AMENDMENT NUMBER ONE (1)
TO
Employment Contract Dated October 1, 1995
Between
Global TeleMedia International, Inc.
and
Xxxxxxx X. Xxxxxx
This Amendment Number One (1) dated February 1, 1996 to that certain Employment
Agreement dated October 1, 1995 by and between Global TeleMedia International,
Inc. and Xxxxxxx X. Xxxxxx shall be amended as follows
Article 2. shall be amended to include new Article 2.5 as follows:
2. COMPENSATION.
2.5 Employer hereby grants to employee the right to purchase
50,000 warrants and options in Global TeleMedia International, Inc.
for the sum of $1.00 per warrant. These warrants must be exercised,
in whole or in part, no later than January 31, 1997. In order to
receive said warrant options, Employee must remain in the employ of
Global TeleMedia International, Inc. through January 31, 1997.
All other terms and conditions of the original agreement dated October 1, 1995
shall remain in full force and effect.
GLOBAL TELEMEDIA INTERNATIONAL, XXXXXXX X. XXXXXX
INC.
By: /s/ Xxxxxxxx X. XxXxxxx By: /s/ Xxxxxxx X. Xxxxxx
-------------------------------- -----------------------------
Its: President and Chief Executive Officer