AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
EXHIBIT 10.33
AMENDMENT NO. 1
TO
This Amendment No. 1 to Employment Agreement (this “Amendment”), made as of March 26, 2009, is by and between TEXAS INDUSTRIES, INC., a Delaware corporation (hereinafter referred to as the “Company”), and XXX X. XXXXXXX (hereinafter referred to as the “Employee”).
WITNESSETH:
WHEREAS, Employee and the Company have entered into an Employment Agreement dated as of January 19, 2007 (the “Agreement”); and
WHEREAS, due to the economic conditions in the United States the Employee has volunteered to reduce his base salary by 10% effective on the first day of the Company’s next fiscal year, and the Company has accepted his offer;
NOW, THEREFORE, the Company and the Employee, in consideration of the premises, do hereby agree and covenant as follows:
1. | Definitions |
Each capitalized term that is used but not defined in this Amendment shall have the meaning prescribed in the Agreement.
2. | Amendments |
Section 2(a)(i) is deleted in its entirety and replaced with the following:
Base Annual Compensation. Employee shall receive a base salary payable in periodic installments in accordance with the Company’s payroll practices and procedures as follows:
$600,000 per annum through May 31, 2009
$540,000 per annum from June 1, 2009 through May 31, 2010
$600,000 per annum thereafter
3. | Miscellaneous |
All of the terms of the Agreement, as expressly amended by this Amendment, remain in full force and effect.
IN WITNESS HEREOF, the parties hereto have executed this Amendment as of the date shown above.
ATTEST: | TEXAS INDUSTRIES, INC. | |||||||
By: | /s/ Xxxxxxxxx X. Xxxxxxxx | By: | /s/ Xxx Xxxxx | |||||
Xxxxxxxxx X. Xxxxxxxx | Xxx Xxxxx, Chairman | |||||||
Secretary | Compensation Committee of the Board of Directors | |||||||
EMPLOYEE: | ||||||||
By: | /s/ Xxx X. Xxxxxxx | |||||||
Xxx X. Xxxxxxx |
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