EXH 10.18
March 1, 1999
Xx. Xxxx X. Xxxxxx
00 Xxxxx Xxxxxx Xxxx
Xxxxxxxxx, XX 00000
Dear Xxxx:
Reference is made to your Employment Agreement dated April 1,
1993, as amended by letter agreement dated March 1, 1995 and as
further amended by letter agreement dated September 26, 1996 (the
"Agreement"). This shall confirm that the term of the Agreement as
specified in Paragraph 6(a) thereof is hereby extended for an
additional three (3) year period commencing as of January 1, 2000
and expiring December 31, 2002. The foregoing is expressly subject
to provisions of subparagraphs 6(b) and 6(c) of the Agreement.
This shall also confirm that the first sentence of Paragraph
2 of the Agreement is hereby amended to read in its entirety as
follows:
"In full consideration of all of the services to be rendered
by you under this Agreement, the Company will pay to you a
base salary at the rate of Five Hundred Sixty Thousand Dollars
($560,000) per year (that being the effective rate commencing
March 1, 1999) during the term of your employment hereunder,
payable in equal bi-weekly installments."
Except as set forth above, this letter shall not amend or
affect your Agreement; said Agreement, as hereby amended, shall
remain in full force and effect. If the above is in accordance
with your understanding, please sign the enclosed duplicate of this
letter and return it to the undersigned. Upon our receipt of such
fully executed copy, this shall constitute a binding agreement
between us.
SEQUA CORPORATION
By:_________________________________
Xxxxxx X. Xxxxxxxxx
Chairman and Chief Executive
Officer
AGREED TO AND ACCEPTED:
By:___________________________Date:___________
Xxxx X. Xxxxxx
