Amendment to Employment Agreement between Peerless Mfg. Co. and Richard L. Travis, Jr.

Contract Categories: Human Resources › Employment Agreements
Summary

Peerless Mfg. Co. and Richard L. Travis, Jr. have agreed to amend Mr. Travis's employment agreement, originally effective February 4, 2002. This amendment increases the severance compensation Mr. Travis would receive if his employment is terminated without cause, raising it from 100% to 150% of the specified amount. The amendment is effective as of August 12, 2002, and is intended to encourage Mr. Travis to continue serving as the company's Chief Financial Officer.

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EX-10.(N) 3 d01225exv10wxny.txt AMENDMENT TO EMPLOYMENT AGREEMENT - R L TRAVIS JR EXHIBIT 10(n) August 12, 2002 Mr. Richard L. Travis, Jr. 7067 Inwood Road Dallas, Texas 75209 Re: Amendment to Employment Agreement Dear Mr. Travis: Reference is hereby made to the Employment Agreement (the "Agreement"), dated to be effective as of February 4, 2002, between Peerless Mfg. Co. (the "Company") and Richard L. Travis, Jr. ("Executive") regarding Executive's employment with the Company. Capitalized terms used herein and not otherwise defined have the meanings given such terms in the Agreement. In consideration of Executive's service to the Company as the Company's Chief Financial Officer and as an inducement for Executive to remain in the employ of the Company, the Company and Executive desire to amend the Agreement to increase the severance compensation Executive would receive if his employment with the Company was terminated without Cause. The Company and Executive hereby agree that effective as of the date hereof, Section 4.1 of the Agreement entitled "Termination by Employer" is hereby amended by deleting the reference to "one hundred percent (100%)" therein and inserting "one hundred fifty percent (150%)" in lieu thereof. Sincerely, PEERLESS MFG. CO. /s/ Sherrill Stone --------------------------------------------- Sherrill Stone, Chairman of Board and Chief Executive Officer Agreed and Acknowledged this 15th day of August 2002. /s/ Richard L. Travis, Jr. - -------------------------- Richard L. Travis, Jr.