Amendment No. 3 to Employment Agreement
Reference is made to an employment agreement dated January 1, 1994, as amended
by an Amendment to Employment Agreement dated as of September 23, 1994, and as
further amended by Amendment No. 2 to Employment Agreement effective as of March
28, 1997 ("Second Amendment") between HERC Products Incoporated ("Company") and
Xxxx X. Xxxxxxx ("Xxxxxxx").
Pursuant to Paragraph 4 of the Second Amendment, Xxxxxxx has agreed to purchase
the 1995 Windstar Van ("Van") and the Company has agreed to sell the Van to
Xxxxxxx on the following terms:
1. The purchase price of the Van shall be $10,685.80 ("Purchase Price"),
the book value of the Van on the books of the Company as of October 31,
1997.
2. The Purchase Price shall be paid by way of modifying the Company's
obligations to Xxxxxxx, so that the two last $5,000.00 payments owed by
the Company to Xxxxxxx pursuant to Paragraph 2(b) of the Second
Amendment are hereby waived, and on October 1, 1998 the Company shall
make the last payment ot Xxxxxxx in the amount of $3,461.86. This last
payment reflects interest on the Purchase Price at the rate of 9% per
annum for the period November 1, 1997 - September 30, 1998.
3. Except as modified by this Amendment, all other terms of the Employment
Agreement, as previously amended, shall remain in full force and
effect.
DATED this 31st day of October, 1997
H.E.R.C. Products Incorporation
By: /s/ Xxxxxx X. Xxxxxxx
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XXXXXX X. XXXXXXX
Vice President of Administration
/s/ Xxxx X. Xxxxxxx
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XXXX X. XXXXXXX
