EXHIBIT 5.
MODIFICATION TO EMPLOYMENT AGREEMENT
THIS MODIFICATION TO EMPLOYMENT AGREEMENT, effective
the 12th day of February, 1996, by and between RGB COMPUTER
& VIDEO, INC. whose address is 0000 Xxxx Xxxxx Xxxx., Xxxxx
000, Xxxxxxx Xxxxx, XX 00000, hereinafter referred to as
"Company" and XXXXXX X. XXXXXXX, III of 00 X. Xxxxxxxxx
Xxxxx, Xxxxxxx, Xxxxxxx 00000, hereinafter referred to as
the "Executive".
WITNESSETH
WHEREAS, on or about April 22, 1993, Company and
Executive executed that certain Employment Agreement; and
WHEREAS, the Company desires to amend the terms and
conditions of the employment of the Executive as contained
herein; and
WHEREAS, the Executive agrees to change the terms of
employment persuant to this Agreement.
NOW, THEREFORE, in consideration of the sum of TEN
DOLLARS ($10.00) and other good and valuable considerations,
the receipt of which is hereby acknowledged by the parties
hereto, together with the mutual covenants contained herein,
the parties agree as follows:
1. Paragraph 1(a), Terms of Employment, is amended by
deleting the last line of Subparagraph (a), Term, "five
years from the date hereof (the `Term')", and replacing it
with the following:
February 15, 2001 (the "Term")
2. Paragraph 2, Duties, Subparagraph (a), General
Duties, shall be amended by adding the following phrase to
the second sentence thereof, "The Executive will also
perform services for such subsidiaries as may be necessary",
as follows:
including acting as President of Saf T Lok, a
wholly owned subsidiary of the Company.
3. Paragraph 3, Compensation and Expenses,
Subparagraph (a), Salary, is amended to reflect the cost of
living adjustments set forth therein such that the annual
base salary commencing upon the effective date of this
Modification shall increase to $92,500.00 per annum from the
original annual base salary of $85,000.
4. Effective Date. The effective date of this
Agreement shall be February 12, 1996.
5. Except as otherwise specially modified by this
Modification to Employment Agreement, the Employment
Agreement dated on or about April 22, 1993 is hereby
reconfirmed and re-ratified, and shall otherwise remain in
full force and effect.
IN WITNESS WHEREOF, the Company and Executive have
executed this Agreement as of the effective date contained
herein.
COMPANY: RGB COMPUTER & VIDEO, INC.
By // Xxxxx Xxxxxx
-----------------------------
XXXXX XXXXXX
Chairman of the Board
Authorized Representative
By // Xxxxxx X. Xxxxxxx III. President
------------------------------------
XXXXXX X. XXXXXXX, III, President
EXECUTIVE: // Xxxxxx X. Xxxxxxx III. President
------------------------------------
XXXXXX X. XXXXXXX, III
