SEVENTH AMENDMENT TO
EMPLOYMENT AGREEMENT
Reference is made to an Employment Agreement (hereinafter called
"Agreement") dated July 9, 1980, between Handy Hardware Wholesale, Inc., a Texas
corporation (therein and hereinafter called "Employer"), and Xxxxx X. Xxxxxx
(therein and hereinafter called "Employee"), the First Amendment to the
Agreement, dated August 18, 1980 (the "First Amendment'), the Second Amendment
to the Agreement, dated July 18, 1985 (the "Second Amendment"), the Third
Amendment to the Agreement, dated December 6, 1988 (the "Third Amendment"), the
Fourth Amendment to the Agreement, dated September 20, 1991 (the "Fourth
Amendment"), the Fifth Amendment to the Agreement, dated September 7, 1993 (the
"Fifth Amendment"), and the Sixth Amendment to the Agreement, dated November 14,
1995 (the "Sixth Amendment").
At this time, Employer and Employee wish to amend the Agreement, the
First Amendment, the Second Amendment, the Third Amendment, the Fourth
Amendment, the Fifth Amendment and the Sixth Amendment as hereinafter set forth:
NOW THEREFORE, in consideration of the premises, the agreements herein
contained and other good and valuable considerations, Employer and Employee
hereby amend the Agreement, the First Amendment, the Second Amendment, the Third
Amendment, the Fourth Amendment, the Fifth Amendment and the Sixth Amendment as
follows:
1. Subparagraph (9) of Paragraph 2.a. is hereby amended to read
read as follows:
"(9) For the period from January 1, 1996 to December 31, 1998,
Employer shall pay Employee $20,834.34 per month, payable semi-monthly
on the 15th and last day of each month during this period."
2. Paragraph 3.a. is hereby amended to read as follows:
"a. The term of employment by Employer shall mean the period
commencing August 18, 1980, and terminating December 31, 1998, unless
sooner terminated in accordance with the terms and conditions
hereinafter set forth, provided, however, in the event of the death of
Employee, the term of employment shall end the 60th day after the date
of the death of Employee."
Except as amended above, the Agreement, the First Amendment, the Second
Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment and
the Sixth Amendment remain unchanged and continue in full force and effect.
This Seventh Amendment is executed in multiple counterparts, each of
which shall have the force and effect of an original, this 30th day of
September, 1996.
HANDY HARDWARE WHOLESALE, INC.
/s/ Xxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx Chairman of the Board
EMPLOYEE EMPLOYER
