EXHIBIT 10.2(B)
October 30, 1998
Innovative Valve Technologies, Inc.
0 Xxxxxxxxxx Xxxxx, Xxxxx 000
Xxxxxxx, Xxxxx 00000
Attn. Compensation Committee
Re: AMENDED AND RESTATED EMPLOYMENT AGREEMENT OF XXXXXXX X. XXXXXX
DATED OCTOBER 15, 1997 (THE "EMPLOYMENT AGREEMENT")
Gentlemen:
The purpose of this letter is to evidence our mutual understanding and agreement
as to the following matters:
1. Effective October 12, 1998, I have unilaterally and temporarily reduced my
salary under the Employment Agreement by one-half to help improve the
Company's earnings and cash flow and to illustrate a leadership position
and encourage other employees of the Company to make commitments to help
company performance. Although I am forever waiving the rights to such
salary reduction that has accrued but been unpaid after such date, such
reduction shall not be deemed a breach of the Employment Agreement by the
Company. This reduction is expected to be a temporary reduction and I
reserve the right to prospectively reinstate my full salary at any time
and for any reason.
2. We have mutually agreed that Xxxxxxx X. Xxxxxxxx will prospectively be
elected and serve as President of the Company and the first sentence of
Section 2 of the Employment Agreement shall upon such election be modified
to delete the reference to my service as President. Such reduction in my
titles and responsibilities shall in no way be a breach of the Employment
Agreement by me, or trigger any compensation or payments to me from the
Company or result in any right by me to terminate the Employment
Agreement.
3. Except as otherwise expressly set forth above, the Employment Agreement
shall remain in full force and effect and I shall be fully entitled to any
and all compensation, termination payments and any other benefits
whatsoever available to me under the Employment Agreement.
Please evidence the Committee's agreement with the foregoing by executing the
acknowledgment set forth below.
Very truly yours,
Xxxxxxx X. Xxxxxx
AGREED AND ACCEPTED
THIS 11TH DAY OF JANUARY, 1999
COMPENSATION COMMITTEE OF THE BOARD
OF DIRECTORS
By:___________________________
Xxxxxx X. Xxxxxx, Chairman
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