AMENDMENT NUMBER ONE (1)
TO
Employment Contract Dated September 1, 1995
Between
Global TeleMedia International, Inc.
and
Xxxxxxxx X. XxXxxxx
This Amendment Number One (1) dated February 1, 1996 to that certain Employment
Agreement dated May 25, 1995 by and between Global TeleMedia International, Inc.
and Xxxxxxxx X. XxXxxxx shall be amended as follows
Article 2. shall be amended to include new Article 2.5 as follows:
2. COMPENSATION.
2.5 Employer hereby grants to employee the right to purchase
50,000 warrants and options in Global TeleMedia International, Inc.
for the sum of $1.00 per warrant. These warrants must be exercised,
in whole or in part, no later than January 31, 1997. In order to
receive sair warrant options, Employee must remain in the employ of
Global TeleMedia International, Inc. through January 31, 1997.
All other terms and conditions of the original agreement dated September 1, 1995
shall remain in full force and effect.
GLOBAL TELEMEDIA INTERNATIONAL, XXXXXXXX X. XXXXXXX
INC.
By: /s/ Xxxxxxxx X. XxXxxxx By: /s/ Xxxxxxxx X. XxXxxxx
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Its: President and Chief Executive Officer