Amendment to Division Executive Employment Agreement Between ABM Industries Incorporated and Martinn H. Mandles (SERP Increase)

Summary

ABM Industries Incorporated and Martinn H. Mandles have agreed to amend Mandles' Executive Employment Agreement to increase his monthly supplemental executive retirement pension (SERP) benefit to $4,167, with a new maximum benefit of $500,000. This amendment specifically updates the monthly consulting fees outlined in the original agreement. Both parties have signed and dated the amendment, making it effective as of June 30, 1998.

EX-10.61 3 f77849ex10-61.txt EXHIBIT 10.61 EXHIBIT 10.61 [ABM INDUSTRIES INCORPORATED LETTERHEAD] June 30, 1998 Mr. Martinn H. Mandles ABM Industries Incorporated 160 Pacific Avenue, Suite 222 San Francisco, CA 94111 RE: AMENDMENT OF DIVISION EXECUTIVE EMPLOYMENT AGREEMENT -- INCREASE IN SUPPLEMENTAL EXECUTIVE RETIREMENT PENSION ("SERP") Dear Martinn: I am pleased to inform you that the Executive Officer Compensation and Stock Option Committee of ABM's Board of Directors has approved an increase in the monthly benefit payable to you to $4,167.00 under this plan. Accordingly, the maximum benefit payable to you shall increase to $500,000. This letter shall, in this regard, amend your Executive Employment Agreement, as follows: The monthly Consulting Fees benefit set forth in paragraph X.5 CONSULTANCY shall be $4,167.00. Please sign and date all three (3) originals and return two (2) of them to me. Very truly yours /s/ WILLIAM W. STEELE - ---------------------------------- William W. Steele I hereby agree to the foregoing amendment. /s/ MARTINN H. MANDLES Dated: June 30, 1998. - ----------------------------------- --------------------------------- Martinn H. Mandles New York Stock Exchange Symbol: ABM