EXHIBIT 10.12(a)
AMENDMENT NO. 1 TO EMPLOYMENT AND NONCOMPETE AGREEMENT
This Amendment No. 1 To Employment and Noncompete Agreement (the
"Amendment") is made and entered into as of the ____ day of ______, 1998, by
and between PCA INTERNATIONAL, INC., a North Carolina corporation (the
"Company"); and XXXX X. XXXXXXX, a citizen and resident of the State of North
Carolina ("Employee").
Background Statement
Employee and the Company entered into an Employment Agreement (the
"Agreement") dated as of June 9, 1997. Employee and the Company have agreed
to amend paragraph 4(a) to increase Employee's Base Rate. Capitalized words
or phrases used herein without definition shall have the meanings ascribed to
them in the Agreement.
NOW, THEREFORE, in consideration of the mutual duties and obligations
set forth herein, and intending to be legally bound, the parties hereto agree
as follows:
1. The Agreement is hereby amended by deleting paragraph 4(a) and
replacing it with the following:
"The annual base compensation rate to be paid to Employee for the
services to be rendered hereunder shall be Two Hundred Fifty
Thousand Dollars ($250,000.00), payable in accordance with the
Company's normal payroll practices, subject to applicable federal
and state income and social security tax withholding requirements
(the "Base Rate").
2. Except as set forth herein, the Agreement is ratified and confirmed
in all respects.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the day and year first above written.
Employee:
-------------------------------
Xxxx X. Xxxxxxx
Company:
PCA International, Inc.
By:
----------------------------
Its:
---------------------------
