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Exhibit 10.7
Amendment No. 7
to
Employment Agreement
This Amendment No. 7 dated as of December 20, 1996 to the
Employment Agreement (the "Employment Agreement"), as amended, dated as of
December 27, 1993 between Allegro New Media, Inc., a Delaware corporation (the
"Company") and Xxxxx X. Cinnamon, residing at 00 Xxx Xxxxxxx Xxxx, Xxxxx Fells,
New Jersey 07021 (the "Employee").
WHEREAS, the Company and the Employee entered into the
Employment Agreement and now desire to modify certain of the terms and
provisions thereof;
NOW, THEREFORE, it is agreed as follows:
1. The Employment Agreement is hereby amended by deleting
therefrom Section 4(a) in its entirety and substituting, in lieu thereof, the
following:
"(a) From and after January 1, 1997, the Company
shall pay to Employee a salary at the rate of $150,000 per annum, payable in
equal bi-weekly installments, or in such other manner as shall be agreeable to
the Company and Employee. This salary provided for herein may be increased by
the Board of Directors of the Company as of January 1 of each year during the
term hereof by an amount not greater than fifteen percent (15%) of the then
current salary hereunder."
2. All capitalized terms used herein, unless otherwise
defined herein, are used herein as defined in the Employment Agreement. Except
as expressly provided herein, all terms and provisions of the Employment
Agreement, as amended, shall remain in full force and effect.
IN WITNESS WHEREOF, the undersigned have hereunto set their
hands as of the date first above written.
ALLEGRO NEW MEDIA, INC.
By: /s/Xxxx X. Xxxxxxxxx
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Xxxx X. Leinginger
Vice President
/s/Xxxxx X. Cinnamon
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Xxxxx X. Cinnamon
