1 Exhibit 10.1
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
THIS AGREEMENT, made and entered into as of the 30th day of June, 1997, between
Payless Cashways, Inc., an Iowa corporation (the "Company"), and Xxxxx X.
Xxxxxxx (the "Executive").
WHEREAS, the Company and the Executive have entered into an employment agreement
dated February 8, 1993 (the "Employment Agreement"), as amended by Amendment No.
1 to Employment Agreement dated October 17, 1996 ("Amendment No. 1");
WHEREAS, the parties mutually desire to amend the Employment Agreement and
Amendment No. 1;
NOW, THEREFORE, in consideration of these premises and other good and valuable
consideration, the parties agree as follows:
1. All references to the date of "March 1, 1998" contained within
Amendment No. 1 are hereby deleted and the date of "March 1, 1999" is
substituted in lieu thereof. The reference to the year "1998" contained within
Paragraph 4 of Amendment No. 1 is hereby deleted and the year "1999" is
substituted in lieu thereof.
2. A new Paragraph 6(g)(vi) is hereby inserted in the Employment
Agreement, as follows:
"Outplacement Benefits. The Company, at its expense, will provide to
the Executive such outplacement benefits as would be appropriate for a
senior officer of a company substantially equivalent in size to the
Company in terms of sales, profits, number of employees, geographic
location and organizational structure, as determined by a national
outplacement service provider selected by Company."
In witness whereof, the parties have executed this Amendment No. 2 to Employment
Agreement as of the day and year written above.
PAYLESS CASHWAYS, INC. EXECUTIVE
By: /s/ Xxxxx Xxxxxxx /s/ Xxxxx X. Xxxxxxx
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Chairman and Chief Executive Officer Xxxxx X. Xxxxxxx
Approval by the Compensation Committee of the Board of Directors of the Company
is hereby confirmed.
/s/ Xxxx Xxxxxxxxx, Xx.
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Xxxx Xxxxxxxxx, Xx.
