EXHIBIT 10.22
FIRST AMENDMENT
TO
SEVERANCE AND CORRESPONDENT CLEARING AGREEMENT
This First Amendment to Severance and Correspondent Clearing Agreement (the
"Amendment") is made by and among Xxxxxx X. Xxxxx ("Xx. Xxxxx"), Xxxxx XxxXxxxxx
Incorporated (the "Company"), Xxxxx XxxXxxxxx Group Incorporated ("Group") and
Xxxxxx X. Xxxxx & Associates, Inc. ("NewCo") on and as of June 19, 1998.
RECITAL
The parties hereto are parties to a Severance and Correspondent Clearing
Agreement (the "Agreement") signed April 17, 1998, to which this is the First
Amendment. The execution of that Agreement, as revised herein, is done in
conjunction with the initial public offering of Group.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing recitals and mutual
covenants contained herein and in the Agreement, the parties agree that Section
2.4 to the Agreement shall read as follows:
2.4 EMPLOYMENT OF 24-MONTH SENIOR PRODUCERS
Certain senior employees of the Company have executed employment and
noncompetition agreements (the "Producer Agreements"). These individual
signators are set forth at Exhibit A to this Agreement. During the Term,
neither Xx. Xxxxx nor the Company may solicit, nor, before January 1, 2001,
accept as employees or consultants, any of the Producers as employees or
consultants without the prior written consent of the Company; provided,
however, that on or after January 1, 2001, Xx. Xxxxx and NewCo may accept
any of the Producers as employees.
IN WITNESS WHEREOF, the parties have executed and entered into this
Agreement on the date set forth above, NewCo/Xxxxxx X. Xxxxx & Associates, Inc.
shall be added as a subsequent signatory in accordance with the terms of this
Agreement.
XXXXX XXXXXXXXX INCORPORATED
By: /s/ V. Xxxxxxxx Xxxxxxxxx
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Its: Chief Financial Officer
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XXXXX XXXXXXXXX GROUP,
INCORPORATED
By: /s/ V. Xxxxxxxx Xxxxxxxxx
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Its: Chief Financial Officer & Secretary
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XXXXXX X. XXXXX
By: /s/ Xxxxxx X. Xxxxx
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XXXXXX X. XXXXX & ASSOCIATES,
INC.
By:
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Its:
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