EXHIBIT 10(x)
AMENDMENT TO
EMPLOYMENT AGREEMENT
This Amendment (the "Amendment") is made as of the 5th day of January,
1996, to that certain Employment Agreement (the "Employment Agreement") dated as
of March 19, 1990, by and among Central Sprinkler Company (the "Company"),
Central Sprinkler Corporation (the "Parent Company") and Xxxxxxx X. Xxxxx (the
"Employee"). Capitalized terms used herein but not defined herein shall have the
meanings assigned to them in the Employment Agreement.
WHEREAS, the parties hereto desire to amend the Employment Agreement to
add a provision relating to bonus payments.
NOW, THEREFORE, in consideration of the premises and intending to be
legally bound hereby, the parties hereto agree as follows:
1. Addition of New Section 4.3. The following language is
hereby added as Section 4.3 to the Employment Agreement:
"4.3 Bonus. In addition to all other compensation payable to the
Employee hereunder, for each fiscal year during the period beginning November 1,
1994 and continuing through the end of the Employment Term, the Company shall
pay to the Employee an annual bonus in an amount equal to $7.50 for each $1,000
increase over the Parent Company's consolidated net profits for the 1985 fiscal
year. For purposes of this Section 4.3, "consolidated net profits" means the
Parent Company's profits, following all deductions made for federal and state
taxes, for the period specified as computed by the Parent Company and then
reviewed by its regularly engaged public accountants in accordance with the
Parent Company's regular accounting policies. The bonus for each such fiscal
year shall be paid to the Employee no later than 30 days after the Parent
Company's accountants deliver final financial statements to the Parent Company
for the fiscal year for which such bonus is paid. For any period for which the
Employee's bonus shall be based on less than a full year, the computation of net
profits shall be made in the same manner as for a full fiscal year, except that
it shall be done only for those full months for which the Employee shall have
been employed under this Agreement."
2. Counterparts. This Amendment may be signed in any number of
counterparts with the same effect as if the signatures thereto and hereto upon
the same instrument.
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3. Miscellaneous. Except as herein modified and amended, all terms and
conditions of the Employment Agreement shall remain unchanged and in full force
and effect.
IN WITNESS WHEREOF the parties hereto have caused this Amendment to be
duly executed as of the date first above written.
CENTRAL SPRINKLER COMPANY
By: /s/Xxxxxx X. Xxxxx
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Name: Xxxxxx X. Xxxxx
Title: President
CENTRAL SPRINKLER CORPORATION
By: /s/Xxxxxx X. Xxxxx
------------------------
Name: Xxxxxx X. Xxxxx
Title: President
/s/Xxxxxxx X. Xxxxx
------------------------
Xxxxxxx X. Xxxxx
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