EXHIBIT 10.18
FIRST AMENDMENT TO INTERIM SERVICE AGREEMENT
WHEREAS, an Interim Service Agreement dated as of the 10th day of
October, 2001 (the "Agreement"), was entered into by Staff Leasing, Inc. (d/b/a
Gevity HR) a Florida corporation (the "Company") and Xxxxx X. Xxxxxxx (the
"Executive"); and
WHEREAS, the Company has elected a new Chairman of the Board of
Directors and Chief Executive Officer ("CEO"); and
WHEREAS, the Company believes it to be in the best interests of the
Company and its shareholders to continue to engage the services of the Executive
through a limited period beyond the Initial Period of the Agreement in order for
the Executive and CEO to complete an orderly transition and assumption of
duties; and
WHEREAS, Company hereby requests Executive to remain an employee of the
Company and Executive hereby agrees to remain employed by the Company, on the
terms and conditions set forth in the Agreement as modified herein;
NOW, THEREFORE, in consideration of the covenants and agreements
hereinafter set forth, and intending to be legally bound hereby, the parties
agree as follows:
1. The Renewal Period shall commence on April 10, 2002 and run through June 9,
2002.
2. Executive shall resign from the position of Chief Executive Officer
effective April 8, 2002; provided, however, that Executive shall remain
employed by the Company through the Renewal Period reporting to the CEO
with such duties and responsibilities as determined by the CEO.
3. Executive shall resign as Chairman of the Company's Board of Directors (the
"Board") effective April 8, 2002; provided, however, Executive shall
continue to serve as a Class I director of the Board with a term ending on
the date of the 2003 Annual Meeting of Company Shareholders.
4. Executive's compensation during the Renewal Period shall be $75,000 for the
period commencing on April 10 through May 9, 2002 and $37,500 for the
period commencing on May 10, 2002 and ending on June 9, 2002 with a
corresponding decrease in the amount of time the Executive is expected to
devote to the performance of his duties.
5. Unless specifically modified by the foregoing, all other terms and
conditions set forth in the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties have executed this First Amendment to
Interim Service Agreement as of this 29th day of March 2002.
STAFF LEASING, INC., d/b/a GEVITY HR
By: ________/s/__________________
Name: Xxxxxxx X. Xxxxxxx
Title: SVP HR and General Counsel
EXECUTIVE:
_____________/s/____________________
Xxxxx X. Xxxxxxx
