Amendment to Employment Agreement of J.M. Bernhard, Jr.
Exhibit 10.48
Amendment to Employment Agreement of X.X. Xxxxxxxx, Xx.
This agreement, effective upon your signature below, will serve to amend your Employment
Agreement of January 23, 2007, as amended by your Amended and Restated Employment Agreement
dated December 31, 2008 (collectively “Employment Agreement”), by and between you and The Xxxx
Group Inc.
1. Consideration for Non-Compete. Paragraph 8(a)(ii) of the Employment Agreement is
amended by deleting in its entirety the following text from the final sentence of Paragraph
8(a)(ii): “the cost (as based on the Company’s “incremental cost” of operating the current
aircraft primarily utilized by Employee as of January 23, 2007) of which shall not exceed
$300,000 annually.”
IN WITNESS WHEREOF, the parties have executed this Agreement on July 7, 2010 effective for all
purposes as provided above. |
THE XXXX GROUP INC. |
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By: | /s/ Xxxx Xxxxxxxx | |||
Name: | Xxxx Xxxxxxxx | |||
Its: General Counsel and Corporate Secretary |
EMPLOYEE:
/s/ X. X. Xxxxxxxx, Xx.
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Chairman of the Board, President and |
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Chief Executive Officer |