First Amendment to Employment Agreement between ICO, Inc. and Timothy J. Gollin

Summary

This amendment updates the employment agreement between ICO, Inc. and Timothy J. Gollin, effective November 1, 2002. It changes the terms regarding vehicle benefits, replacing the use of a company car with a monthly vehicle allowance of $1,380, subject to inflation adjustments. Additionally, Mr. Gollin will be reimbursed for business mileage at the IRS rate. All other terms of the original employment agreement remain unchanged.

EX-10.12 6 h02127exv10w12.txt 1ST AMEND.TO EMPLOYMENT AGMT - TIMOTHY J. GOLLIN EXHIBIT 10.12 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT This First Amendment ("Amendment") to the Employment Agreement ("Employment Agreement") between ICO, Inc., a Texas corporation (the "Company"), and Timothy J. Gollin (the "Employee") is dated this 31st day of October, 2002. 1. Paragraph 2.7 of the Employment Agreement is hereby amended, effective as of November 1, 2002, to read as follows: "During the Employment Period, the Employee shall be entitled to fringe benefits in accordance with the policies of the Company as in effect immediately preceding the Effective Date or as in effect at any time thereafter with respect to other key employees. In lieu of use of a Company vehicle, and maintenance, repair, insurance, and fuel charges associated therewith, the Employee shall receive a monthly vehicle allowance in the sum of $1,380.00 ("Vehicle Allowance"), paid in advance on the first payday of each month. The Vehicle Allowance shall be periodically adjusted to reflect inflation. As reimbursement for fuel and vehicle-related charges incurred by Employee when using Employee's personal vehicle on Company business, Employee shall be reimbursed at the IRS reimbursement rate of $0.365 per mile (or the prevailing rate)." 2. All terms and conditions in the Employment Agreement that are not amended by this Amendment continue to be in full force and effect. AGREED AND ACCEPTED: ICO, INC. By: /s/ Jon C. Biro /s/ Timothy J. Gollin ------------------------------- ---------------------- Timothy J. Gollin Printed Name: Jon C. Biro Title: CFO and Treasurer S-4