Exhibit 10(a)
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This is the First Amendment to the Employment Agreement ("Agreement")
between Lindsay Manufacturing Co., a Delaware corporation ("LINDSAY") and
Xxxxxxx X. Xxxxx ("XXXXX"), which was entered into on March 8, 2000, and under
which PAROD commenced employment on April 5, 2000.
I.
Paragraph 2 of the Agreement is hereby amended to extend the Term of
the Agreement for two additional years, so that, unless terminated at an earlier
date in accordance with Paragraph 4 of the Agreement, the Term shall continue in
effect until the fifth anniversary of the Commencement Date, which will be April
5, 2005.
II.
Paragraph 3 G of the Agreement is hereby amended to revise the last
subparagraph thereof to read as follows:
"Use of an automobile of PAROD's choice owned or leased by
LINDSAY with a purchase price up to a maximum of $60,000, which PAROD
may replace at intervals of at least three years."
III.
Paragraph 10 of the Agreement is hereby amended to read as follows:
"10. Non-Competition. For a period of one (1) year after
termination of his employment with LINDSAY without Cause pursuant to
Paragraph 4B or two (2) years after termination of his employment with
LINDSAY for any other reason, PAROD will not engage or invest in, work
for (directly or indirectly) or contribute his knowledge to any person
or entity, company or work which is directly competitive in the
irrigation business with the products, processor or business of
LINDSAY, excluding any products, processes or businesses of LINDSAY
which have projected annual revenues of less than Ten Million Dollars
($10,000,000) at the time of his termination of employment."
IV.
Paragraph 17 of the Agreement is hereby amended to change the address
for notices to PAROD to: 0000 X. 000xx Xxxxxx, Xxxxxxx, XX 00000.
V.
All other terms and conditions of the Agreement are hereby ratified and
confirmed. All defined terms which are used herein shall have the same meaning
as in the Agreement, except as modified herein.
IN WITNESS WHEREOF, the parties have executed the First Amendment to
the Agreement on May 2, 2003, to be effective as of April 5, 2003.
By: /s/ XXXXXXX X. XXXXX
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Xxxxxxx X. Xxxxx
LINDSAY MANUFACTURING CO.
By: /s/ XXXXXXX X. XXXXXXXXXXXX
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Xxxxxxx X. Xxxxxxxxxxxx
Chairman of the Board
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