AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made and
entered into this 1st day of October, 1996, 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"), and Xxxxxx X. Xxxxx ("Xxxxx" or the
"Executive"). In this Amendment, Flanders Corporation, Flanders Filters, and
Xxxxx, 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 Xxxxx entered into an
Employment Agreement (the "Agreement"), dated December 15, 1995; and
WHEREAS, Flanders Corporation, Flanders Filters, and Xxxxx desire to amend
the Agreement upon the terms provided herein;
A G R E E M E N T
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 ANNUAL SALARY.
Section 6(a) of the Agreement is hereby amended as follows:
Commencing on October 1, 1996, the Company shall pay
to the Executive an annualized base salary at a rate of
$250,000 in equal installments as nearly as practicable
on the fifteenth and last days of each month, in
arrears. Such annualized base salary may be increased
from time to time in accordance with normal business
practices of the Company. Except as may occur on one
occasion in accordance with Section 1(m)(ii) of the
Agreement, the annualized base salary of the Executive
shall not be decreased below its then existing amount
during the term of the Agreement.
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. XXXXX
_______________________________________________
Xxxxxx X. Xxxxx
- 2 -
