Exhibit 10.2
FIRST AMENDMENT TO DEFERRED COMPENSATION
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AND SALARY CONTINUATION AGREEMENT
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THIS FIRST AMENDMENT TO DEFERRED COMPENSATION AND SALARY CONTINUATION
AGREEMENT (hereinafter "First Amendment"), is made and entered into as of this
24th day of May, 1996, by and between LEUCADIA FINANCIAL CORPORATION, successor
in interest to TERRACOR, a Utah corporation (hereinafter "Corporation"), and XXX
X. XXXXXXX, a resident of Salt Lake city, State of Utah (hereinafter
"Employee").
W I T N E S S E T H:
WHEREAS, on the 2nd day of March, 1977, Terracor and Employee entered into
a Deferred Compensation and Salary Continuation Agreement (the "Agreement")
consisting of three (3) typewritten pages, providing for the payment of certain
benefits upon the retirement and/or death of Employee; and
WHEREAS, the parties hereto desire to enter into this First Amendment upon
the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the promises, covenants, terms and
conditions hereinafter set forth, the parties hereby agree as follows:
1. Paragraph 1 of the Agreement is hereby deleted and there is substituted
in lieu thereof the following:
"1. Salary Continuation Benefits.
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If the Employee dies while employed by the Corporation, or by
Leucadia National Corporation ("Leucadia"), or another subsidiary
or affiliate of Leucadia, prior to attaining his retirement age
of 65 years, the Corporation will pay the sum of Ten Thousand
Dollars ($10,000.00) per year payable in monthly installments for
a period of ten (10) years to such individual or individuals as
the Employee may have designated in writing filed with and
approved by the Corporation or, in the absence of such
designation, to one or more or all of the next if kin of the
Employee (including a surviving spouse), and in such proportions
as the Corporation determines, or to the legal representative of
his estate. The first payment shall be made not later than six
(6) months next following the date of death of the Employee."
2. Paragraph 2 of the Agreement is hereby deleted and there is substituted
in lieu thereof the following:
"2. Deferred Compensation Benefits.
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The Corporation agrees that, commencing with the date of the
Employee's retirement no earlier than at age 65, he shall be
entitled to receive from the Corporation the sum of Ten Thousand
Dollars ($10,000.00) per year, payable in monthly installments,
for a period of ten (10) years immediately following the date of
such retirement or until his death, whichever first occurs. If
the Employee should die during said ten-year period, the sum of
Ten Thousand Dollars ($10,000.00) per year shall be payable to
such individual or individuals as the Employee shall have
designated in writing filed with and approved by the Corporation,
or, in the absence of such designation, to the estate of the
Employee, until the expiration of said ten-year period."
3. Except as herein specifically provided, all provisions of the Agreement
shall remain in full force and effect and shall not be altered or affected by
this First Amendment.
IN WITNESS WHEREOF, the parties have executed this First Amendment the day
and year first above written.
CORPORATION: Leucadia Financial Corporation
By: /s/ Xxxxxx X. Orlando
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Its: Vice President
EMPLOYEE: /s/ Xxx X. Xxxxxxx
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Xxx X. Xxxxxxx
