AMENDMENT NO. 4 TO
EMPLOYMENT AGREEMENT
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This Amendment No. 4 to Employment Agreement (this "Agreement") is made
and entered into as of the 1st day of November, 2000, by and between Amerihost
Properties, Inc. (the "Company") and Xxxxxxx X. Xxxxx ("Executive").
WITNESSETH:
WHEREAS, the Company and Executive entered into that certain Employment
Agreement (the "Original Employment Agreement"), dated April 7, 1995, by and
between the Company and Executive, which Original Employment Agreement
previously was amended by that certain Amendment No. 1 to Employment Agreement
(the "First Amendment) dated as of February 4, 1997 and again was amended by
that certain Amendment No. 2 to Employment Agreement (the "Second Amendment)
dated April 13, 1999 and again was amended by that certain Amendment No. 3 to
the Employment Agreement (the "Third Amendment") by and between the Company and
Executive (the Original Employment Agreement and the First , Second and Third
Amendments, collectively, the "Employment Agreement"); and
WHEREAS, pursuant to the Employment Agreement, Executive is currently
employed by the Company as its President and Chief Executive Officer; and
WHEREAS, the Company and Executive desire to continue Executive's
employment by the Company is such positions, pursuant to the terms of the
Employment Agreement, as modified hereby.
NOW, THEREFORE, in consideration of the premises and mutual covenants and
agreements of the parties herein contained, the parties hereto hereby agree as
follows:
o Change of Control shall be defined as any simultaneous change in
the Company's Board of Directors such that a majority of the
Board is composed of members who were not members of the Board on
the date of this Amendment No. 4. The directors as of this
Amendment No. 4 are as follows:
o Xxxxxxx X. Xxxxx
o Reno X. Xxxxxxxx
o Xxxxxxx X. Xxxxxx
o Xxxxxxx X. Xxxxx
o Xxx X. Xxxxx
o Xxxxxx X. Xxxxxx
o Change of Control shall also be defined as an event whereby over
51% of the Company stock changes hands in a 90 day period.
Either of the above shall be considered to be a Change of Control.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.
EXECUTIVE AMERIHOST PROPERTIES, INC.
/s/ Xxxxxxx X. Xxxxx By: /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx Xxxxxxx X. Xxxxx
Chairman
Compensation Committee
