Exhibit 10.11
AGREEMENT dated as of June 1, 1996 by and between
Chromalloy Gas Turbine Corporation, a Delaware corporation
(the "Company") and Xxxxxx Xxxxxxxxx ("Executive").
WHEREAS, the Company and the Executive have agreed to
further modify said Agreement.
NOW, THEREFORE, in consideration of the premises and
the mutual covenants and agreements herein contained, the
parties hereto agree as follows:
1. Paragraph 1 of the Agreement dated June 1, 1993 is
modified by adding the following:
The three (3) years having expired May 31, 1996, the
parties agree that up to and until December 31, 1996, the
Executive will continue the temporary assignment of the
direct management of Chromalloy Research and Technology
("R&T") for an additional temporary period ending December
31, 1996 during which period the Executive will be required
to maintain a temporary residence in the New York
metropolitan area. On and after January 1, 1997 the payment
of additional compensation provided for in paragraph 2 of
the Agreement dated June 1, 1993 shall cease.
After January 1, 1997, the Executive shall perform the
normal duties of the Chief Executive Officer of the Company
as set forth in paragraphs 1(b) and (c) of the Agreement
dated as of October 1, 1991 which shall include among his
duties, supervisory management of R&T consistent with the
approval of the Board of Directors of the Company.
2. Paragraph 1(a) of the Agreement dated as of
October 1, 1991 is further modified to change the expiration
date of December 31, 1996 to December 31, 1999.
Paragraph 2(a) of the Agreement dated as of
October 1, 1991 is modified to change the rate of Base
Salary to a minimum of $412,000 per annum, commencing
January 1, 1997.
3. Paragraph 1(d) of the Agreement dated October 1,
1991 is hereby deleted.
Except as herein expressly modified and as
heretofore modified, all of the terms, covenants, and
conditions of the Agreement dated as of October 1, 1991
shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have duly
executed and delivered this Agreement as of the day and year
first above written.
CHROMALLOY GAS TURBINE CORPORATION
By:_______________________________
Xxxxxx X. Xxxxxxxxx
_______________________________
Xxxxxx Xxxxxxxxx
