EXHIBIT 10.8
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment") is dated as
of October 20, 2005, between Money Centers of America, Inc., a Delaware
corporation (the "Company"), and Xxxxx X. Xxxxx (the "Employee").
BACKGROUND:
A. The Company and the Employee are parties to an Employment Agreement,
dated as of June __. 2005 (the "Agreement").
B. The Company and the Employee have entered into this Amendment to set
forth certain modifications to the Agreement.
NOW THEREFORE, in consideration of the mutual benefits inuring to the
company and the Employee and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally
bound hereby, the Company and the Employee hereby agree as follows:
1. Base Compensation. The phrase "One Hundred and Twenty Thousand Dollars
($120,000)" in Section 4 of the Agreement is hereby amended to read "One Hundred
and Forty-Five Thousand Dollars ($145,000)".
2. Bonus. The phrase "Fifty Thousand Dollars ($50,000) per year" in Section 5 of
the Agreement is hereby amended to read "Twenty-Five Thousand Dollars ($25,000)
per year, commencing with the year beginning January 1, 2006."
3. Except as modified by this Amendment, all terms set forth in the Agreement
remain unchanged and in full force and effect. This Amendment and the Agreement
are intended to be complementary of one another. In the event of any
inconsistency between the terms of this Amendment and the Agreement, the terms
of this Amendment shall control.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
Employment Agreement to be executed as a sealed instrument as of the date first
above written.
MONEY CENTERS OF AMERICA, INC.
By: /s/ Xxxxxxxxxxx X. Xxxxxxxxxx
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Xxxxxxxxxxx X. Xxxxxxxxxx, CEO
/s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
