AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
This Amendment No. 1 (the "First Amendment") is entered into as of
July 25, 1997 to amend the Restated Employment Agreement (the "Employment
Agreement") dated as of March 26, 1996 by and between Countrywide Credit
Industries, Inc., a Delaware corporation ("Employer") and Xxxxxx X. Xxxxxx
("Officer"). Capitalized terms used herein shall have the meaning set forth in
the Employment Agreement unless otherwise defined herein.
WHEREAS, Employer and Officer previously entered into the
Employment Agreement; and
WHEREAS, Employer and Officer desire to amend the Employment
Agreement to make the changes described herein;
NOW, THEREFORE, in consideration of the mutual promises and
covenants herein contained, the parties hereto hereby agree as follows:
1. A new Section 4(h) is hereby added to the Employment
Agreement to read in its entirety as follows:
(h) Employer shall pay to Officer as an additional benefit the sum of
$100,000 per year in each of the fiscal years ended February 28 (29),
1998 through and including 2001, which amount shall be payable monthly
in equal installments of $8,333.33, subject to normal withholding of
state and federal income taxes, provided that the installment due for
August, 1997 shall also include the installment payments for the
months of March through and including July, 1997.
2. Except as so amended, the Employment Agreement shall
continue in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment as
of the date first above written.
Countrywide Credit Industries, Inc.
/s/______________________________
Name Xxxxxx X. Samuels_________
Title Managing Director__________
Officer
/s/_________________________________
Xxxxxx X. Xxxxxx
