1 Exhibit 10.1
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
THIS AGREEMENT, made and entered into as of the 30th day of June, 1997, between
Payless Cashways, Inc., an Iowa corporation (the "Company"), and ▇▇▇▇▇ ▇.
▇▇▇▇▇▇▇ (the "Executive").
WHEREAS, the Company and the Executive have entered into an employment agreement
dated February 8, 1993 (the "Employment Agreement"), as amended by Amendment No.
1 to Employment Agreement dated October 17, 1996 ("Amendment No. 1");
WHEREAS, the parties mutually desire to amend the Employment Agreement and
Amendment No. 1;
NOW, THEREFORE, in consideration of these premises and other good and valuable
consideration, the parties agree as follows:
1. All references to the date of "March 1, 1998" contained within
Amendment No. 1 are hereby deleted and the date of "March 1, 1999" is
substituted in lieu thereof. The reference to the year "1998" contained within
Paragraph 4 of Amendment No. 1 is hereby deleted and the year "1999" is
substituted in lieu thereof.
2. A new Paragraph 6(g)(vi) is hereby inserted in the Employment
Agreement, as follows:
"Outplacement Benefits. The Company, at its expense, will provide to
the Executive such outplacement benefits as would be appropriate for a
senior officer of a company substantially equivalent in size to the
Company in terms of sales, profits, number of employees, geographic
location and organizational structure, as determined by a national
outplacement service provider selected by Company."
In witness whereof, the parties have executed this Amendment No. 2 to Employment
Agreement as of the day and year written above.
PAYLESS CASHWAYS, INC. EXECUTIVE
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇ /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Chairman and Chief Executive Officer ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Approval by the Compensation Committee of the Board of Directors of the Company
is hereby confirmed.
/s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇.
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▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇.