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Exhibit 10.1
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
This Amendment No. 2 to Employment Agreement (this "Amendment") is made and
entered into as of September 1, 2000, by and between Xxxxxx Co., a Pennsylvania
corporation (the "Company"), successor by merger to Xxxxxx Management Co.
("WMC") and Xxxx X. Xxxxxx ("Executive").
WHEREAS, the Company and Executive desire to enter into this Amendment to
amend certain terms of the Employment Agreement (the "Agreement").
NOW THEREFORE, the Company and Executive agree as follows:
1. AMENDMENT TO PERFORMANCE BASED COMPENSATION.
Section 3.2 of the Agreement shall be amended by deleting the first
paragraph and chart and replacing with the following:
In addition to the Base Salary provided for in Section 3.1 hereof,
commencing for the fiscal year 2000, Executive shall be eligible to receive
an annual cash bonus (prorated based on service) earned during the calendar
year in an amount equal to 60% of the Base Salary in effect at the end of
such calendar year based upon the extent to which Xxxxxx Holding Co. (PA),
Inc.'s ("Holdings") consolidated Earnings Before Interest, Taxes,
Depreciation and Amortization ("EBITDA"), as defined in EXHIBIT 1 hereto,
equals or exceeds the percentages of target annual EBITDA with respect to
such fiscal year in accordance with the attached Exhibit 3.
2. TERM OF EMPLOYMENT
The term of this Agreement shall be extended three (3) years from the
original expiration date determined by Section 2(b) of the Agreement to November
23, 2003 and
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shall be automatically renewed for successive one (1) year periods thereafter
unless either party gives notice otherwise within 12 months, but not less than 6
months prior to an expiration.
3. AMENDMENT TO TERMINATION OF EMPLOYMENT.
Section 6.3 of the Agreement shall be amended by deleting (1) of the
definition of "Good Reason" such that the sentence shall now read as follows:
For purposes of this Agreement, "Good Reason" shall mean (1) a reduction by
the Company in the Executive's bonus opportunities or, except as
specifically provided herein, base salary as in effect on the Effective
Date or as the same may be increased from time to time; (2) unless the
members of the Board appointed pursuant to Section 4(iii) of the
Shareholder Agreement dated as of the date hereof agree to such reduction
or other action, any material reduction in the level of benefits (including
participation in any bonus plan) to which the Executive is entitled under
one or more employee benefit plans on the Effective Date, or the taking of
any action by the Company which would adversely affect the Executive's
accrued benefits under any such employee benefit plans or deprive the
Executive of any material fringe benefit enjoyed by the Executive on the
Effective Date; (3) a demand by the Company to the Executive to relocate to
any place that exceeds a fifty (50) mile radius beyond the location at
which the Executive performed the Executive's duties on the Effective Date;
or (4) any material breach by the Company of any provision of this
Agreement.
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4. REMAINING PROVISIONS.
All provisions of the Agreement not otherwise amended by this Amendment
shall remain in full force and effect.
IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and
year first above written.
XXXXXX CO., a Pennsylvania Corporation
By:
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Name: Xxxxxx X. Xxxxxx
Title: President and CEO
EXECUTIVE
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Xxxx X. Xxxxxx
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