AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment"), made
and entered into on the 10th day of August, 1995, to be effective as
of the 1st day of July, 1995, by and between DIMON International, Inc.
(the "Company") and Xxxxxx X. Xxxx III (the "Executive").
R E C I T A L S:
- - - - - - - -
The Company and the Executive entered into that certain Employment
Agreement (the "Agreement") dated October 18, 1994, which was effective
as of July 1, 1994. The Company and the Executive have agreed to modify
Section 4.1 of the Agreement to reflect certain understandings between
the parties with regard to the payment of the Executive's Base Salary
and the Executive's participation in the Company's new incentive bonus
plan.
NOW, THEREFORE, the Company and the Executive agree that the
Agreement shall be amended by inserting the following new paragraph at
the end of Section 4.1:
"The Company has selected the Executive to participate
in the new incentive bonus plan. If the requirements
of the incentive bonus plan are met, the Executive will be
entitled to a bonus with respect to each fiscal year of the
Company in an amount ranging from 0% to 75% of $355,000.
(This dollar amount shall be referred to as the Executive's
"Revised Base Salary"). In consideration of the Company
selecting the Executive to participate in the incentive
bonus plan, the Executive agrees that his annual Base Salary,
for purposes of determining his monthly salary payments
pursuant to this Section 4.1, shall be equal to his Revised
Base Salary. Should the sum of (A) and (B), where (A) is
his Revised Base Salary and (B) is the amount of the annual
incentive bonus paid or to be paid with respect to the
Executive for any Employment Year, be less than the amount
of the Base Salary specified in this Section 4.1 (as
increased each Employment Year by the annual cost of living
adjustment), the Company shall pay the difference to the
Executive effective as of the end of the applicable
Employment Year. The Executive's Revised Base Salary may
be increased (but not decreased) from time to time by
action of the Company's Board of Directors."
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IN WITNESS WHEREOF, the parties have executed this Amendment
to Employment Agreement on the day and year first above written.
EXECUTIVE:
/s/ Xxxxxx X. Xxxx III (SEAL)
___________________________________
Xxxxxx X. Xxxx III
WITNESS:
/s/ Xxxx X. Xxxxx
___________________________
Xxxx X. Xxxxx
DIMON lnternational, Inc.:
By: /s/ Xxxxxx X. Xxxx III
___________________________________
Xxxxxx X. Xxxx III
President or Vice President
Attest:
/s/ Xxxxxx X. Xxxxx
_______________________
Xxxxxx X. Xxxxx
Secretary/Asst. Secretary
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