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Exhibit Xx. 00.0
XXXXXXXXX XX. 0 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT
Amendment No. 1 to the Amended and Restated Employment Agreement dated
as of May 30, 1996 between IPC, Inc. (formerly named Ivex Packaging Corporation)
("Ivex" or the "Company") and Xxxxxx X. Xxxxx (the "Executive").
The Executive and the Company are parties to an Amended and Restated
Employment Agreement, dated as of May 30, 1996 (the "Employment Agreement"). The
Executive and the Company wish to amend the Employment Agreement.
In consideration of the mutual covenants and agreements herein
contained, the parties hereto hereby agree to amend the Employment Agreement as
follows:
Section 1. Definitions.
Except as otherwise defined in this Amendment No. 1, capitalized terms
defined in the Employment Agreement are used herein as defined therein.
Section 2. Amendments.
2.1 Section 2.1 of the Employment Agreement is hereby amended by
deleting the first sentence of Section 2.1 thereof and by inserting the
following language in lieu thereof:
"The Company shall pay to the Executive an annual salary (the
"Annual Salary") in accordance with the following schedule:
$420,000 during the year ending December 31, 1996; $491,000 during
the year ending December 31, 1997; $515,000 during the year ending
December 31, 1998; $541,327 during the year ending December 31,
1999; and $568,393 during the year ending December 31, 2000."
Section 3. Miscellaneous.
Except as herein provided, the Employment Agreement shall remain
unchanged and in full force and effect. This Amendment No. 1 may be executed in
any number of counterparts, all of which taken together shall constitute one and
the same agreement.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to be duly executed and delivered as of the date above written.
IPC, INC. (formerly named
IVEX PACKAGING CORPORATION)
By:
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Xxxxxx X. Xxxxx
