EXHIBIT 10.10
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (the "Amendment"), dated as of the
23rd day of January, 2001 by and between COMFORCE Corporation ("COMFORCE") a
Delaware corporation, and COMFORCE Operating, Inc. ("COI"), a Delaware
corporation that is wholly-owned by COMFORCE (COMFORCE and COI are collectively
referred to as the "Employer"), and Xxxxx X. Xxxxxxxxxx, a resident of the State
of New York ("Employee").
RECITALS:
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A. The parties entered into an Employment Agreement (the "Employment
Agreement") dated as of January 1, 1999, pursuant to which Employer formalized
the terms upon which Employee is employed by Employer.
B. The parties desire to amend the Employment Agreement as herein
provided.
NOW, THEREFORE, in consideration of the promises and mutual obligations of
the parties contained herein, and for other valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
1. Section 2 of the Employment Agreement is hereby amended by changing
the Initial Termination Date therein from December 31, 2001 to December 31,
2003.
2. The first two sentences of Section 4(a) of the Employment Agreement
are hereby amended in their entirety to read as follows:
(a) Base Salary. Employee's base compensation ("Base Salary")
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for all services to be performed hereunder shall be fixed at the annualized rate
of $220,000 effective as of August 1, 2000 and continuing through December 31,
2000, and shall be fixed at the annualized rate of $250,000 effective as of
January 1, 2001 and continuing through December 31, 2001, payable in accordance
with the Employer's payroll practices for its officers. The Base Salary in
effect at December 31, 2001 and at each December 31 thereafter during the term
of this Agreement shall be increased, effective as of January 1 of the following
year, by the greater of (i) seven percent (7%) or (ii) a percentage equivalent
to the percentage increase of (a) the Price Index (as defined below) for the
most recently available month at the time of each such increase over (b) the
Price Index reported for the same month one year prior (such percentage increase
calculated pursuant to this Section 4(a) is referred to herein as the "CPI
Increase").
3. Section 4(d) of the Employment Agreement is amended in its entirety to
read as follows:
(d) Benefit and Deferred Compensation Plans
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(i) Medical, Dental and Pension Benefits.
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Employee shall receive such incidental benefits of employment, such
as medical and dental insurance, and pension plan participation as are
provided generally to the Employer's other executive officers.
(ii) Continuation of Salary During Disability.
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If Employee becomes disabled during the Term of Employment because
of sickness, physical or mental disability, or for any other reason so that he
is unable to perform his duties hereunder. Employer agrees to continue
Employee's salary during such disability throughout the Term of Employment.
These benefits may be provided in whole or in part by a policy of disability
insurance.
(iii) Deferred Compensation Plan.
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Notwithstanding anything to the contrary herein contained, this
Agreement shall not be deemed to have terminated the deferred compensation
plan of the Company that became effective in 1992, and the Company shall make
all contributions to such plan in respect of the Employee as required thereby.
4. All other provisions of the Employment Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF, the undersigned have executed this Agreement on the day
and year first above mentioned.
COMFORCE CORPORATION
By:_______________________________
Its:
COMFORCE OPERATING, INC.
By:_______________________________
Its:
EMPLOYEE
__________________________________
Xxxxx X. Xxxxxxxxxx
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