1
Exhibit 10.3
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO AN EMPLOYMENT AGREEMENT (the "Agreement") is entered
into this 30th day of August, 1999 between PH GROUP INC., and Ohio corporation
with a place of business at 0000 Xxxxxx Xxxxxx Xxxxx, Xxxxxxxx, Xxxx 00000, (the
"Company"), and XXXXXXX X. XXXXXXX of Powell, Ohio (the "Executive").
WHEREAS, the parties hereto have entered into an Employment Agreement
dated as of January 23, 1997 (the "Employment Agreement"); and
WHEREAS, the parties desire to amend the Employment Agreement in certain
respects;
NOW THEREFORE, in consideration of the mutual covenants herein contained,
the parties, hereto, intending to be legally bound, hereby agree as follows:
SECTION 1. AMENDMENT.
---------
1.1 Section 2 of the Employment Agreement is hereby deleted in its
entirety and the following substituted therefor:
Section 2. TERM Subject to Sections 4 and 5 hereof, the term of the
Agreement shall be For a period commencing September 1, 1999, and
terminating on August 31, 2003 and shall Continue thereafter on a
year-to-year basis unless either party hereto gives written notice to the
Other at least six months prior to August 31 of the year in which such
party intends to have this Agreement terminate that such party does not
intend to renew this Agreement (the "Term").
Section 2. CONTINUING VALIDITY. Except as amended hereby, all term and
provisions of the Employment Agreement shall remain in full force and
effect as though this First Amendment were a part of the original
Employment Agreement.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the date first written above.
PH GROUP INC. EXECUTIVE
By: \Xxxxxxx X. Xxxxxxx By: \Xxxxxxx X. Xxxxxxx
----------------------- -----------------------
91
