To: Xxxx X. Xxxxxx
From: Xxxxxxx X. Xxxxx
Date: July 29, 1996
Re: Extension of Consulting Agreement
This letter is to confirm the agreement reached by the Xxxxx Company
Executive Committee and yourself at the June 19, 1996 Executive Committee
Meeting regarding the extension of your consulting agreement.
The consulting agreement dated November 24, 1993 and amended June 1, 1995
expires on December 31, 1996. Both parties have agreed to extend this
agreement by one year with expiration now on December 31, 1997. All other
terms and conditions of the agreement remain the same.
Could you please sign below where indicated, acknowledging your agreement to
this extension. Upon signing please return this letter to me, while
retaining a copy for your files.
Acknowledgment to the Date:
agreement above:
/s/ Xxxx X. Xxxxxx 7/30/96
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Xxxx X. Xxxxxx
/s/ Xxxxxx X. Xxxxx
----------------------------
Xxxxxx X. Xxxxx
cc: Xxxxxxx X. Xxxxxxxxx
Xxxxxx X. Xxxxx
AMENDMENT
This AMENDMENT to the AGREEMENT dated November 24, 1993 between XXXXX
COMPANY (Xxxxx) and XXXX X. XXXXXX (Xxxxxx) is entered into this day June 1,
1995.
Recitals
A. In the first year operating under this agreement misunderstandings
emerged relative to compensation Xxxxxx received for overtime as covered in
Article 5.
B. It has been agreed that changes should be made to reflect a
reduction in the applicable hourly rate and to limit (in the absence of
special arrangment) [sic]) the use of overtime in excess of 25% of normal
hours.
X. Xxxxx and Xxxxxx by this AMENDMENT desire to restate certain
details of Article 5. of the Agreement and it is this basis upon which Xxxxxx
will continue for the term of this Agreement to make his services available
to Xxxxx.
Now, THEREFORE, it is mutually agreed as follows:
1. The second paragraph of Article 5. will be changed as follows
(New or changed wording is underlined):
Xxxxx shall have the right to request Xxxxxx to render consulting
work in excess of 118 hours per quarter, for which Xxxxxx shall be
compensated at the rate of One Hundred Five Dollars ($105.00) per hour for
such services, with the understanding that if Xxxxxx should work less than
118 hours in any one quarter, he would not receive overtime compensation in a
succeeding quarter until he had made up the deficiency in hours in the
preceding quarter or quarters. In no quarter will Xxxxxx be authorized to
render overtime billing in excess of 25% of regular time, that is to say,
29.5 hours. Should special situations arise, this provision can be waived by
Xxxxxxx Xxxxxxxxx or Xxxxxx Xxxxx.
2. This Amendment shall be implemented retroactively to January
1, 1995.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment
as of the day and year first above written.
XXXXX COMPANY
by /s/ Xxxxxx X. Xxxxx /s/ Xxxx X. Xxxxxx
------------------------ -------------------------
Xxxxxx X. Xxxxx Xxxx X. Xxxxxx
Chairman and Chief
Executive Officer
by /s/ Xxxxxxx X. Xxxxxxxxx
------------------------
Xxxxxxx X. Xxxxxxxxx
President
