EXHIBIT 10.B(1)
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April 29, 1997
Xx. Xxxxxxx Xxxxx
World Fuel Services Corporation
000 X. Xxxxx Xxxxxxxxx Xxxxxxxxx
Xxxxx 000
Xxxxx Xxxxxxx, XX 00000
Dear Xxxxx:
Pursuant to the minutes of the meeting of the Compensation Committee of April
29, 1997, this letter is intended to extend your employment agreement (the
"Agreement") dated March 31, 1996 with World Fuel Services Corporation (the
"Company"). According to the terms of the Agreement, the Company has agreed to
employ you until March 31, 2001, and you have agreed not to compete with the
Company, on the terms and conditions set forth in the Agreement. In this regard,
for good and valuable consideration, the Company agrees as follows:
2. The Company agreed to extend the term of Executive's employment with the
Company for one additional year, so that it now expires on March 31, 2002.
Except for the modifications of the agreement set forth above, all of the terms,
provisions and conditions set forth in the Agreement, including without
limitations the Covenant Against Unfair competition set forth in Section 6 of
the Agreement, shall remain in full force and effect.
Sincerely yours,
By: /s/ XXXX X. XXXXXX
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Chairman of the Compensation Committee
WITNESSES: ACCEPTED AND AGREED:
By: /s/ XXXXX X. XXXXXXX By: /s/ XXXXXXX XXXXX
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By: /s/ XXXXX XXXXXXX
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