EXHIBIT 10(iiii)
169
------------------------
TIREX AMERICA INC.
------------------------
AMENDMENT NO. 2
TO EXECUTIVE AGREEMENT
OF JANUARY 18, 1995 AS AMENDED MAY 30, 1996
------------------------
Second Amendment, made this 1st day of May 1997, by and between
Tirex America Inc.
0000 Xxxxxxx
Xxxxx Xx. Xxxxxxx
Xxxxxx, Xxxxxx X0X 0X0
Tirex Canada Inc.
0000 Xxxxxxx
Xxxxx Xx. Xxxxxxx
Xxxxxx, Xxxxxx X0X 0X0
(collectively, the "Corporation"*)
and
Xxxxxxx X. Xxxxx
000 Xxxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxxx
X0X 0X0
(the "Executive").
the parties to a certain executive agreement, dated as of January 18, 1995 and
amended as of May 30, 1996 (the "Executive Agreement"). Terms used in this
Amendment which are defined in the Executive Agreement and not defined herein
shall have the same meaning herein as therein.
170
Whereas, the Executive is employed by the Corporation as its President
and Treasurer, serving in such positions as its Chief Executive Officer,
pursuant to the provisions of the said Executive agreement, the term of which is
scheduled to expire on January 17, 1998;
Whereas, The Executive has since the Commencement Date performed all of
his duties and met all of his responsibilities under the terms of the Executive
Agreement in a superlative manner and the board of directors of the Corporation
has determined that it will be in the best interests of the Corporation, and the
Executive has agreed, to extend the term of the Executive Agreement to December
31, 2003;
Now therefore, in consideration of the premises and of the
mutual promises and covenants hereinafter set forth, the parties agree to amend
the Executive Agreement, as follows:
A. AMENDMENTS
Section 4 of the Executive Agreement is hereby amended so as to read as
follows:
4. Term of Employment
The term of employment of the Executive by the Corporation
shall be extended beyond the Initial Term of three (3) years, which
began on the Effective Date and, unless terminated earlier pursuant to
Section 6, shall continue until December 31, 2003. At any time prior
December 31, 2003, the Corporation and the Executive may by mutual
written agreement further extend the Executive's employment under the
terms of this Agreement for such additional periods as they shall
mutually agree.
B. NO OTHER AMENDMENTS
Except as expressly provided in this Amendment, all of the terms and
conditions of the Executive Agreement remain in full force and effect.
C. COUNTERPARTS
This Amendment may be executed in any number of counterparts and by
each party on a separate counterpart, each of which when so executed and
delivered shall be an original, but all of which together shall constitute one
Amendment.
171
In Witness Whereof, the parties hereto have caused this Amendment to be
executed the day and year first above written.
TIREX AMERICA INC.
By /s/ Xxxxx X. Xxxx
------------------------------------
Xxxxx X. Xxxx, Vice President of
Engineering and Member of the
Executive Committee of the Board
of Directors.
TIREX AMERICA INC.
By /s/ Xxxx X. Xxxxxxx
------------------------------------
Xxxx X. Xxxxxxx, Member of the
Executive Committee of the Board
of Directors
TIREX CANADA INC.
By /s/ Xxxxx X. Xxxx
------------------------------------
Xxxxx X. Xxxx, Vice President
EXECUTIVE
/s/ Xxxxxxx X. Xxxxx
--------------------------------------
Xxxxxxx X. Xxxxx
172
