AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made and entered
into this 3rd day of November, 1999, by and between Flanders Corporation, a
North Carolina corporation (formerly known as Elite Acquisitions, Inc.)
("Flanders Corporation"), Flanders Filters, Inc., a North Carolina corporation
("Flanders Filters") (Flanders Corporation and Flanders Filters are sometimes
hereinafter collectively referred to as the "Company"), and Xxxxxx Xxxxxxx
("Xxxxxxx" or the "Executive"). In this Amendment, Flanders Corporation,
Flanders Filters, and Xxxxxxx, together with their successors and permitted
assignees, are separately referred to as a "Party" and collectively as the
"Parties."
W I T N E S S E T H:
WHEREAS, Flanders Corporation, Flanders Filters and Xxxxxxx entered into an
Employment Agreement (the "Agreement") dated December 15, 1995, and amended on
December 4, 1997.
WHEREAS, Flanders Corporation, Flanders Filters and Xxxxxxx amended the
Agreement on November 3, 1999; and
WHEREAS, Flanders Corporation, Flanders Filters and Xxxxxxx desire to
further amend the Agreement upon the terms provided herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties hereby agree to amend
the Agreement as follows:
1. AMENDMENT TO TERM.
Section 3 of the Agreement is hereby amended as follows:
The employment of the Executive by the Company under the provisions of
this Agreement shall end on December 31, 2010, unless further extended or
sooner terminated as hereinafter provided. On December 31, 2010, and on the
last day of December each year thereafter, the term of the Executives
employment shall, unless sooner terminated as hereinafter provided, be
automatically extended for an additional two year period from the date
thereof unless, at least six (6) months before such December 31, the Company
shall have delivered to the Executive or the Executive shall have delivered
to the Company written notice that the term of the Executives employment
hereunder will not be extended beyond its existing duration.
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2. NO FURTHER AMENDMENT
Except as provided above, the Agreement shall remain in full force and
effect, unless further amended pursuant to the terms of the Agreement.
IN WITNESS WHEREOF, the Parties hereto have executed and delivered this
Amendment as of the day and year first above written.
FLANDERS CORPORATION
By: /s/ Xxxxxx X. Xxxxx
Its: CFO
FLANDERS FILTERS, INC.
By: /s/ Xxxxxx X. Xxxxx
Its: CFO
XXXXXX XXXXXXX
/s/ Xxxxxx X. Xxxxxxx
Xxxxxx Xxxxxxx
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