Amendment No. 1 to Employment Agreement between Conrad Industries, Inc. and Kenneth G. Myers, Jr.
This amendment updates the employment agreement between Conrad Industries, Inc. and Kenneth G. Myers, Jr., effective September 15, 2003. The main change is an increase in Mr. Myers' base salary to $218,500 per year, to be paid at least monthly according to the company's payroll procedures. All other terms of the original employment agreement remain unchanged.
Exhibit 10.3
AMENDMENT NO. 1 TO
EMPLOYMENT AGREEMENT
This Amendment No. 1 to Employment Agreement (this First Amendment), by and between Conrad Industries, Inc., a Delaware corporation (the Company), and Kenneth G. Myers, Jr. (Executive) is hereby entered into effective as of September 15, 2003.
W I T N E S S E T H:
WHEREAS, the Company and Executive have entered into that certain Employment Agreement, dated as of August 13, 2001 (the Employment Agreement); and
WHEREAS, the Company and Executive desire to amend the Employment Agreement as set forth herein;
NOW, THEREFORE, for and in consideration of the continued employment of Executive by the Company and the payment of salary and other compensation to Executive by the Company, the parties hereto agree as follows:
Section 1. Except as expressly amended hereby, all of the terms and provisions of the Employment Agreement shall remain in full force and effect. Capitalized terms used herein, unless otherwise defined herein, shall have the meaning given to them in the Employment Agreement.
Section 2. The first sentence of paragraph 2(a) of the Employment Agreement is hereby amended to read in its entirety as follows:
The base salary payable to Executive during the term of his
employment hereunder shall be $218,500 per year, payable in
accordance with the Companys payroll procedures for executives,
but not less frequently than monthly.
[signatures appear on the following page]
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed and signed as of the date indicated above.
CONRAD INDUSTRIES, INC. | ||
By: | /s/ MICHAEL J. HARRIS | |
Michael J. Harris Chairman, Compensation Committee of the Board of Directors of Conrad Industries, Inc. |
EXECUTIVE |
/s/ KENNETH G. MYERS, JR. |
Kenneth G. Myers, Jr. |
Amendment No. 1 to Employment Agreement
Kenneth G. Myers, Jr.
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