AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made and
entered into this 1st day of October, 1996, by and between Flanders
Corporation, a North Carolina corporation (formerly known as Elite
Acquisitions, Inc.) ("Flanders Corporation"), Flanders Filters, Inc., a North
Carolina corporation ("Flanders Filters"), and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ("▇▇▇▇▇▇▇" or
the "Executive"). In this Amendment, Flanders Corporation, Flanders Filters,
and ▇▇▇▇▇▇▇, together with their successors and permitted assignees, are
separately referred to as a "Party" and collectively as the "Parties."
W I T N E S S E T H:
WHEREAS, Flanders Corporation, Flanders Filters, and ▇▇▇▇▇▇▇ entered into
an Employment Agreement (the "Agreement"), dated December 15, 1995; and
WHEREAS, Flanders Corporation, Flanders Filters, and ▇▇▇▇▇▇▇ desire to
amend the Agreement upon the terms provided herein;
A G R E E M E N T
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties hereby agree to amend
the Agreement as follows:
1. AMENDMENT TO ANNUAL SALARY.
Section 6(a) of the Agreement is hereby amended as follows:
Commencing on October 1, 1996, the Company shall pay to the
Executive an annualized base salary at a rate of $250,000 in equal
installments as nearly as practicable on the fifteenth and last days
of each month, in arrears. Such annualized base salary may be
increased from time to time in accordance with normal business
practices of the Company. Except as may occur on one occasion in
accordance with Section 1(m)(ii) of the Agreement, the annualized
base salary of the Executive shall not be decreased below its then
existing amount during the term of the Agreement.
2. NO FURTHER AMENDMENT.
Except as provided above, the Agreement shall remain in full force and
effect, unless further amended pursuant to the terms of the Agreement.
IN WITNESS WHEREOF, the Parties hereto have executed and delivered this
Amendment as of the day and year first above written.
FLANDERS CORPORATION
By:________________________________________
Its:_______________________________________
FLANDERS FILTERS, INC.
By:________________________________________
Its:_______________________________________
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
___________________________________________
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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