xxxxxxx
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Witness X. X. Xxxxxxx
