AMENDMENT TO EMPLOYMENT AGREEMENT
This amends the Employment Agreement between Xxxxxxx X. Xxxx and Xxxx
Security International, Inc. Dated January 22, 1997 for the purpose of
clarifying an ambiguity in the Agreement.
Paragraph (B) of Section Four, entitled "Compensation", shall be amended
by deleting the following paragraph in its entirety:
(B) a salary of $1500.00 per week through the week ending February 14,
1997, to be paid biweekly with the final payment to be made February
27, 1997. In addition, upon execution of this Agreement, Employer
shall pay into an escrow account with the law firm of XxXxxx & Xxxx,
Poughkeepsie, New York, for Employee's benefit, the sum of
$31,000.00, with irrevocable instructions to release that sum,
together with interest, to Employee on April 1, 1997. Escrow fees,
if any, up to $250 shall paid by Employer; and
and replacing it with the following paragraph:
(B) a salary of $1,500.00 per week through the week ending February 14,
1997, to be paid biweekly with the final payment to be made February
27, 1997. In addition, upon execution of this Agreement, Employer
shall pay into an escrow account with the law firm of XxXxxx & Xxxx,
Poughkeepsie, New York, for Employee's benefit, the sum of
$31,000.00, with irrevocable instructions to release, on April 1,
1997, $14,622.59, together with all interest accrued on the
$31,000.00, to Employee and to release $16,377.41 to Employer,
$499.50 of which Employer shall apply toward Employee's Medicare tax
withholdings, $1,854.11 of which Employer apply toward Employee's
Social Security tax withholdings, $7,291.00 of which Employer shall
apply toward Employee's federal income tax withholdings, $1,822.80
of which Employer shall apply toward Employee's state income tax
withholdings and $4,960.00 of which Employer shall deposit as a 401K
Plan contribution on Employee's behalf. Escrow fees, if any, up to
$250.00 shall paid by Employer.
All other terms shall remain in full force and effect.
IN WITNESS WHEREOF, each party to this Agreement has caused it to be
executed as of the 22nd day of January, 1997.
XXXX SECURITY INTERNATIONAL, INC.
By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
President and CEO
By: /s/ Xxxxxxx X. Xxxx
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Xxxxxxx X. Xxxx
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