SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT (the "Second Amendment") to an Employment
Agreement dated May 3, 1995 as amended on May 4, 1995 (together, the "Employment
Agreement"), by and between Xxxxxxxxx Xxxxx (the "Employee"), and New Commodore
Cruise Lines Limited, a Bermuda corporation (the "Company"), is effective as of
this 3rd day of May, 1997.
W I T N E S S E T H:
WHEREAS, the Company recognizes the Employee's substantial contribution
as Vice-Chairman of the Board of Directors and Chief Executive Officer of the
Company; and
WHEREAS, the Company desires to assure the Employee's continued
employment.
NOW, THEREFORE, in consideration of the agreements and covenants
contained herein and for other valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, it is mutually agreed as follows:
1. EXTENSION OF EMPLOYMENT. The Term is hereby extended until
May 3, 2002; provided, however, that the Employee shall be entitled to terminate
the Employment Agreement at any time during the final two years of the Term by
providing written notice to the Company at least six months prior to such
termination date.
2. RATIFICATION. Except as expressly set forth herein, the
terms of the Employment Agreement shall remain in full force and effect. In the
event of a conflict between this Amendment and the Employment Agreement, this
Amendment shall control to the extent of any such conflict.
3. DEFINED TERMS. Unless otherwise defined herein, capitalized
terms shall have the meanings ascribed to them in the Employment Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Second
Amendment effective as of the date first written above.
COMPANY:
NEW COMMODORE CRUISE LINES LIMITED
By: /s/ XXXXXXX X. XXXXXX
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Xxxxxxx X. Xxxxxx, Director
EMPLOYEE:
/s/ XXXXXXXXX XXXXX
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Xxxxxxxxx Xxxxx
