CMC Heartland Partners Exhibit 10.32
000 Xxxxx Xxxxxxxxx Xxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
October 17, 2000
Xx. Xxxxx Xxxxxxxx
000 Xxxx Xxxxxxx Xxxxxx
Xxxxxxxxx 00X
Xxxxxxx, Xxxxxxxx 00000
Re: Second Amendment to Employment Agreement
Dear Xx. Xxxxxxxx:
This letter constitutes the Second Amendment to your Employment
Agreement with CMC Heartland Partners dated December 20, 1999 and heretofore
amended by the First Amendment(the Employment Agreement as heretofore amended is
referred to herein as the "Employment Agreement").
The following Section 3(b)(iii) hereby is added to the Employment
Agreement immediately following Section 3(b)(ii):
"(iii)Notwithstanding any provision herein to the contrary,
whenever the Company is to make an incentive compensation
payment to you under Section 3(b), the Company shall have the
right to deduct forty percent (40%) of that payment (the
"Off-Set Amount") and apply the Off-Set Amount to indebtedness
from you to the Company."
Except as amended by this letter, the Employment Agreement remains
in full force and effect in accordance with its terms.
If the foregoing is satisfactory, please indicate your agreement by
signing and returning to the Company the enclosed copy of this letter whereupon
this will constitute the Second Amendment of the Employment Agreement.
ACCEPTED AND AGREED TO: CMC HEARTLAND PARTNERS
By: Heartland Technology, Inc.
as General Managing Partner
By:
------------------------------------ ---------------------------------------
Xxxxx Xxxxxxxx
Name: Xxxxxxx X. Xxxxxxxxxxxx
Title:Vice President-Finance
Secretary and Treasurer
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