EXHIBIT 10.3
XXXXXXX & XXXXXX CORPORATION
000 XXXXXXXXXX XXXXXXX
XXXX, XX 00000
August 27, 2003
Xx. Xxxxxx X. Xxxxx
0000 Xxxx Xxxxx
Xxxxxx, XX 00000
RE: AMENDMENT TO EMPLOYMENT AGREEMENT
Dear Xxxxxx:
This letter addresses certain aspects of your employment terms not
addressed in your Employment Agreement with Xxxxxxx & Xxxxxx Corporation (the
"Company"), dated August 29, 2003. If you sign at the end of this letter and
return the signed copy to Xxxxxxx & Xxxxxx at the above address, to the
attention of Xxxx Xxxxxxx, Senior Vice President, Human Resources, this letter
will amend your Employment Agreement.
The terms of your Employment Agreement, the Supplemental Retirement
Income Plan ("SRIP"), and any other plan or program generally applicable to
employees of the Company will control in the event of a conflict with the terms
of this letter, except as specifically provided herein.
If your employment terminates for any reason other than a termination
for Cause or your voluntary resignation, you will be credited with ten (10)
years of vesting credit toward Retirement and otherwise be deemed to be eligible
for Retirement, as defined under Paragraph 5 of Article II of the SRIP, as of
the date of such termination of employment. Such credit shall not affect the
amount of your service credit for purposes of calculating the amount of any
benefit under Article IV of the SRIP.
You shall have available a perquisite account, not to exceed Twenty
Thousand Dollars ($20,000) per year. The Company shall provide you such
additional amounts as are necessary to cover your tax costs associated with such
perquisites.
XXXXXXX & XXXXXX CORPORATION
By: /S/ Xxxxx Xxxxxxxx
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Its: Chairman & CEO
/S/ Xxxxxx X. Xxxxx
------------------------
Xxxxxx X. Xxxxx
