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EXHIBIT 10.07
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
AMENDMENT, dated as of May 14, 1998, by and between Office
Centre Corporation, a Delaware corporation ("OCC"), and Xxxxxx Xxxxxx (the
"Executive").
W I T N E S S E T H :
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WHEREAS, OCC and the Executive are parties to that certain
employment agreement, dated as of August 22, 1997 (the "Original Agreement");
and
WHEREAS, the parties desire to amend the Original Agreement in
accordance with the terms set forth herein.
NOW, THEREFORE, for good and valuable consideration, the
receipt of which is hereby acknowledged, the parties hereto agree as follows:
1. SECTION 2(e). Section 2(e) to the Original Agreement is
hereby amended by adding the following phrase after the words "OCC stock":
"(after giving effect to any reverse stock split)"
2. SECTION 2(f). Section 2(f) to the Original Agreement is
hereby amended by adding the following sentence at the end thereof:
"Such options (and only such options) shall not be subject to
dilution as a result of any stock dividends, stock splits,
combinations or subdivisions occurring on or before the
completion of the IPO."
3. SECTION 5(a). Section 5(a) to the Original Agreement is
hereby deleted in its entirety and replaced with the following:
"(a) Unless the Executive's employment under this
Agreement is otherwise terminated, the term of this Agreement
shall commence on the Effective Date and shall expire on the
date which is three years from the date of the IPO."
4. The Original Agreement, as hereby amended, shall remain in
full force and effect.
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5. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an
original, but all of which counterparts together shall constitute but one and
the same instrument.
IN WITNESS WHEREOF, the parties have executed and delivered
this instrument as of the date and year first above written.
OFFICE CENTRE CORPORATION
By: /s/X.X. Xxxxxx, Xx.
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Name: Xxxxxx X. Xxxxxx, Xx.
Title:
/s/Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
