1
EXHIBIT 10.24
FIRST AMENDMENT
TO
EMPLOYMENT AGREEMENT
THIS AGREEMENT (the "Amendment") is made as of March 27, 1996, by and between
John R. Morris, an individual and a resident of the State of South Carolina (the
"Executive"), and Builders Transport, Incorporated, a corporation organized
under the laws of the State of Delaware having its executive offices located at
2029 West DeKalb Street, Camden, South Carolina, and its subsidiaries (Builders
Transport, Incorporated and its subsidiaries being hereinafter collectively
referred to as the "Corporation") for the purpose of amending an Employment
Agreement (the "Agreement") dated December 16, 1993, entered into by such
parties.
WITNESSETH:
WHEREAS, until December, 1993, the Executive had been employed by the
Corporation as President and Chief Operating Officer for the previous five
years;
WHEREAS, the Chairman of the Board and the Chief Executive Officer of the
Corporation requested that the Executive relinquish that position effective
December 16, 1993, to accept the newly created executive position as President
of its Dedicated Services and Contract Logistics Group;
WHEREAS, the Executive has again been appointed to serve as the President and
Chief Operating Officer of the Corporation;
WHEREAS, the Executive's acceptance of the position of President and Chief
Operating Officer requires certain changes to be made to the Agreement;
NOW, THEREFORE, in consideration of the foregoing, the mutual covenants
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, hereby agree as follows:
1. Paragraph a of Section 1 of the Agreement is amended to read in its
entirety as follows:
The Corporation agrees to employ the Executive, and the Executive
agrees to accept employment by the Corporation, in an executive capacity
as the President and Chief Operating Officer of the Corporation. If at
any time, the Executive is asked to step down, or steps down upon his
own volition, as the President and Chief Operating Officer of the
Corporation, then the Executive shall again serve as the President of
the Corporation's Dedicated Services and Contract Logistics Group.
2. Paragraph c of Section 1 is amended by replacing the first sentence
[with] the following:
During the Term of Employment (as hereinafter defined), the
Executive's minimum gross annual salary shall be $225,000. The remainder
of paragraph c shall remain unchanged.
2
3. Section 2 is amended by replacing the first sentence thereof with the
following:
Notwithstanding that the period of the employment of the Executive
pursuant to this Agreement shall commence on December 16, 1993, the
period of the employment of the Executive pursuant hereto shall be for a
"Term of Employment" of four consecutive Contract Years from January 1,
1994 (the "Effective Date").
The remainder of Section 2 remains the same.
4. Every provision of the Agreement not herein specifically amended
remains in full force and effect. However, to the extent there is any
conflict between the terms of this Amendment and the terms of the
Agreement, the terms of this Amendment shall control.
IN WITNESS WHEREOF, the Corporation has caused this Amendment to be executed by
its officers thereunto duly authorized, and the Executive has signed this
Amendment, effective as of the date first above written.
BUILDERS TRANSPORT, INCORPORATED,
and its subsidiaries
By /s/ STANFORD M. DINSTEIN
------------------------------------
Authorized Signatory
ATTEST:
/s/ NANCY BEAN
- --------------------------------------
EXECUTIVE
By /s/ JOHN R. MORRIS
------------------------------------
John R. Morris
WITNESS:
/s/ NANCY BEAN
- --------------------------------------