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Exhibit 10.18
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FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT
AND NON-COMPETITION AGREEMENT
Reference is made to an Executive Employment and Non-Competition
Agreement dated as of November 25, 1997 by and between Xxxxxx Products Corp., a
Massachusetts corporation (the "Company") and Jordan X. Xxxx, a resident of
Wellesley, Massachusetts (the "Executive") (the "Employment Agreement").
WHEREAS, the Company and the Employee desire to amend the Employment
Agreement to increase the amount of the base compensation payable thereunder and
to extend the term thereof, all in conjunction with the acquisition this date by
the Company of The Rival Company;
NOW, THEREFORE, in consideration of the foregoing premise and for one
dollar and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Executive hereby agree as
follows:
1. Section 2 of the Employment Agreement is hereby amended,
effective as of the date hereof, to delete the first sentence
thereof and insert the following in lieu thereof:
"Unless sooner terminated as provided in Section 7, the term
of employment of this Agreement shall begin on the date of the
Employment Agreement and shall conclude on January 31, 2002
(the "Term")."
2. Section 4 of the Employment Agreement is hereby amended,
effective as of the date hereof, to change the amount of the
Base Salary payable to the Executive thereunder from $400,000
to $500,000 per calendar year, payable at the times and in the
manner set forth in the Employment Agreement.
3. As amended hereby, the Employment Agreement is hereby ratified
and confirmed in all respects.
IN WITNESS WHEREOF, the parties hereto have duly executed this
amendment as a sealed instrument on this 5th day of February, 1999.
XXXXXX PRODUCTS CORP.
By: /s/ Xxx X. Xxxxxxxxxxx
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Name: Xxx X. Xxxxxxxxxxx
Title: Senior Vice President - Finance
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/s/ Jordan X. Xxxx
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Jordan X. Xxxx
