X'XXXXXX AUTOMOTIVE, INC. AND SUBSIDIARIES
Exhibit 10.17 - Amended Form of Employment Agreement between Registrant and
Xxxxxxx X. X'Xxxxxx, Xx.
AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT ("Amendment") is
effective as of the 1st day of January, 1995 by and between X'XXXXXX
AUTOMOTIVE, INC., a Missouri corporation (the "Company") and Xxxxxxx X.
X'Xxxxxx, Xx., an individual currently residing in Springfield, Missouri (the
"Executive"):
WHEREAS, the Company and the Executive entered into an Executive
Employment Agreement dated as of January 1, 1995 (the "Employment
Agreement");
WHEREAS, paragraph 3 of the Employment Agreement provides for an
annual base salary (the "Annual Base Salary") of Two Hundred Twenty
Thousand Dollars ($220,000), which Annual Base Salary is based upon the
full-time employment of the Executive;
WHEREAS, at the request of the Executive, the Company and the
Executive have agreed that effective January 1, 1995, the work week of the
Executive be reduced from a five-day week to a four-day week, and that the
Annual Base Salary of the Executive be reduced proportionately to reflect
such reduced work week;
WHEREAS, consistent with such agreement, since January 1, 1995, the
Executive has been performing services on behalf of the Company on a four-
day week basis, and the Company has been paying to the Executive an Annual
Base Salary of One Hundred Seventy-Six Thousand Dollars ($176,000); and
WHEREAS, the parties hereto desire to set forth in writing their
agreement with respect to the Executive's reduced work week and Annual
Base Salary.
NOW, THEREFORE, it is hereby agreed that, effective as of January 1,
1995, the Employment Agreement shall be amended as follows:
1. The first sentence of paragraph 3 of the Executive Employment
Agreement is hereby deleted in its entirety, and the following substituted
in lieu thereof:
"For all services rendered by the
Executive, the Company shall pay to the
Executive a base salary of One Hundred
Seventy-Six Thousand Dollars ($176,000)
payable in equal monthly installments in
advance on the first of each month."
2. Paragraph 2 (a) (ii) of the Employment Agreement is hereby deleted
in its entirety, and the following substituted in lieu thereof:
"(ii) In no event shall the Base Salary be
less that One Hundred Seventy-Six Thousand
Dollars ($176,000) per year."
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X'XXXXXX AUTOMOTIVE, INC. AND SUBSIDIARIES
Exhibit 10.17 - Amended Form of Employment Agreement between Registrant and
Xxxxxxx X. X'Xxxxxx, Xx. (continued)
3. A new sentence shall be added to paragraph 4 of the Employment
Agreement, which new sentence shall constitute the last sentence of said
paragraph 4, to read as follows:
"In no event shall the Executive be required to
perform services hereunder for more that four
days in any calendar week, and the Executive
shall not be required to work more that the
normal eight hour day during any such working
day."
4. Except to the extent amended hereby, the Company and the Executive
hereby ratify and confirm all of the provisions of the Executive Employment
Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the day and date first above written.
X'XXXXXX AUTOMOTIVE, INC.
By: /s/ Xxxxx X. X'Xxxxxx
--------------------------
"Company"
/s/ Xxxxxxx X. X'Xxxxxx, Xx.
-----------------------------
"Executive"
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