AMENDMENT TO
EMPLOYMENT AGREEMENT
SECOND AMENDMENT dated as of August 1, 1996 to Employment Agreement
effective as of May 1, 1996, by and between The Xxxxxxx Company, Inc. A
Delaware corporation (the "Company") and Frederik van den Xxxxx (the
"Executive").
WHEREAS, the parties entered an Employment Agreement effective as of May
1, 1996 (the "Employment Agreement"); and
WHEREAS, the parties wish to amend the Employment Agreement as set forth
herein.
NOW THEREFORE, the parties agree as follows:
1. Section 4(a) is hereby amended in its entirety and replaced with the
following:
4. (a) SALARY During the term of the Executive's employment hereunder,
the Corporation will pay to the Executive a salary at the rate of $500,000 per
annum, in substantially equal installments in accordance with normal payroll
practices of the Corporation, but not less frequently than monthly. The salary
shall be sourced from the U.S. payroll, and expensed equally on an intercompany
basis between the Switzerland, Japan, and United Arab Emirates strategic
business units. The base salary may be increased by the Board from time to
time, in its discretion, but in no event shall such base salary be reduced from
the rate previously in effect. The base salary in effect from time to time
hereunder is referred to as the "Base Salary."
2. The parties agree that as except as expressly amended hereby, the
Agreement shall be in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment to the
Employment Agreement as of the date first above written.
THE XXXXXXX COMPANY, INC.
BY: /s/ XXXXX X. XXXXXXX
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NAME: Xxxxx X. Xxxxxxx
TITLE: Executive Vice President
/s/ FREDERIK VAN DEN XXXXX
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Frederik van den Xxxxx