EXHIBIT 10.9
September 26, 1996
Xx. Xxxx X. Xxxxxx
00 Xxxxx Xxxxxx Xxxx
Xxxxxxxxx, XX 00000
Dear Xxxx:
Reference is made to your Employment Agreement dated April
1, 1993 (the "Agreement"). This shall confirm that Paragraph
6(a) of the Agreement is hereby amended to read in its entirety
as follows:
"Subject to earlier termination pursuant to the provisions
of subparagraphs 6(b) and 6(c) below, the term of your
employment hereunder is for a period of five (5) years
commencing as of January 1, 1995 to December 31, 1999."
This shall also confirm that the first sentence of paragraph
2 of the Agreement is hereby amended to read in its entirety as
follows:
"In full consideration of all of the services to be rendered
by you under this Agreement, the Company will pay to you a
base salary at the rate of Four Hundred Thirty-two Thousand
Three Hundred Twenty-eight Dollars ($432,328) per year (that
being the effective rate commencing March 1, 1996) during
the term of your employment hereunder, payable in equal bi-
weekly installments."
Except as set forth above, this letter shall not amend or
affect your Agreement; said Agreement, as hereby amended, shall
remain in full force and effect. If the above is in accordance
with your understanding, please sign the enclosed duplicate of
this letter and return it to the undersigned. Upon our receipt
of such fully executed copy, this shall constitute a binding
agreement between us.
SEQUA CORPORATION
By:__________________________
Xxxxxx X. Xxxxxxxxx
Chairman and Chief Executive Officer
