AMENDMENT
to the
Employment Agreement executed September 16, 1999
between
Xxxxx Xxxx and Eagle Pacific Industries, Inc.
THIS AMENDMENT TO EMPLOYMENT AGREEMENT is entered into effective as of
this 15th day of December, 1999, by and between Xxxxx Xxxx (the "Employee") and
Eagle Pacific Industries, Inc. ("Eagle").
WITNESSETH:
WHEREAS, Employee and Eagle are parties to that certain Employment
Agreement executed September 16, 1999 (the "Agreement").
WHEREAS, the parties mutually desire to amend the Agreement effective
December 15, 1999 to take into account the resolutions adopted by Eagle's Board
of Directors at its special meeting on December 15, 1999.
NOW, THEREFORE, in consideration of the premises and mutual agreements
hereinafter contained, and for other good and valuable consideration, the
parties agree as follows:
1. Section 3.a Base Salary of the Agreement shall be changed in its
entirety to read as follows:
"Effective as of December 15, 1999, as full compensation for the
performance by the Employee of all of his obligations under this
Agreement, the Employee shall be entitled to receive no less than an
annual base salary of $170,000 payable periodically on the payroll
schedule established for Eagle employees. Base salary shall be reviewed
as of December 31 each year commencing with December 31, 1999, and
based on the performance of the Employee, the business conditions of
Eagle and the competitive market, Eagle shall determine the amount, if
any, of any increase in base salary to be granted as of such dates."
2. Section 3.b Annual Bonus of the Agreement shall be changed in its
entirety to read as follows:
"The Employee and Eagle acknowledge that they are entering into this
Agreement upon the consummation of Eagle's acquisition of Pacific
Western Extruded Plastics Company ("PW Pipe"), and that the Employee is
a former employee of PW Pipe. As such, for calendar year 1999 under the
term of this Agreement, the Employee shall be entitled to a bonus equal
to the bonus to which he would have been entitled under PW Pipe's bonus
plan for the remainder of calendar year 1999, which shall be payable at
such time and under such schedule as set forth under PW Pipe's bonus
plan. For subsequent calendar years during the term of this Agreement,
the Employee shall be entitled to participate in the Company's
Performance Bonus Plan.
3. Except as amended herein, the Agreement shall remain in full force
and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Employment Agreement effective as of the date first written above.
EAGLE PACIFICS INDUSTRIES, INC.
By: /s/ Xxxxxxx X. Xxxxx /s/ Xxxxx Xxxx
Its: Chief Executive Officer Xxxxx Xxxx
