AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
This Amendment No.1 dated as of March 3, 1997 (this "Amendment") to
that certain Employment Agreement dated as of October 6, 1995, by and between
PDK Labs, Inc., a New York corporation with offices at 000 Xxxxxxxxx Xxxx,
Xxxxxxxxx, XX 00000 (the "Company"), and Xxxxxx Xxxxxxxxx, an individual
residing at 00 Xxxxxxxxxx Xxxxxx, Xxxxxx, XX 00000 (the "Executive").
W I T N E S S E T H :
WHEREAS, the Company and the Executive entered into that certain
Employment Agreement dated as of October 6, 1995 (the "Agreement"); and
WHEREAS, the Company and the Executive desire to amend the Agreement to
effect the changes provided for herein.
NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
1. Effective as of the date hereof, the Agreement is hereby amended by
replacing Section 1 with the following:
"1. The Company hereby agrees to employ Xxxxxxxxx and Xxxxxxxxx
hereby agrees to be exclusively employed as the Company's Chief
Financial Officer. Xxxxxxxxx shall have the title "Chief
Financial Officer" and shall have the duties commensurate with
such title."
2. Effective as of the date hereof, the Agreement is hereby amended by
replacing Section 3(a) with the following:
"3. (a) As consideration for Xxxxxxxxx'x agreement to provide her
exclusive services to the Company. The Company hereby agrees to
pay to Xxxxxxxxx a minimum salary of $85,000 per annum pro-rated
for the period October 6, 1995 through March 2, 1997, inclusive
and, thereafter, $110,000 per annum for each year during the Term
hereof. Such salary hereunder shall be payable by the Company on
a bi-weekly basis."
3. This Amendment shall be governed by and construed in accordance with
the laws of the State of New York, without regard to principles of conflicts of
law.
4. Except as otherwise specifically set forth herein, all of the terms
and provisions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment
as of the day and year first above written.
PDK LABS, INC.
By: /s/ Xxxxxxx X. Xxxxxxxx
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Name: Xxxxxxx X. Xxxxxxxx
Title: President
/s/ Xxxxxx Xxxxxxxxx
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Xxxxxx Xxxxxxxxx
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