EXHIBIT 10.61
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment ("First Amendment") to the Employment Agreement by and
between DSI Toys, Inc. ("Employer") and Xxxxxx X. Xxxxxxxx ("Employee") is
hereby made to be effective the 1st day of December, 2001.
WITNESSETH
1. Employer and Employee entered into that certain Employment Agreement
dated June 1, 2001 ("Agreement").
2. Employer and Employee mutually agree to hereby amend certain terms and
provisions of said Employment Agreement.
ARTICLE I
1.1 Effective December 1, 2001, the position set forth in Paragraph 1.2 of
the Agreement is President and Chief Executive Officer.
1.2 The term as set forth in Paragraph 1.3 of the Agreement is hereby
extended and shall end on November 30, 2004.
ARTICLE II
2.1 Effective December 1, 2001, the base salary as set forth in Paragraph 2.1
of the Agreement shall be One Hundred Eighty Thousand Dollars
($180,000.00) per year.
2.1(a) Effective December 1, 2001, Paragraph 2.1 (a) of the Agreement is hereby
restated in its entirety as follows: "At a minimum, the Base Salary shall
be adjusted annually on December 1, commencing December 1, 2002, to
reflect any increase in the Consumer Price Index - All Urban Wage Earners
(the "Index"). The Base Salary will not be adjusted downward to reflect
any decrease in the Index
2.2 Effective December 1, 2001, the automobile allowance set forth in
Paragraph 2.10 of the Agreement shall be Seven Hundred Fifty Dollars
($750.00) per month.
EXCEPT and as herein altered, changed and amended the Agreement remains
in full force and effect.
IN WITNESS WHEREOF, the Parties have executed this First Amendment in
duplicate originals to be effective the 1st day of December, 2001.
EMPLOYER EMPLOYEE
DSI Toys, Inc.
By: /s/ XXXXXX X. XXXXXXX /s/ XXXXXX X. XXXXXXXX
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Xxxxxx X. Xxxxxxx Xxxxxx X. Xxxxxxxx
Vice President / General Counsel
