EMPLOYMENT CONTRACT
AMENDMENT
Amendment to the Employment Contract between
Xxxxx X. Xxxxxxx
and
The JPM Company
RECITALS
1. Xxxxx X. Xxxxxxx ("Employee") is a current employee of The JPM Company
("Employer") under a contract of employment dated the 21st day of
September, 1990.
2. In view of the current needs of the Employer, and the business conditions
which prevail, the services of Xxxxx X. Xxxxxxx may be temporarily reduced.
3. Xxxxx X. Xxxxxxx has agreed to a temporary reduction in his
responsibilities, together with a temporary reduction in his compensation.
4. This agreement is intended to set forth the supplemental terms and
conditions of his employment until further changed by mutual agreement.
5. All other terms and conditions shall remain as set forth in the previous
employment agreement above referenced.
AGREEMENT
1. Employee shall remain Vice-Chairman of The JPM Company.
2. Employee shall have such project assignments and specific duties as may be
assigned from time-to-time by the Chairman or the Board of Directors.
3. Employee shall devote such time and attention to the discharge of those
duties as is necessary for their fulfillment, provided, however, that the
parties hereto contemplate that such duties shall require approximately
80-90 days per year of service. If such projects, assignments and
responsibilities require more time than that contemplated by the parties,
the Employee shall be entitled to per diem payments for additional days of
service beyond 100/year.
4. Employee shall remain entitled to all current employee benefits he
currently receives, provided, however, that vacation hours shall not be
further accrued unless and until he returns to full-time status and
provided further, that Employee shall not be entitled to a company
automobile or automobile allowance upon the expiration of his current
lease.
5. In view of the temporary nature of this reduced assignment, Employee shall
remain entitled to full severance benefits as set forth in his previous
contract and supplemental agreements, with his base salary remaining as in
effect December 31, 2000, subject to such proportionate increases as may be
applied from time-to-time to his temporary salary set forth in paragraph 6
below.
6. Employee's temporary salary shall be $104,000 during the term of this
reduced assignment, subject to annual review. Employee's salary shall not
be reduced except by mutual agreement.
7. All other terms and conditions of Employee's original contract and
supplemental agreements shall remain in full force and effect.
8. This Amendment shall be in effect from January 1, 2001 until otherwise
mutually agreed.
Date:
The JPM Company Employee:
By: _____________________ /s/Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxxxxx
Title:
