EXHIBIT 10.72
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
First Amendment to Employment Agreement, dated as of December 6, 2002, by
and among Panamerican Beverages, Inc. (together with its successors and
assigns, "Panamco"), SPAL, Industria Brasileira de Bebidas (together with its
successors and assigns, "Panamco Brasil") and Xxxxx Xxxxxx (the "Executive").
W I T N E S S E T H :
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WHEREAS, Executive is employed as the President of Panamco Brasil
pursuant to a letter agreement, dated as of December 5, 2001, between the
parties hereto ("Employment Agreement").
WHEREAS, the parties desire to amend the Employment Agreement to extend
Executive's term of employment until December 31, 2003 and increase
Executive's base salary by seven percent.
NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein and for other good and valuable consideration, the receipt of
which is mutually acknowledged, the Parties agree as follows:
1. Section B1 of the Employment Agreement is hereby amended to read as
follows:
You will be employed by SPAL, Industria Brasileira de Bebidas
("Panamco-Brasil") as President from January 8, 2002 until your
retirement on December 31, 2003. You will also have the title and serve
as Vice President--Operations of Panamco for no additional consideration
2. Section B3 of the Employment Agreement is hereby amended to read as
follows:
Commencing on January 1, 2002 and during your employment, you shall
receive a base salary at the annual rate of US$400,000 ("Base Salary"),
payable in installments consistent with Panamco-Brasil's normal payroll
schedule, subject to applicable withholding and other taxes. Commencing
on January 1, 2003, the Base Salary shall be increased to US$428,000.
3. Except as specifically amended in Section 1 and 2 above, the
Employment Agreement remains in full force and effect.
4. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original and all of which together shall be deemed to
be one and the same instrument. Signatures delivered by facsimile shall be
valid and binding for all purposes.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first set forth above.
PANAMERICAN BEVERAGES, INC.
By:/s/ Xxxxx Xxxx
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Xxxxx Xxxx, Chief Executive Officer
and President
By:/s/ Xxxxxx Xxxxxxxx
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Xxxxxx Xxxxxxxx, VP Human Resources
SPAL, INDUSTRIA BRASILEIRA DE BEBIDAS
By:/s/ Xxxx Xxxx Xxxxx
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Xxxx Xxxx Xxxxx, Director Human
Resourses
The Executive
By:/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx
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