AMENDMENT ONE TO EMPLOYMENT AGREEMENT Dated November 1, 2002
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EXHIBIT 10.1.7
AMENDMENT ONE
TO EMPLOYMENT AGREEMENT
Dated November 1, 0000
Xxx Xxx Xxx Resources Corporation (the "Company") and Xxxxx Xxxxxx (the "Employee" or "you") agree, effective November 1, 2002, to amend the Employment Agreement, dated April 7, 1994, between the Company and Employee, by:
- 1.
- replacing
paragraph (b) in Section 2 with the following:
- (b)
- INTENTIONALLY
DELETED
- 2.
- replacing
paragraph (d) in Section 2 with the following paragraph:
- (d)
- an
annual stay bonus of $85,000 (a "Stay Bonus") payable on each of November 1, 2003, November 1, 2004, and November 1, 2005 (each a "Bonus Date") provided, however, that you must continue your employment with the Company through a Bonus Date to be
entitled to a Stay Bonus payment on such Bonus Date, provided that if you are dismissed from your employment without cause at any point prior to payment
in full of such Stay Bonus, you will be entitled to a pro rata portion of the unpaid Stay Bonus with respect to the fiscal year of your dismissal. Notwithstanding any provision herein, your Stay
Bonuses shall be in lieu of any bonus to which you would otherwise be entitled with respect to the fiscal years for which the Stay Bonus is paid, provided that the Company's Board of Directors may,
from time to time and in its sole discretion, award additional bonuses. Notwithstanding any
provision in this Agreement, the Company shall not be required to pay you (i) any bonus, where the payment of such bonus would violate any other agreement between the Company and any lender of
the Company, or (ii) in the event that any agreement between the Company and any lender of the Company limits the aggregate amount that the Company may pay as bonuses, net worth appreciation
payments, profit sharing payments or other payments of similar nature ("Restricted Payments") during any period, any bonus in excess of your pro rata portion of the aggregate amount of applicable
Restricted Payments which the Company is permitted to pay. In the event that the Company is unable to pay you a bonus due to the preceding sentence, the Company's obligation to pay you such bonus
shall be deferred until such time that the Company is permitted to pay such bonus pursuant to the preceding sentence.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.
| THE DOE RUN RESOURCES CORPORATION d/b/a The Doe Run Company |
|
/s/ XXX XXXX XXXXXXX Xxx Xxxx Xxxxxxx Chairman of the Board |
|
/s/ XXXXX XXXXXX Xxxxx Xxxxxx Employee |
AMENDMENT ONE TO EMPLOYMENT AGREEMENT Dated November 1, 2002
