EXH 10.19
March 1, 1999
Xx. Xxxxxx Xxxxxxxxx
000 Xxxxxxxxx Xxxxx
Xxx Xxxxxxx, XX 00000
Dear Xxxxx:
Reference is made to the Employment Agreement dated as of
October 1, 1991 between Chromalloy Gas Turbine Corporation and you,
as amended by Agreement dated as of June 1, 1993, as further
amended by letter agreement dated as of February 23, 1995 and as
further amended by Agreement dated as of June 1, 1996 (the
"Agreement"). This shall confirm that the term of the Agreement as
specified in Paragraph 1(a) thereof is hereby extended for an
additional three (3) year period commencing as of January 1, 2000
and expiring December 31, 2002. The foregoing is expressly subject
to the provisions of Paragraphs 3 and 4 of the Agreement.
This shall also confirm that the first sentence of Paragraph
2(a)(i) of the Agreement is hereby amended to read in its entirety
as follows:
Aa salary (ABase Salary@) at the rate of $530,700 a year (that
being the effective rate commencing March 1, 1999) payable in
approximately equal installments no less frequently than bi-
weekly, and subject to annual review in the same manner as
reviews are held for other executive officers of Sequa;@
Except as set forth above, this letter shall not amend or
affect your Agreement; said Agreement, as hereby amended, shall
remain in full force and effect. If the above is in accordance
with your understanding, please sign the enclosed duplicate of this
letter and return it to the undersigned. Upon our receipt of such
fully executed copy, this shall constitute a binding agreement
between us.
CHROMALLOY GAS TURBINE CORPORATION
By:_________________________________
Xxxxxx X. Xxxxxxxxx, Director
By:_________________________________
Xxxxxx X. Xxxxxxx, Vice President
AGREED TO AND ACCEPTED:
By:___________________________Date:___________
Xxxxxx Xxxxxxxxx
