EXHIBIT 10.13(a)
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT ("Amendment"), dated as of July 1, 2002, to the Employment
Agreement, dated as of July 1, 2001 (the "Agreement"), between The Xxxxx Xxxxxx
Companies Inc., a Delaware corporation ("the "Company"), and Xxxxxxx
Xxxxxxxx-Xxxxxxxx, a resident of New York, New York (the "Executive").
W I T N E S S E T H:
WHEREAS, the Executive and the Company are parties to the Agreement;
WHEREAS, the Company and the Executive wish to amend the Agreement to
adjust the compensation as set forth herein; and
WHEREAS, the Company has offered, as good and valuable consideration, the
extension of the term of the Agreement for an additional year, which the
Executive has declined.
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and obligations hereinafter set forth, the parties hereto, intending
to be legally bound, hereby agree to amend the Agreement as follows:
1. BASE SALARY. For the fiscal year ending June 30, 2003, Base Salary shall
be paid to the Executive at a rate equal to $950,000. Such rate shall be
"Base Salary" for that Contract Year.
2. INCENTIVE BONUS COMPENSATION. The Compensation Committee has established
for the Executive annual opportunities (i.e, the maximum bonus that may
be awarded in respect of a fiscal year of the Company) under the Bonus
Plan equal to $1,300,000 for the Contract Year ending June 30, 2003
(i.e., the Second Contract Year), subject to the terms and conditions of
the Bonus Plan, which are incorporated herein by reference.
3. MISCELLANEOUS.
a. Except as provided above, all other terms and conditions of the
Agreement shall remain the same.
b. Capitalized terms used in this Amendment shall have the meanings
ascribed to such terms in the Agreement, except to the extent the
term is modified herein.
c. This Amendment shall be subject to, and governed by, the laws of
the State of New York applicable to contracts made and to be
performed therein.
IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of
the date first written above.
THE XXXXX XXXXXX COMPANIES INC.
By: /s/ XXXXXX X. XXXXXXXXX
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Name: Xxxxxx X. Xxxxxxxxx
Title: Senior Vice President -
Global Human Resources
/s/ XXXXXXX XXXXXXXX-XXXXXXXX
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Xxxxxxx Xxxxxxxx-Xxxxxxxx
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