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EXHIBIT 10.45
FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT is entered into as of this
15th day of March, 2000, by and between American National Can Company, a
Delaware corporation, and American National Can Group, Inc., a Delaware
corporation (collectively the "Company"), and Xxxxxx X. Xxxxxxxxx (the
"Executive").
RECITALS:
A. The Company and the Executive are parties to an Amended and
Restated Executive Employment Agreement (the "Agreement").
B. The parties have agreed to update the Agreement to reflect changes
in the base salary and the duties and responsibilities of the Executive.
NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt of which the parties hereby acknowledge, the
parties agree as follows:
1. AMENDMENT TO 1(J). 1(j) is amended by substituting the first sentence to
read as follows:
"(j) "GOOD REASON" means (A) (i) prior to the date of a Change of Control, a
material reduction in the Executive's status, duties or responsibilities as
in effect on the date of this Agreement, or (ii) from and after the date of
a Change of Control, a material reduction in the Executive's status, duties
or responsibilities as in effect on the date of the Change of Control as
reflected in the job description for the Executive on file in the Human
Resources Office of the Company immediately before the Change of Control,
or (B) a reduction in the Executive's annual target compensation
opportunity, defined as the sum of (I) base salary; (II) targeted annual
incentive award; and (III) subject to the next sentence, the targeted
long-term incentive award under any Company Equity Plan, payable by either
the Company or a successor company for a calendar year, or (C) the
Executive is required to relocate outside of a fifty mile radius of his
current office without his prior written consent following a Change of
Control, or (D) the Company fails to pay Executive any amount otherwise
vested and due under the Agreement, any prior agreement, or any plan or
policy of the Company, which such failure is not cured within thirty (30)
days following written notice of failure given to the Company, or (E) the
Company fails to obtain an agreement to expressly assume the executive
employment Agreement from any successor company to the Company, or (F) the
Company is in material breach of the Agreement, which breach is not cured
within thirty (30) days following written notice of breach given to the
Company."
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2. AMENDMENT TO 2(B). 2(b) is amended to read as follows:
"(b) DUTIES AND RESPONSIBILITIES. For so long as the Executive's employment with
the Company continues, the Executive will devote his full business time,
attention and best efforts to the affairs of the Company, will faithfully
serve the Company, and in all respects conform to and comply with the
lawful directions and instructions consistent with his position as Senior
Vice President - Corporate Services of ANCC, and (i) prior to July 28,
1999, Executive Vice President - Administration and Human Resources of
ANCG, and (ii) from and after July 28, 1999, Executive Vice President -
Administration and Chief Human Resource Officer of ANCG given to him by the
Company's Chairman and Chief Executive Officer, any other executive or
executives to whom he reports, or the Board."
3. AMENDMENT TO 2(E). 2(e) is amended by substituting the first sentence to
read as follows:
"(e) BASE SALARY. The Executive shall receive a salary of (i) prior to January
1, 2000, $26,833.33 per month, $322,000 on an annual basis and (ii) from
and after January 1, 2000, a salary of $28,333.33 per month, $340,000 on an
annual basis."
IN WITNESS WHEREOF, the parties hereto have executed this Amendment this 15th
day of March, 2000.
AMERICAN NATIONAL CAN COMPANY
By: /s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx
Chairman and Chief Executive Officer
AMERICAN NATIONAL CAN GROUP, INC.
By:/s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx
Chairman and Chief Executive Officer
EXECUTIVE
/s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
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