Exhibit 10.50
AMENDMENT NO. 2 TO
EMPLOYMENT AGREEMENT
BY AND BETWEEN
I.C. XXXXXX & COMPANY, INC.
AND
XXXXXX X. XXXXXXXXX
THIS AMENDMENT NO. 2, dated as of February 11, 1999, is made a part of
that certain EXECUTIVE EMPLOYMENT AGREEMENT (the "Agreement"), dated as May
15, 1997, and as amended by Amendment No. 1 thereto dated as of August 27,
1998, by and between I.C. Xxxxxx & Company, Inc. (the "Company"), and Xxxxxx
X. Xxxxxxxxx (the "Executive"). It is intended by the parties that the terms
of this Amendment No. 2, to the extent that they are more specific than the
terms contained in the Agreement, shall supersede the terms of the Agreement.
Section numbers utilized in this Amendment No. 2 correspond, where applicable,
to section numbers used in the Agreement.
W I T N E S S E T H:
Accordingly, in consideration of the mutual covenants and
representations contained herein and the mutual benefits derived herefrom,
the parties hereto agree as follows:
1. Paragraph 3 is hereby restated in its entirety as follows:
3. BASE SALARY. The Executive's base salary for each Employment Year
under this Agreement (May 15, 1997 through May 15, 2000) shall be at
the rate of One Hundred and Seventy-Five Thousand Dollars ($175,000) per
annum. Such base salary shall be increased to Two Hundred Thousand
Dollars ($200,000) per annum for the remaining term of this Agreement
after the Company achieves positive net earnings in two consecutive
reviews by the Compensation Committee of the Board of Directors. The
Executive's base salary shall be paid throughout the year, in accordance
with normal payroll practices of the Company.
IN WITNESS WHEREOF, the parties have executed and delivered this
Amendment No. 2 on the date first above written.
ATTEST: I.C. XXXXXX & COMPANY, INC.
/s/ Xxxxxx X. Xxxxxxxxx By: /s/ Xxxxxx X. Xxxx
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Secretary Xxxxxx X. Xxxx, President
WITNESS: EXECUTIVE
/s/ Xxxxxx X. Xxxxx /s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
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