EXHIBIT 10.22(B)
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT OF
XXXX X. XXXXX
This Second Amendment is made on the 5th day of September 2002 to the
EMPLOYMENT AGREEMENT dated May 12, 1998(and as amended on November 12, 2001)
between ADDISON STEEL, INC., a Florida corporation (the "Company"), XXXXXX
INTERNATIONAL, INC. (fka Xxxxxx Steel Company), a Delaware corporation (the
"Parent"), and XXXX X. XXXXX, an individual ("Executive").
RECITALS
The parties desire to enter a SECOND AMENDMENT of 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. That under Paragraph 6 of the Employment Agreement, Executive is
entitled to receive ownership of certain life insurance policies and
related premiums at the earlier of May 13, 2003 or termination of
his employment. Executive shall, at his option, receive at an
earlier date designated in writing by the Executive with five (5)
day written notice to the Parent and Company: a) the ownership of
the Sun Life of Canada term insurance policy (#111102037) and
universal life policy (#020044694); and b) the related pre-payment
of insurance premiums of $98,034 (which is $16,339 yearly for six
(6) years).
Except as specifically amended herein, the EMPLOYMENT AGREEMENT remains in
full force and effect.
In witness whereof, the parties have executed this SECOND AMENDMENT TO THE
EMPLOYMENT AGREEMENT of the date written above.
XXXXXX INTERNATIONAL, INC. A DELAWARE CORPORATION
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By: /s/ Xxxxx X. Xxxxxx
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Printed Name: Xxxxx X. Xxxxxx
ADDISON STEEL, INC., A FLORIDA CORPORATION
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By: /s/ Xxxx X. Xxxxxxxx
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Printed Name: Xxxx X. Xxxxxxxx, VP
By: /s/ Xxxx X. Xxxxx
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XXXX X. XXXXX
