Exhibit 10.7.2
SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this "SECOND AMENDMENT")
is executed as of the 1st day of August 2003, by and between STANDARD PARKING
CORPORATION (formerly known as "APCOA/Standard Parking, Inc.) (the "Company"), a
Delaware corporation having offices in Chicago, Illinois, formerly known as
APCOA, Inc. and XXXXXX X. XXXXX (the "EXECUTIVE"), an individual residing in
Glencoe, Illinois.
R E C I T A L S:
A. The Company and the Executive are parties to a certain Employment
Agreement dated as of May 18, 1998 (the " Employment Agreement"), as modified
and amended by the First Amendment to Employment Agreement dated as of November
7, 2001 (the "First Amendment"). The Employment Agreement, as modified by the
First Amendment are hereinafter together referred to as the "Employment
Agreement".
B. The Company and the Executive desire to clarify a provision in the
Employment Agreement by making a certain technical correction to the document as
set forth herein.
NOW, THEREFORE, in consideration of the above premises and the agreements
and covenants hereinafter contained the parties hereto, intending to be legally
bound, mutually agree as follows:
1. The foregoing recitals are hereby incorporated into and shall
constitute a part of this Second Amendment. All capitalized terms used herein
and not otherwise defined shall have the meanings ascribed to such terms in the
Employment Agreement.
2. Paragraph 4 of EXHIBIT B SUPPLEMENTAL PENSION PLAN is hereby
amended by deleting the words "... prior to age 65..." in the first sentence so
that the paragraph now reads in its entirety as follows:
"4. If the Executive shall die while in the active employment of
the Company, the Company shall pay the Executive's designated
beneficiary an aggregate of $416,980.00 in 60 equal monthly
installments of $6,949.66 The first installment shall be paid on
the first day of the month following the month in which the
Executive dies."
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3. Except to the extent expressly modified by this Second Amendment,
all of the terms and provisions of the Employment Agreement are hereby confirmed
and remain in full force and effect.
IN WITNESS WHERE OF, the Company and the Executive have executed this
Second Amendment as of the day and year first written above.
COMPANY: EXECUTIVE:
Standard Parking Corporation
By: /s/ Xxxxx X. Xxxxxxx /s/ Xxxxxx X. Xxxxx
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Xxxxx X. Xxxxxxx Xxxxxx X. Xxxxx
President and Chief Executive Officer
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