EXHIBIT 10.12
AMENDMENT TO SERVICES AGREEMENT
AMENDMENT, dated as of July 1, 1997, to the Agreement, dated as of
June 1, 1997 (the "Agreement'"), between INTEREP NATIONAL RADIO SALES, INC., a
New York corporation ("Interep"), and MEDIA FINANCIAL SERVICES, INC., a Florida
corporation ("Media").
W I T N E S S E T H:
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WHEREAS, Interep and Media wish to amend the Agreement as set forth
below;
NOW, THEREFORE, in consideration of the premises and of the mutual
agreements set forth herein, the parties agree as follows:
1. Inasmuch as Interep has determined to employ Xxxxxxx X. XxXxxxx,
Xx. directly as its Vice President and Chief Financial Officer at an annual
salary of $120,000, the table set forth in Section 4 of the Agreement is amended
to deduct such amount from the fees payable to Media and to read as follows:
Contract Year Annual Fee
------------- ----------
1 $2,460,000
2 $2,460,000
3 $2,589,000
4 $2,724,450
5 $2,866,675
2. Except as provided above, the Agreement shall continue unchanged
and in full force and effect. This Amendment shall be given effect as of June
1, 1997.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first set forth above.
INTEREP NATIONAL RADIO SALES, INC. MEDIA FINANCIAL SERVICES, INC.
By /s/ Xxxxx X. Guild By /s/ Xxxxxxx X. XxXxxxx, Xx.
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Xxxxx X. Guild Xxxxxxx X. XxXxxxx, Xx.
Chairman of the Board President
