EXHIBIT 10.1
AMENDMENT NO. 1 TO EOMPLOYMENT AGREEMENT
This Amendment No. 1 to Employment Agreement (this "Agreement") is made and
entered into effective as of Decmeber 31, 1996 by and between Primeco Inc., a
Texas corporation ("Employer"), and Xxxxxx X. Xxxx ("Employee").
WHEREAS, Employer and Employee entered into an Employment Agreement, dated
as of December 2, 1994 (the "Employment Agreement");
WHEREAS, to induce Employee to stay in the employ of Employer, Employer and
Employee desire to amend certain terms and conditions of the Employment
Agreement;
NOW, THEREFORE, in consideration of the foregoing and the covenants and
agreements set forth herein, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows:
1. DEFINED TERMS. Capitalized terms not defined herein shall have the
meanings set forth in the Employment Agreement.
2. INCENTIVE COMPENSATION. Section 3.1 of the Employment Agreement is hereby
amended and restated in its entirety as follows:
"3.2 INCENTIVE COMPENSATION. In addition to the Base Salary provided for
in Section 3.1 hereof, Employee's bonus for calendar year 1996 shall equal
$70,130, to be paid by February 28, 1997."
3. TERMINATION OF EMPLOYMENT AGREEMENT. Upon payment of the incentive
compensation as set forth in Section 2 hereof, the Employment Agreement,
including without limitation Section 7 and 8 thereof, shall terminate and be of
no further force and effect, except that Employer shall pay to Employee Base
Salary through the date of such termination.
4. FUTURE EMPLOYMENT. Employer shall be free to continue to employ Employee
on an at-will basis without an employment contract upon such terms and
conditions as Employer and Employee agree.
5. OTHER TERMS AND CONDITIONS. Except as expressly amended or modified in
this Agreement, all terms and conditions of the Employment Agreement shall
remain in full force and effect, until the Employment Agreement terminates
pursuant to Section 3 hereof.
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IN WITNESS WHEREOF, each of the parties to the Agreement has executed and
delivered this Agreement as of the date first written above.
PRIMECO INC.
By: /s/ XXXXXX X. XXXXXXX
Xxxxxx X. Xxxxxxx
President
EMPLOYEE:
/s/ XXXXXX XXXX
Xxxxxx Xxxxx
