October 10, 1995
Mr. Xxxxx Xxxxx
00 Xxxxx Xxxxxxxxx Xxxxx
Xxxxxxxxxx, Xxx Xxxxxx 00000
Dear Xxxxx:
This letter will serve as an amendment to the Employment Agreement dated
December 10, 1993, entered into between you and Xxxxx Xxx Xxxxx Associates ("the
Agreement").
TTMA shall extend your Agreement for a period of one (1) year commencing
December 1, 1995 and expiring November 30, 1996 ("the Expiration Date"). In
addition, you shall have the option of renewing the Agreement for a period of
one (1) year, provided that you notify TTMA of your intent to exercise your
option ninety (90) days in advance of the Expiration Date.
Paragraph 2 of the Agreement is hereby amended to provide for an annual base
salary of Three Hundred Thousand ($300,000.00) Dollars.
Paragraph 5(a) of the Agreement is hereby amended to provide for an annual bonus
in a minimum amount equal to the bonus paid to you for services rendered during
calendar year 1995.
Paragraph 13 of the Agreement is hereby amended to provide that in the event
TTMA terminates the Agreement without cause, you shall receive an amount equal
to one (1) year at your then current salary.
Paragraph 19 shall be added to the Agreement and shall provide that in the event
there is a material breach of the Agreement by TTMA, TTMA shall reimburse you
for reasonable legal expenses incurred by you in enforcing the terms and
conditions of the Agreement.
Except as hereby modified, all the other terms and conditions of the Agreement
shall remain in full force and effect.
Please acknowledge your agreement with this modification by signing below.
Very truly yours,
/s/ R. Xxxxx XxXxx
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R. Xxxxx XxXxx
Senior Vice President, Finance
and Chief Operating Officer
Agreed & Consented To:
/s/Xxxxx X. Xxxxx
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XXXXX X. XXXXX
10/10/95
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Date
