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EXHIBIT (10m)
AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN XXXX X. XXXX
AND THE COMPANY DATED AS OF NOVEMBER 1, 1999
IV-11
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AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment, made and effective on the 1st day of November, 1999, by
and between XXXXXXX CORPORATION, and Alabama corporation (the "Company"), and
XXXX X. XXXX (the "Executive").
R E C I T A L S:
WHEREAS, the Company and the Executive entered into that certain
Employment Agreement dated as of March 31, 1998, whereby the Executive was
employed as the President, Chief Executive Officer and Chairman of the Board of
the Company (the "Agreement"); and
WHEREAS, the Company and the Executive desire to amend the Agreement as set
forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and obligations
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Executive agree as follows:
1. Article 3.4 of the agreement shall be amended to read as follows:
"Retirement. Any termination of employment by either the Company or
the Executive, after April 1, 2001, shall be treated as retirement of
the Executive for the purpose of all Xxxxxxx plans and benefits to
which Executive is entitled to participate at the time of such
termination."
2. Article 5 of the Agreement shall be amended by deleting the third
(3rd) sentence thereof in its entirety and replacing it with the following
language:
"Such options granted pursuant to Option Agreements dated on or after
February 24, 1999 shall have a term of ten years and one-fourth of the
total options given in any year shall vest in each of the four years
following the grant of the options, but options granted pursuant to
Option Agreements dated prior to such date shall have the term and
vesting schedule specified in such Option Agreements."
3. Except as specifically amended herein, this Amendment shall not be
interpreted to amend or modify the Agreement in any way, and the Company and
the Executive hereby ratify and affirm all provisions of the Agreement as of
the date hereof.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the day
and year first above written.
XXXXXXX CORPORATION
By: /s/ Xxxx X. Xxxxx
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Its: Executive Vice President/CFO
Attest:
/s/ Xxxxx X. Xxxxxxx
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Secretary
EXECUTIVE
/s/ Xxxx X. Xxxx
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Xxxx X. Xxxx
Witness:
/s/ Xxxxx X Xxxx
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