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Exhibit 10.157
FIRST AMENDMENT TO CONSULTING AGREEMENT BETWEEN
INSURANCE AUTO AUCTIONS, INC., AND XXXXXX X. X'XXXXX
EFFECTIVE AS OF DECEMBER 1, 1998
This First Amendment dated as of November 18, 1999 (the "Amendment") to the
Consulting Agreement between Insurance Auto Auctions, Inc. (the "Company"), and
Xxxxxx X. X'Xxxxx (the "Consultant") effective December 1, 1998 (the
"Agreement").
WHEREAS, Consultant is currently serving as Chairman of the Board of Directors
of the Company; and
WHEREAS, the Company and Consultant desire to amend the Agreement;
NOW, THEREFORE, in consideration of the covenants and agreements set forth
herein and in the Agreement, the sufficiency of which is hereby acknowledged,
the parties amend the Agreement as follows:
1. Section 4(a)(ii) of the Agreement is amended by deleting that section in
its entirety and replacing it with the following:
4(a)(ii) For each succeeding year of the
term of the Agreement, the Company will pay
Consultant for his services performed under
this Agreement at the rate of $100,000 per
year, payable quarterly, in equal
installments at the end of each quarter.
Except as expressly amended and modified by this Amendment, the Agreement shall
continue to be in full force and effect in accordance with its terms.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
day and year first above written.
INSURANCE AUTO AUCTIONS, INC.
By: /s/ X. X. Xxxxxxx
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Its: CEO
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CONSULTANT
/s/ X. X. X'Xxxxx
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