Exhibit 10.16
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
This Amendment No. 1 dated as of February 23, 2004 to that certain
Employment Agreement (this "Amendment"), by and between XXXXXX XXXXXX, LTD., a
Delaware corporation with offices at 00-00 Xxxxxxx Xxxxxx, Xxxx Xxxxxx Xxxx,
X.X. 00000 (the "Corporation"), and XXXXXXXX XXXXXX, an individual residing at
000 Xxxxxxx Xxxxx Xxxxxx, Xxxxxxxx, Xxx Xxxx 00000 ("Executive").
W I T N E S S E T H
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WHEREAS, the Corporation and the Executive are parties to that certain
Employment Agreement dated as of May 21, 2001, a copy of which is attached
hereto as Exhibit A (the "Original Agreement")
WHEREAS, the Executive and the Corporation desire to amend the Original
Agreement to reflect the following.
NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
1. Effective as of the date hereof, the Original Agreement is
hereby amended as follows:
A. Section 3 shall be deleted in its entirety and in lieu
thereof the following paragraph shall be inserted:
The term of Executive's employment, unless sooner
terminated as provided herein, shall be for period of
five (5) years commencing July 1, 2001 and ending on
June 30, 2006 (as may be extended from time to time,
the "Term"). The term shall be automatically extended
for successive one year periods thereafter unless the
Corporation notifies Executive in writing of its
intention not to so extend the Term at least three
(3) months prior to the end of the original or any
extended Term.
B. The first sentence of Section 4.1 shall be deleted and in
lieu thereof the following sentence shall be inserted:
Commencing on July 1, 2004, the Corporation shall pay
to Executive an annual base salary for his services
hereunder of four hundred sixty seven thousand five
hundred dollars ($467,500) during the term, less such
deductions as shall be required to be withheld by
applicable laws and regulations.
C. The Corporation hereby acknowledges and agrees that under
the Original Agreement, the Corporation was and continues
to be required to either (at the direction of Executive)
reimburse Executive for, or directly pay the costs of,
membership dues for any social or professional
organizations that Executive chooses to join in an amount
not exceeding $25,000 per year.
2. This Amendment shall be governed by and construed in
accordance with the laws of the Sate of New York, without regard to principles
of conflicts of law.
3. Except as otherwise specifically set forth herein, all of the
terms and provisions of the Original Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the day first above written.
Xxxxxx Xxxxxx, Ltd.
/s/ XXXXX XXXXXXXXXX
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Name: Xxxxx Xxxxxxxxxx
Title: Chairman, Compensation Committee
/s/ XXXXXXXX XXXXXX
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Name: Xxxxxxxx Xxxxxx
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