EXHIBIT 10.26
AMENDMENT TO THE EMPLOYMENT AGREEMENT of XXXXX XXXXXXX
The following amendments, dated as of January 1,2001, are made to the EMPLOYMENT
AGREEMENT ("Agreement") between Worldwide Flight Services Inc., a Delaware
corporation. together with its subsidiaries (the "Company") and Xxxxx Xxxxxxx
("Executive"), having a mailing address at 1134 Michael Sean Dr. Xxxxxxx, Xxxxx,
00000.
WHEREAS, the parties wish to amend selected terms of the Executive's employment
agreement, dated January 15, 1999, while adopting and incorporating all of the
terms of the original agreement not specifically changed by this amendment.
Amended terms:
Employment Term. Subject to the terms and conditions hereof, the Company agrees
to extend the employment of the Executive for a period of ONE YEAR beyond the
initial term in the original employment contract.
SALARY AND BENEFITS.
Base Salary .As compensation for all services rendered pursuant to this
Agreement, the Company will pay to the executive effective January 1, 2001 an
annual salary of ONE HUNDRED FIFTY THOUSAND ($150,000.00), subject to an upward
adjustment at the sole discretion of the Company, and payable in accordance with
the payroll practices of the Company.
Stock Options Over a period of time of not less than FIVE (5) years and provided
the Executive remains employed by the Company, the Executive shall be granted
options under the WFS Holdings, Inc. 1999 Stock Option Plan (the "Stock Option
Plan") for the purchase of FIVE Thousand (5,000) shares of non-voting common
stock of WFS Holdings, Inc. ("Holdings"), All Terms and conditions applicable to
such stock options shall be governed by the provision of the Stock Option Plan
and any stock option agreements there under, as approved by the Compensation
Committee of the Board of Directors of Holdings.
Car Allowance The Executive shall be entitled to a monthly car allowance equal
to FOUR HUNDRED Dollars ($400).
Worldwide Flight Services
By: /s/ Xxxxx Xxxxxx /s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxx Xxxxx Xxxxxxx
Chairman & CEO Sr. VP Human Resources
