EXHIBIT 10.16.3
THIRD AMENDMENT
TO
EXECUTIVE EMPLOYMENT AND
NON-COMPETITION AGREEMENT
THIS THIRD AMENDMENT TO EXECUTIVE EMPLOYMENT
AND NON-COMPETITION AGREEMENT (this “ Third Amendment
”), dated as of March 3, 2008, is entered into by and
between Energy Solutions , LLC, a Utah limited liability
company (the “ Company ”), ENV Holdings LLC
(“ ENV Holdings ”), and Philip O. Strawbridge
(the “ Executive ”). This Amendment amends
that certain Executive Employment and Non-competition Agreement
between the Company and the Executive dated March 23, 2006, as
amended pursuant to the First Amendment to Executive Employment and
Non-Competition Agreement dated October 17, 2007, and as
further amended pursuant to the Second Amendment to Executive
Employment and Non-Competition Agreement dated October 30,
2007 (collectively, the “Agreement”), as
follows:
1.
Section 2 of the
Agreement is hereby deleted in its entirety and the following is
substituted in place thereof:
2.
Term
. The term of this
Agreement shall begin on the date hereof and, unless sooner
terminated as provided in Section 6, shall conclude on
December 31, 2011 (the “ Employment Term
”).
2.
Section 4(a) of
the Agreement is hereby deleted in its entirety and the following
is substituted in place thereof:
(a)
Salary
. In consideration
of the services rendered by the Executive under this Agreement, the
Company shall pay the Executive a base salary (the “ Base
Salary ”) at the rate of $450,000 per calendar
year. The Base Salary shall be paid in such installments and
at such times as the Company pays its regularly salaried executives
and shall be subject to all necessary withholding taxes, FICA
contributions and similar deductions, as well as set-off against
any amounts Executive owes the Company or its affiliates. In
addition, if the Company at any time increases the salaries or
hourly wages of other employees of the Company generally by a
percentage equally applied to reflect a “cost-of-living
increase”, the Base Salary shall be increased by the same
percentage cost-of-living increase at the time and in the same
manner it is given to other employees of the Company.
3.
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