AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made and entered
into this 4th day of December, 1997, by and between Flanders Corporation, a
North Carolina corporation (formerly known as Elite Acquisitions, Inc.)
("Flanders Corporation"), Flanders Filters, Inc., a North Carolina corporation
("Flanders Filters") (Flanders Corporation and Flanders Filters are sometimes
hereinafter collectively referred to as the "Company"), and Xxxxxx X. Xxxxxxx
("Xxxxxxx" or the "Executive"). In this Amendment, Flanders Corporation,
Flanders Filters, and Xxxxxxx, together with their successors and permitted
assignees, are separately referred to as a "Party" and collectively as the
"Parties."
W I T N E S S E T H:
WHEREAS, Flanders Corporation, Flanders Filters and Xxxxxxx entered into an
Employment Agreement (the "Agreement") dated December 15, 1995;
WHEREAS, Flanders Corporation, Flanders Filters and Xxxxxxx amended the
Agreement on October 1, 1996; and
WHEREAS, Flanders Corporation, Flanders Filters and Xxxxxxx desire to further
amend the Agreement upon the terms provided herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Parties hereby agree to amend the Agreement
as follows:
1. AMENDMENT TO TERM.
Section 3 of the Agreement is hereby amended as follows:
The employment of the Executive by the Company under the provisions of this
Agreement shall end on December 31, 2005, unless further extended or sooner
terminated as hereinafter provided. On December 31, 2005, and on the last day of
December each year thereafter, the term of the Executive?s employment shall,
unless sooner terminated as hereinafter provided, be automatically extended for
an additional two year period from the date thereof unless, at least six (6)
months before such December 31, the Company shall have delivered to the
Executive or the Executive shall have delivered to the Company written notice
that the term of the Executive?s employment hereunder will not be extended
beyond its existing duration.
2. NO FURTHER AMENDMENT
Except as provided above, the Agreement shall remain in full force and effect,
unless further amended pursuant to the terms of the Agreement.
IN WITNESS WHEREOF, the Parties hereto have executed and delivered this
Amendment as of the day and year first above written.
FLANDERS CORPORATION
By: ______________________________
Its: ______________________________
FLANDERS FILTERS, INC.
By: ______________________________
Its: ______________________________
XXXXXX X. XXXXXXX
___________________________________
Xxxxxx X. Xxxxxxx
