AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT DATED JULY 9, 1997 BETWEEN
CORRECTIONAL SERVICES CORPORATION AND XXX X. XXXXXX
Paragraph 3 of the Agreement shall be deleted and replaced as follows:
As full compensation for all services to be rendered by the Executive
to the Company pursuant to the terms of this Agreement, the Company shall pay
you a base salary (the "Base Salary") as follows: (a) Two hundred Thousand
($200,000) dollars per annum until February 26, 2000 (b) Two hundred ten
thousand ($210,000) dollars until February 26, 2001 and (c) an amount to be
renegotiated by the parties, but in no event less than Two hundred and ten
thousand ($210,000) dollars until February 26, 2002.
Paragraph 4 of the Agreement shall amended whereas the first two sentences
shall be deleted and replaced as follows:
For each year in which you are employed by the Company, you shall be
entitled to receive a bonus equal to the product of 0.004 (four tenths of one
percent) times the Company's earnings before interest, taxes, depreciation,
amortization and start-up, which shall not exceed $100,000 per annum ("Bonus
Cap").
Paragraph 9 shall be deleted and replaced as follows:
You shall be entitled to terminate your employment with the Company
and to receive in a lump sum payment three times your Base Salary
plus Bonus at the Bonus Cap ($100,000 per annum or the pro rata
amount) if you are required to relocate to a location not within 50 miles of
your present office, except for required travel on the Company's business to
an extent substantially consistent with your present travel obligations.
Paragraph 10 section (a) of the agreement shall be modified as follows:
The first three words of the second sentence shall be modified to read
"For the three year".
CORRECTIONAL SERVICES
CORPORATION XXX X. XXXXXX
By: /s/ Xxxxx X. Xxxxxxxx By: /s/ Xxx X. Xxxxxx
Title: President Title: Executive Vice President
Date: May 3, 1999 Date: May 3, 1999
