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EXHIBIT 10.7
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment, effective September 5, 1997, to the EMPLOYMENT
AGREEMENT dated November 15, 1994, by and between XXXXXX TECHNOLOGIES, INC., and
XXXXXXX X. XXXXXX, as amended January 31, 1997, ("Agreement") changes the
following sections:
(1) Section 8. Profits Bonus. Replace this section in its entirety, as
follows:
Annual Performance Bonus
Employee will be able to earn an Annual Performance Bonus equal to a certain
percentage of his Base Salary, depending on his performance against goals and
objectives set and agreed upon in advance for each calendar year by the
Company's President and Chief Executive Officer, and as approved by the
Compensation Committee of the Board of Directors. Such Annual Performance Bonus
will be paid to Employee by January 31 following the end of the calendar year
and is subject to review and approval of the Compensation Committee of the Board
of Directors. For 1997, the Annual Performance Bonus is targeted at $75,000 and
is targeted at 50% of the Base Salary in future years.
(2) Section 12. Compensation Review. Replace this section in its entirety, as
follows:
Annual Compensation.
The Company's President and Chief Executive Officer, along with the Compensation
Committee of the Board of Directors, shall, by January 31 of each calendar year,
review Employee's Base Salary and may increase, but not decrease, the Base
Salary provided for in Section 3 hereof. Any such increase in Base Salary shall
be valid only if in writing, executed by the President and Chief Executive
Officer, and such writing shall constitute an amendment solely to the payments
to be made to Employee under this Agreement, without waiver or modification of
any other provision hereof.
All other provisions and sections of the Agreement, except for the above changes
will remain the same and unchanged.
Agreed to this as of the date above:
XXXXXX TECHNOLOGIES, INC.: EMPLOYEE:
/s/ Jams X. Xxxxxx /s/ Xxxxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx, President and CEO Xxxxxxx X. Xxxxxx, Vice President of
Finance and CFO
