AMENDMENT NO. 4 TO
EMPLOYMENT AGREEMENT
This Amendment No. 4 to Employment Agreement is made as of the 25th
day of July, 2000, by and between Xxxxxxx Enterprises, Inc., a Louisiana
corporation (the "Company"), and Xxxxxxx X. Xxxxx (the "Employee").
W I T N E S S E T H:
WHEREAS, the Company has entered into an Employment Agreement with the
Employee dated as of August 1, 1995, as amended by Amendment No. 1 dated as
of January 1, 1997, Amendment No. 2 dated as of May 1, 1998, and Amendment
No. 3 dated as of October 31, 1998 (as amended, the "Employment
Agreement"); and
WHEREAS, the Company and the Employee have agreed to certain changes
in the terms of Employee's employment, as set forth herein.
NOW THEREFORE, the Company and the Employee agree as follows effective
November 1, 1999:
SECTION 1. Except as expressly amended herein, all of the terms and
provisions of the Employment Agreement shall remain in full force and
effect.
SECTION 2. Article II, Section 1 of the Employment Agreement is
hereby amended to read in its entirety as follows:
1. SALARY. Effective November 1, 1999, a salary ("Base
Salary") at the rate of $300,000 per fiscal year of the Company
("Fiscal Year"), payable to the Employee at such intervals as
other salaried employees of the Company are paid.
SECTION 3. Article II, Section 2 of the Employment Agreement is
hereby amended to read in its entirety as follows:
2. BONUS. (a) For fiscal years beginning November 1, 1999, the
Employee shall be eligible to receive an annual incentive bonus (the
"Bonus") of up to $300,000 per Fiscal Year. The Bonus will be awarded
based upon factors to be established annually and set forth in an
annual supplement to this Agreement.
(b) The Bonus shall be paid in cash not later than 30 days
following the filing of the Company's annual report on Form 10-K for
the Fiscal Year in which the Bonus has been earned.
SECTION 4. Article VI, Section 2 of the Employment Agreement is
hereby amended to read in its entirety as follows:
2. NOTICES. All notices hereunder must be in writing and shall
be deemed to have been given upon receipt of delivery by: (a) hand
(against a receipt therefor), (b) certified or registered mail,
postage prepaid, return receipt requested, (c) a nationally recognized
overnight courier service (against a receipt therefor) or (d) telecopy
transmission with confirmation of receipt. All such notices must be
addressed as follows:
If to the Company, to:
Xxxxxxx Enterprises, Inc.
000 Xxxxxxxx Xxxxxxxx Xxxxxxxxx
Xxxxxxxx, Xxxxxxxxx 00000
Attn: Chief Executive Officer
If to the Employee, to:
Xxxxxxx X. Xxxxx
0000 Xxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxxx 00000
or such other address as to which any party hereto may have notified
the other in writing.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed and signed as of the date indicated above.
XXXXXXX ENTERPRISES, INC.
By:/s/ Xxxxx X. XxXxxxxxx
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Xxxxx X. XxXxxxxxx
Compensation Committee Chairman
EMPLOYEE:
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
