EXHIBIT 10.23
[LETTERHEAD OF CALMAT CO]
December 15, 1996
Mr. X. Xxxxx Xxxxxx
0000 Xxxxx Xxxxxx
Xxxxxxxx, XX 00000
Dear Xxxxx:
The purpose of this letter is to amend the letter agreement dated January
20, 1995 ("Severance Agreement"), which provides for severance benefits in the
event of termination of your employment without cause.
The third paragraph of Section XI of the Severance Agreement is hereby
amended to read in full as follows:
"In the event that CalMat at any time chooses to exercise its right to
terminate you without cause, you will be paid two years' base salary, less
legally required deductions and withholdings, as severance pay. In
addition, CalMat will waive payment of costs of continued health coverage
under COBRA for two years. These will be the only payments to which you
will be entitled in the event of termination without cause."
As so amended, the Severance Agreement shall remain in full force and
effect.
Very truly yours,
/s/ X. XXXXXXXXX XXXXXXXX
X. Xxxxxxxxx Xxxxxxxx
Agreed:
/s/ X. XXXXX XXXXXX
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X. Xxxxx Xxxxxx
