Exhibit 10.5
MWI DISTRIBUTION
` 0000 XXXXXXXX XXXXXXXXX, #000
XXXXXXX XXXXX, XX 00000
(000) 000-0000
As of December 31, 1999
Mr. Xxxxxx Xxxxxxx
0000 Xxxxxxxx Xxxx., #000
Xxxxxxx Xxxxx, XX 00000
RE: AMENDMENT OF EMPLOYMENT AGREEMENT
Dear Xxx:
Reference is hereby made to the certain Employment Agreement, dated July 15,
1998, as amended on January 14, 1999, and as of June 30, 1999, between Xxxxxx
Xxxxxxx ("Xxxxxxx") and TPEG Merger Company, now known as MWI Distribution, Inc.
("MWI") (the "Agreement").
In consideration of the mutual covenants and promises contained herein, as well
as, other good and valuable consideration, the sufficiency and receipt of which
is hereby acknowledged, the parties agree to amend the Agreement as follows:
1. Past Due Compensation: Executive releases Company from and against any
obligation relating to any amounts of past due compensation which may be
due to Executive as of the date of this Amendment. The parties hereto
acknowledge that the consideration exchanged in this Amendment is adequate
for Executive to forgive the Company of any of these amounts owed to
Executive heretofore.
2. Accrued Vacation Compensation: Executive release Company from and against
any obligation relating to any amounts of past due compensation for
vacation pay accrual which may be due to Executive as of the date of this
Amendment. The parties hereto acknowledge that the consideration exchanged
in this Amendment is adequate for Executive to forgive the Company of any
of these amounts owed to Executive heretofore.
3. Automobile Reimbursement: The Automobile Reimbursement set forth in
Paragraph 4d of the Agreement, as amended in Paragraph 3 of the Amendment,
dated as of June 30, 1999 shall be eliminated, effective April 15, 2000,
calculated on a pro-rata basis.
All other terms and conditions contained in the Agreement, as amended, shall
remain in full force and effect unless and until modified in writing and signed
by the parties hereto.
If the aforementioned is accepted and agreed to, please indicate such by
affixing your signature as indicated below, and together with ours shall
represent the complete Agreement.
Sincerely, ACCEPTED & AGREED
/S/ XXXXXX X. XXXXXXXXX /S/ XXXXXX XXXXXXX
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Xxxxxx X. Xxxxxxxxx Xxxxxx Xxxxxxx
Executive Vice President
:AHB
cc: Xxxxx Xxxxx
