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EXHIBIT 10.2
FIRST AMENDMENT TO THE EMPLOYMENT AGREEMENT EFFECTIVE
JUNE 3, 1999 BETWEEN INSURANCE AUTO AUCTIONS, INC. AND
XXXXXXXXXXX X. XXXXXXX
WHEREAS, Insurance Auto Auctions, Inc. (the "Company") and Xxxxxxxxxxx
X. Xxxxxxx (the "Executive") have entered into an Employment Agreement effective
as of June 3, 1999 (the "Agreement");
WHEREAS, the Company and Executive desire to amend the Agreement as set
forth herein (the "First Amendment");
NOW, THEREFORE, Company and Executive agree as follows:
1. The fourth, fifth and sixth sentences of Section 3(c) of the Agreement
are deleted in their entirety and replaced with the following:
The Company shall pay up to $42,000 on Executive's behalf for
membership in a club as mutually agreed upon by Company and Executive.
Such $42,000 payment shall represent the non-equity portion of the club
membership initiation fee. Executive shall make all initiation fee
payments representing the equity portion of the club membership. Upon
termination of Executive's employment, the club membership shall remain
an asset of Executive. For the term of Executive's employment, the
Company will reimburse Executive for reasonable annual dues related to
the club membership.
Except as expressly amended hereby, the Agreement shall remain in full force and
effect.
This First Amendment shall be effective as of the 27th day of July 1999.
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IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment.
COMPANY:
By /s/ X. X. X'Xxxxx
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Title: CHAIRMAN
Executive:
/s/ X. X. Xxxxxxx
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