EXHIBIT 10.14
FIRST AMENDMENT TO EMPLOYMENT CONTRACT
THIS FIRST AMENDMENT TO EMPLOYMENT CONTRACT is made and entered into
this _____ day of April, 2000, by and between M.G.A., INC., A DELAWARE
CORPORATION (the "Company"), and H. XXXXXXXX XXXXXXX (the "Employee").
WITNESSETH:
WHEREAS, the Company and Employee entered into that certain Employment
Contract, dated June 9, 1994 (the "Agreement"), providing for the employment of
Employee as President of the Company; and
WHEREAS, the Board of Directors of the Company has approved an
amendment to the Agreement to increase the base annual salary payable to
Employee under the Agreement;
NOW, THEREFORE, for good and valuable consideration, the parties hereby
agree to amend the Agreement as follows:
1. Paragraph 4.1 of ARTICLE IV of the Agreement is hereby removed and
deleted in its entirety, and a new Paragraph 4.1 of ARTICLE IV is hereby added
in its place and stead as follows:
"4.1 For the services to be rendered by Employee in his
capacity hereunder, or any other duty assigned to him by the Board of
Directors of the Company, the Company agrees to pay Employee a base
annual salary of Four Hundred Thousand and No/100 Dollars ($400,000.00)
per year, subject to such increases as the Board of Directors (or the
Compensation Committee of the Board of Directors) in its sole
discretion deems appropriate in accordance with the Company's customary
procedures regarding the salaries of its executive officers. Said base
annual salary shall be payable in successive biweekly payments due on
the normal payroll payment days of each month in equal amounts."
2. This amendment shall be effective as of April 3, 2000.
3. In all other respects, the Agreement is hereby ratified and
affirmed.
IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment to Employment Contract on the day and year first above written.
ATTEST: M.G.A., INC.
/s/ XXXX X. XXXXX BY: /s/ S. PAGE XXXX
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Assistant Secretary Senior Vice President
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/s/ XXXXXX X. XXXXXXX /s/ H. XXXXXXXX XXXXXXX
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WITNESS H. XXXXXXXX XXXXXXX
