EXHIBIT 10.1
ATLANTIS PLASTICS
[LETTERHEAD]
February 14, 1997
Xx. Xxxxxxx X. Xxxx
President and Chief Executive Officer
Atlantis Plastics, Inc.
0000 Xxx Xxxxxxxx Xxxxx 000
Xxxxxxx, Xxxxxxx 00000
RE: AMENDMENT TO EMPLOYMENT AGREEMENT
Dear Xxxx:
Reference is made to the Employment Agreement, dated as of February 1,
1995, between Atlantis Plastics, Inc. (the "COMPANY") and yourself, as amended
(the "EMPLOYMENT AGREEMENT.") Except as set forth herein, capitalized terms used
in this letter agreement have the meanings ascribed to them in the Employment
Agreement. The Compensation Committee of the Board of Directors has approved the
following modification to the provisions of the Employment Agreement for the
Company's fiscal year ending December 31, 1997 ("FY 97.")
The Company's Adjusted Earnings Per Share for its fiscal year ended
December 31, 1996 ("FY 96") shall be deemed to be $.50. Accordingly,
for purposes of the calculation of FY 97 Incentive Compensation set
forth on EXHIBIT A to the Employment Agreement, $.50 shall be used as
the base point for measuring the amount (if at all) by which the
Company's Adjusted Earnings Per Share for FY 97 exceeds Adjusted
Earnings Per Share for FY 96.
If the foregoing accurately reflects our agreement with respect to the
foregoing modification to the Employment Agreement, kindly sign the duplicate
copy of this letter agreement enclosed herewith and return it to Xxxxx Xxxxx.
Sincerely,
Xxxx X. Xxxxxx
Chairman of the Board
ACCEPTED AND AGREED:
/s/ XXXXXXX X. XXXX
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Xxxxxxx X. Xxxx
