EXHIBIT 10.40
FIRST AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT
This First Amendment to Executive Employment Agreement (the "First
Amendment") is made to be effective as of June 5, 2003 by and between Xxxxxx X.
Xxxxx ("Executive") and X. X. Xxxxx Corporation (the "Company").
W I T N E S S E T H:
WHEREAS, Executive and Company are parties to an Executive Employment
Agreement dated June 5, 2000 (the "Agreement");
WHEREAS, the term of the Agreement expires on June 5, 2003;
WHEREAS, Executive and Company desire to extend the term of the
Agreement by two years; and
WHEREAS, such extension of the term of the Agreement has been approved
by the Compensation Committee and the Board of Directors of the
Company;
NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, Company and Executive agree as follows:
1. Section 2 of the Agreement is hereby amended in its entirety
to read as follows:
Section 2. Term of Employment. The term of employment of
Executive by the Company under this Agreement shall commence
on June 5, 2000 (the "Agreement Date") and end on June 5, 2005
(the "Term of Employment").
2. Except as expressly amended hereby, the Agreement, as amended
by the First Amendment, shall remain in full force and effect.
3. This First Amendment may be executed in any number of
counterparts, and each of such counterparts, when so executed, shall be deemed
to be an original and all such counterparts shall together constitute but one
and the same instrument.
IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment, to be effective as of the day and year first above written.
X. X. XXXXX CORPORATION
By: /s/ Xxxxxx Xxxxx
---------------------------------
Xxxxxx Xxxxx, Chairman, President
and Chief Executive Officer
/s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
