SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT
This Amendment to the Employment Agreement (the "Amendment"), dated as of
April 8, 1998, is between Xxxxxxx Corporation, a Minnesota corporation (the
"Company"), and Xxxx X. Xxxxxx (the "Executive").
A. The Company and the Executive entered into an Employment Agreement
pursuant to which the Company employs the Executive, dated as of February 1,
1989 as amended as of April 29, 1994 (the "Employment Agreement").
B. Company and the Executive desire to further amend the Employment
Agreement.
Accordingly, the parties hereto, intending to be legally bound, agree as
follows:
1. SECTION 3.1 (a) AND (b). Paragraphs (a) and (b) of Section 3.1 of the
Employment Agreement are amended in their entirety to read as follows:
(a) ANNUAL SALARY: Effective beginning April 15, 1998, an annual salary at
the rate of $375,000 per annum, payable in equal semi-monthly
installments.
(b) ADDITIONAL COMPENSATION: Effective for any bonus payable after
February 1,1998, an annual bonus for each fiscal year equal to:
(i) $ 4,000.00 for each one cent of the Company's net income per share for
such year up to and including the net income per share for the prior fiscal
year, plus (ii) $ 10,000.00 for each one cent of the Company's net income
per share for such year in excess of the net income per share for the prior
fiscal year; which annual bonus shall be payable on or before 75 days after
the close of each fiscal year.
2. NO OTHER AMENDMENTS. Except as amended pursuant to this Amendment the
Employment Agreement shall remain in full force and effect in accordance with
its original terms.
The Company and the Executive have caused this Amendment to be duly
executed as of the date first above written.
XXXXXXX CORPORATION
/s/ Xxxx X. Xxxxxx By /s/ Xxxxxxxx X. Xxxxxx
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Xxxx X. Xxxxxx Its Vice President-Human Resources
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