EXHIBIT 10.5(B)
October 30, 1998
Innovative Valve Technologies, Inc.
0 Xxxxxxxxxx Xxxxx, Xxxxx 000
Xxxxxxx, Xxxxx 00000
Attn.: Compensation Committee
Re: EMPLOYMENT AGREEMENT OF XXXXXXX X. XXXXXXXXXX, XX.
DATED AUGUST 21, 1998 (THE "EMPLOYMENT AGREEMENT")
Gentlemen:
The purpose of this letter is to evidence our mutual understanding and
agreement as to the following matters:
1. We have mutually agreed that I will prospectively be elected and serve as
the Chief Financial Officer and Secretary of the Company and the first
sentence of Section 2 of the Employment Agreement shall upon such election
be modified to delete the reference to my service as Corporate Controller
and to recite my service as Chief Financial Officer and Secretary. Such
change in my titles and responsibilities shall in no way be a breach of
the Employment Agreement by me, or trigger any compensation or payments to
me from the Company or result in any right by me to terminate the
Employment Agreement.
2. Except as otherwise expressly set forth above, the Employment Agreement
shall remain in full force and effect and I shall be fully entitled to any
and all compensation, termination payments and any other benefits
whatsoever available to me under the Employment Agreement.
Please evidence the Committee's agreement with the foregoing by executing
the acknowledgment set forth below.
Very truly yours,
Xxxxxxx X. Xxxxxxxxxx, Xx.
AGREED AND ACCEPTED
THIS 11TH DAY OF JANUARY, 1999
COMPENSATION COMMITTEE OF THE BOARD
OF DIRECTORS
By:
Xxxxxx X. Xxxxxx, Chairman
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