AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT
AMENDMENT NO. 3, effective May 17, 1998, to Employment Agreement (the
"Employment Agreement") made as of March 1, 1984, and amended effective May 17,
1988, and May 17, 1993, between Polymer Research Corp. of America (the
"Company") and Xxxx Xxxxxxxx, (the "Employee").
WHEREAS, the Company and the Employee desire to further amend the
Employment Agreement;
NOW, THEREFORE, the Company and the Employee hereby agree that the
Employment Agreement is amended as follows:
1. Section 1 thereof is hereby amended to provide that the Company agrees
to employ Employee and Employee agrees to be so employed, as President and Chief
Executive officer of the Company for a term of five years commencing on May 17,
1998 and terminating on May 16, 2003.
2. Paragraph 4 of the Agreement, as amended, is deleted in its entirety and
replaced with the following:
"The Company shall pay Employee an annual salary as follows:
(a) from May 17, 1998 to December 31, 1998, $170,000;
(b) from January 1, 1999 to December 31, 2000, $180,000;
(c) from January 1, 2000 to December 31, 2000, $190,000;
(d) from January 1, 2001 to December 31, 2001, $200,000;
(e) from January 1, 2002 to December 31, 2002, $210,000;
(f) from January 1, 2003 to May 16, 2003, $240,000.
Said salary shall be paid in equal weekly installments subject to appropriate
withholding deductions.
3. Except as herein amended, all other terms of the March 1, 1984
Employment Agreement, as amended effective May 17, 1988, shall remain in full
force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 3 as of
October 23, 1998, effective May 17, 1998.
POLYMER RESEARCH CORP. OF AMERICA
BY: /s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx,
Senior Vice-President
/s/ Xxxx Xxxxxxxx
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Xxxx Xxxxxxxx, Employee
