FIRST AMENDMENT TO
CHAMPIONSHIP AUTO RACING TEAMS, INC. EMPLOYMENT
AGREEMENT WITH XXXXXX X. XXXXXXXX DATED DECEMBER 4, 2000
(the "Employment Agreement")
Amendment entered into this 4th day of December, 2001, by and between
Championship Auto Racing Teams, Inc. (CART) and Xxxxxx X. Xxxxxxxx (Xxxxxxxx).
The Employment Agreement shall be amended as follows:
1. Xxxxxxxx shall remain as Chairman and CEO of CART until such time as a new
CEO and President is chosen by CART. Thereafter, Xxxxxxxx shall remain as
Chairman of the Board as provided hereinafter.
2. For each day hereafter that Xxxxxxxx remains as CEO of CART, a day shall be
added to the end of the Employment Agreement. As an example, if CART finds a CEO
and President four months after the date of this Amendment, the Employment
Agreement shall be extended for a four month period and Xxxxxxxx shall receive
compensation for such period at the rate in effect for the four months in which
he acted as CEO.
3. At such time as new CEO and President is hired by CART, Xxxxxxxx shall have
the option of continuing as Chairman of the Board, or terminating his
relationship with CART. In the event that Xxxxxxxx determines that he wishes to
remain with CART as Chairman, the Employment Agreement shall be honored in its
entirety. At any time after CART hires a new CEO and President, if Xxxxxxxx
determines that he wishes to sever his relationship with CART, the Employment
Agreement will be honored in its entirety and treated as if it were a
termination by CART without cause.
4. CART shall pay office expenses for Xxxxxxxx during the time he is affiliated
with CART either as Chairman and CEO or as Chairman in the amount of $1,300 per
month.
5. CART shall continue to provide Xxxxxxxx with a company car.
The Employment Agreement is hereby ratified and affirmed in all respects except
as amended herein.
CART Accepted and Agreed To:
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Xxxx Xxxxxx Xxxxxx X. Xxxxxxxx
Chairman, CART Compensation Committee
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