EXHIBIT 10.3
FIRST AMENDMENT
TO EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement (the "Amendment"),
effective as of May 8, 2000, is by and between Phoenix Fuel Co., Inc., an
Arizona corporation (the "Company"), and ▇▇▇▇ ▇. ▇▇▇▇▇▇ (the "Executive").
RECITALS
A. Pursuant to that certain Employment Agreement (the
"Agreement"), dated as of May 7, 1997, the Company retained
the Executive as an executive of the Company, for the
consideration and on the terms set forth in the Agreement.
Capitalized terms used herein that are not defined shall have
the meaning given to such terms in the Agreement.
B. The Company and the Executive now desire to amend the
Agreement to provide that the entire Stay-on Bonus shall be
payable in cash and the final installment of $180,000 shall be
payable on May 10, 2000.
NOW THEREFORE, in consideration of the foregoing Recitals and for
other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, each of the Company and the Executive,
intending to be legally bound, hereby agree as follows:
AGREEMENT
1. Notwithstanding any provision of the Agreement to the
contrary, the Stay-on Bonus shall be paid entirely in cash and
the final installment of $180,000.00 shall be paid by the
Company to the Executive on May 10, 2000.
2. This Amendment may be executed in one or more counterparts,
each of which will be deemed an original but all of which
taken together will constitute one and the same instrument.
3. Except as expressly modified by this Amendment, all other
terms and conditions of the Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF, the undersigned have executed this Amendment
as of the date first above written.
COMPANY:
Phoenix Fuel Co., Inc.
By: /s/ ▇▇▇▇ ▇. ▇▇▇
________________________
Name: ▇▇▇▇ ▇. ▇▇▇
Title: Vice President
EXECUTIVE:
/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇
___________________________
▇▇▇▇ ▇. ▇▇▇▇▇▇
