Exhibit 10(i)
AMENDMENT
This is an Amendment, dated as of April 28, 1995, to an
Employment Agreement dated January 30, 1987 between XXXXX
INDUSTRIAL CORPORATION ("Xxxxx") and XXXXXX X.
XXXXXXX ("Xx. Xxxxxxx").
PREAMBLE
Following the execution of the Agreement, Xxxxx'x Board of
Directors ("Board") approved at its April 1991 meeting the Xxxxx
Industrial Corporation Management Compensation Program a.k.a. the
Corporate Management Variable Compensation Program ("Program")
which replaced the prior compensation plan for management and
changed, among other things, levels of variable compensation which
could be earned if certain performance measurements were met. In Xx.
Xxxxxxx'x case as Chairman of the Board and Chief Executive Officer
the Program provides for total variable compensation of 100% of Xx.
Xxxxxxx'x base salary when 100% variable compensation is awarded.
The prior plan provided for 50%.
At the April 1995 meeting, the Board acknowledged that the
Agreement's provision for severance pay failed to be updated to reflect
the change from 50% to 100% to properly reflect the Program.
Accordingly the Board approved the following Amendment to the
Agreement.
1. Severance Pay. Paragraph 7(b)(i) of the Agreement is
amended hereby to provide:
(a) monthly severance payments which shall
continue for the term of the Compensation Period. The
amount of each monthly payment shall be equal to Xx.
Xxxxxxx'x monthly salary for the last full month
immediately preceding his termination, plus one-twelfth
(1/12) of One Hundred percent (100%) of the total salary
paid to Xx. Xxxxxxx during the one year period
immediately preceding his termination.
2. The Agreement in all other respects is not amended but
remains unchanged and the parties hereto, continue to be legally bound
by the Agreement as amended hereby.
XXXXX INDUSTRIAL CORPORATION
By: /s/ Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx
Its: Vice President-Chief Financial Officer
/s/ Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx
