EXTENSION OF EMPLOYMENT AGREEMENT
WHEREAS, the undersigned parties have entered into an Employment Agreement
made and entered into as of the 30th day of September, 1993 by and between Sano
Corporation, a Florida corporation (the "Company") and Xxxxxx Xxxxxxx (the
"Employee"), as amended by that certain Amendment to Employment Agreement
between the parties dated August 1, 1995 (the "Amendment"), (the Employment
Agreement and the Amendment being collectively the "Agreement"); and
WHEREAS, the Company and Employee each desire to extend said Agreement.
NOW THEREFORE, in consideration of the premises and mutual covenants set
forth herein, the parties agree as follows:
1. The Agreement shall be extended for a three (3) year period commencing
September 30, 1996 (the "Renewal Term") unless sooner terminated in accordance
with the terms and conditions of the Agreement.
2. The Renewal Term of the Agreement and the employment fo the Employee
thereunder may be renewed and extended, upon written notice delivered by the
Company to the Employee at least sixty (60) days prior to the expiration of the
Renewal Term or any renewal thereof for up to two (2) additional one-year
periods beyond the Renewal Term.
3. The Employee hereby waives notice from the Company of the renewal of the
Agreement, as set forth in Section 2.2 of the Agreement.
4. The Base Salary of the Employee as set forth in Section 3.1 of the
Agreement shall be $135,000 commencing January 1, 1997.
5. All other terms and conditions of the Agreement shall remain unchanged
and in full force and effect.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
October 24, 1996.
SANO CORPORATION
By: /s/ XXXXXXXX XXXXX
________________________________
Xxxxxxxx Xxxxx, President
EMPLOYEE
/s/ XXXXXX XXXXXXX
_____________________________________
Xxxxxx Xxxxxxx
