EXHIBIT 10.48
AMENDMENT TO EXECUTIVE EMPLOYMENT CONTRACT
This Amendment to Executive Employment Agreement (the "Amendment") is
made this 29th day of March, 2004 by and between X.X. XXXXX CORPORATION, an Ohio
corporation having its principal place of business located at 00000 Xxxxxxxx
Xxxx, X.X., Xxxxxxxxxxxx, Xxxx 00000 (the "Company"), and XXXXXX X. XXX XXXXXX,
an individual having an address of 000 Xxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000 (the "Executive").
WITNESSETH:
WHEREAS, the Company and the Executive are parties to an Executive
Employment Contract dated March 10, 2004 (the "Employment Agreement"); and
WHEREAS, the Company and the Executive desire to amend the Employment
Agreement.
NOW, THEREFORE, in consideration of the mutual covenants of the parties
expressed in this Agreement, the parties make the following amendment to the
Employment Agreement, intending to be legally bound hereby:
1. All capitalized terms used in this Amendment without
definition have the meanings given to them in the Employment Agreement.
2. In the event the Term of the Employment Agreement ends prior
to April 30, 2005 for any reason other than the death or Disability of the
Executive or termination for Cause, the parties shall negotiate in good faith a
new agreement whereby the Company will retain the Executive as a consultant, and
the Executive will provide consulting services to the Company, for a period
ending no sooner than April 30, 2005 on terms mutually acceptable to the parties
and to The CIT Group/Commercial Services, Inc ("CIT") if CIT is then a lender to
the Company.
IN WITNESS WHEREOF, this Amendment has been duly executed on behalf of
the Company and by the Executive on the date first above written.
EXECUTIVE: COMPANY:
X.X. Xxxxx Corporation
/s/ Xxxxxx X. Xxx Xxxxxx
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Xxxxxx X. Xxx Xxxxxx By: /s/ Xxxxxx X. Xxxxx
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Name: Xxxxxx X. Xxxxx
Title: Senior Vice President - Finance,
Chief Financial Officer
