Exhibit 10.70
AMENDMENT NO. 3 TO
EMPLOYMENT AGREEMENT
BY AND BETWEEN
I.C. XXXXXX & COMPANY L.P.
AND
XXXXXX X. XXXXXXXXX
THIS AMENDMENT NO. 3, dated as of January 3, 2000, is made a part of
that certain EXECUTIVE EMPLOYMENT AGREEMENT, dated as of May 15, 1997, by and
between I. C. Xxxxxx & Company L.P. (the "Company") and Xxxxxx X. Xxxxxxxxx (the
"Executive"), as amended by Amendment No. 1 dated as of August 27, 1998 and
Amendment No. 2 dated as of February 11, 1999, (collectively, the "Agreement").
It is intended by the parties that the terms of this Amendment No. 3, to the
extent that they are more specific than the terms contained in the Agreement, or
to the extent that they should conflict with the terms contained in the
Agreement, shall supersede the terms of the Agreement. Section numbers utilized
in this Amendment No. 3 correspond, where applicable, to section numbers used in
the Agreement.
W I T N E S S E T H:
Accordingly, in consideration of the mutual covenants and
representations contained herein and the mutual benefits derived herefrom, the
parties hereto agree as follows:
1. Paragraph 2 is hereby restated in its entirety as follows:
2. TERM. This Agreement shall begin May 15, 1997 and shall
continue until May 15, 2001 (the "Employment Period"). Thereafter, this
Agreement shall renew automatically from Employment Year to Employment
Year, subject to the right of either party to terminate this Agreement
as of the end of any Employment Year upon sixty (60) days' prior
written notice to the other party. An "Employment Year" begins each May
15 and ends on the following May 15.
2. Paragraph 6 A is hereby restated in its entirety as follows:
6. DUTIES.
A. During the term of this Agreement, the Executive shall serve
as Vice President and Chief Financial Officer, have such powers and
shall perform such duties as are incident and customary to his office,
including those described in the Company's By-laws (as amended from
time to time), and shall perform such additional executive and
administrative duties and functions commensurate with such positions as
from time to time shall be assigned to him by the Board of Directors of
the Company. The Executive shall perform such additional duties and
functions without
separate compensation, unless otherwise authorized by the Board of
Directors of the Company.
3. Paragraph 3 is hereby restated in its entirety as follows:
3. BASE SALARY. The Executive's base salary for each
Employment Year under this Agreement (May 15, 1997 through May 15,
2001) shall be at the rate of One Hundred Seventy-Five Thousand Dollars
($175,000) per annum. Such base salary shall be increased to Two
Hundred Thousand Dollars ($200,000) per annum for the remaining term of
this Agreement after the Company achieves positive net earnings in two
consecutive fiscal quarters. Such base salary may also be increased
based on periodic reviews by the Compensation Committee of the Board of
Directors. The Executive's base salary shall be paid throughout the
year, in accordance with normal payroll practices of the Company.
IN WITNESS WHEREOF, the parties have executed and delivered this
Amendment No. 3 on the date first above written.
I.C. XXXXXX & COMPANY L.P.
By: I.C. XXXXXX & COMPANY, INC.
its general partner
By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx, President
EXECUTIVE
By: /s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
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