AMENDMENT NO. 1
TO
EMPLOYMENT AGREEMENT
This Amendment No. 1 to Employment Agreement is made as
of the 1st day of August, 1997, by and between Xxxxxxx
Enterprises, Inc., a Louisiana corporation (the "Company"),
and Xxxxxxx X. Xxxxxxx, Xx. (the "Employee").
W I T N E S S E T H:
WHEREAS, the Company has entered into an Employment
Agreement with the Employee dated as of August 1, 1995 (the
"Employment Agreement"); and
WHEREAS, the Company has approved, effective August 1,
1997, an increase in the Employee's maximum incentive bonus
to up to $200,000 per fiscal year during the time the
Employee is assigned outside of the United States.
NOW THEREFORE, the Company and the Employee agree as
follows:
Article II Section 2 of the Employment Agreement is
hereby amended to read in its entirety as follows:
2. Bonus. For the period ending October 31,
1995, the Employee shall be eligible to receive an
incentive bonus, the amount of which shall be
determined pursuant to Paragraph 5 of the Prior
Agreement. This incentive bonus shall be paid in
cash no later than 30 days following the filing of
the Company's annual report on Form 10-K for the
Fiscal Year ending October 31, 1995. For the
Fiscal Year beginning November 1, 1995 and ending
October 31, 1996, the Employee shall be eligible
to receive a bonus (the "Bonus") of up to
$150,000. For the period beginning November 1,
1996, the Employee shall be eligible to receive a
Bonus of up to $200,000 per Fiscal Year; provided,
however, that in the event the Employee ceases to
be assigned outside of the United States, the
Employee's maximum Bonus will be the sum of (i)
the product of $200,000 times the quotient of the
number of days during the Fiscal Year that the
Employee was assigned outside of the United States
divided by 365 and (ii) the product of $150,000
times the quotient of the number of days during
the Fiscal Year that the Employee was assigned in
the United States divided by 365 (the "Maximum
Bonus"). Such Bonus shall be comprised of two
elements, the quantitative element and the
qualitative element:
(a) The quantitative element shall be
equal to 75% of the Maximum Bonus and shall be
based on the attainment of certain goals to be
established by the Company's Compensation
Committee and Employee.
(b) The qualitative element shall be 25%
of the Maximum Bonus and shall be awarded at the
discretion of the President. The President and
Employee shall establish incentive goals and other
criteria for the award of the qualitative element.
The Bonus shall be paid in cash no later than
30 days following the filing of the Company's
annual report on Form 10-K for the Fiscal Year in
which the Bonus has been earned.
IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and signed as of the date
indicated above.
XXXXXXX ENTERPRISES, INC.
By: /s/ Xxxxx X. XxXxxxxxx
-----------------------------
Xxxxx X. XxXxxxxxx
Compensation Committee Chairman
EMPLOYEE:
/s/ Xxxxxxx X. Xxxxxxx, Xx.
-----------------------------
Xxxxxxx X. Xxxxxxx, Xx.
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