Xx. Xxxxxxxx Xxxxx
March 28, 2001
Page 2
March 28, 2001
Xx. Xxxxxxxx Xxxxx
Xxxxxx Corporation
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Dear Xxxxxxxx:
Reference is hereby made to the Employment Agreement ("Employment
Agreement"), dated February1, 1999 between yourself as the employee and Xxxxxx
Corporation (the "Corporation"), and the amendment to that Employment Agreement
dated July 1, 1999 (the "Amendment").
We have mutually agreed to amend the Employment Agreement and the Amendment
effective as of January 1, 2001 as follows:
Section 3(a) is hereby deleted in its entirety and substitute with the
following therefore:
"As annual salary for the services to be rendered by the Employee the
Corporation shall pay a salary as of January 1, 2001, at the rate of
$400,000 per annum until December 31, 2001, payable in equal bi-weekly
installments during the Employment Period (the "Salary")."
Except as specifically set forth herein, the Employment Agreement and
the Amendment remain in full force and effect and are hereby ratified,
confirmed and approved. The Employment Agreement and Amendment, as
modified by this letter, are the only agreements that govern the terms
of your employment. All other Letter Agreements and memorandums are
hereby null and void.
If the foregoing correctly sets forth our mutual agreement, please sign and
return to me the three attached copies of this letter.
Very truly yours,
XXXXXX CORPORATION
By:/s/ Xxxxxxx X. Xxxxxx
---------------------
Xxxxxxx X. Xxxxxx
Chairman of the Board and
Chief Executive Officer
Accepted and Agreed to
By:/s/Xxxxxxxx Xxxxx
-----------------
Xxxxxxxx Xxxxx
