AMENDMENT #3 TO EMPLOYMENT AGREEMENT
THIS AMENDMENT #3 TO EMPLOYMENT AGREEMENT (the "Agreement") is entered
into by and between International Fast Food Corporation (the "Company"), a
Florida corporation and Xxxxxxxx Xxxxxxxx (the "Executive"), this 7TH day of
NOVEMBER, 1996.
W I T N E S S E T H :
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WHEREAS, the Company and the Executive have entered into an Employment
Agreement dated January 28, 1992 and amended March 3, 1992 and November 1, 1994
governing the relationship between the parties thereto with respect to the
employment of the Executive by the Company;
WHEREAS, the Company and the Executive desire to amend the amount of time
which the Executive agrees to devote to the performance of his duties under this
Agreement; and
WHEREAS, the Company and the Executive desire to extend the duration of
the Executive's employment with the Company and effect an annual 10% increase in
salary through the duration of the Agreement;
NOW, THEREFORE, it is agreed as follows:
1. SECTION 1(C) OF EMPLOYMENT AGREEMENT. The Executive hereby agrees to
devote such portion of his business time, attention and efforts to the
performance of his duties hereunder as may be reasonably required by the Board,
it being understood that the Executive has certain other business interests to
which he must devote a portion of his business time.
2. SECTION 2 OF EMPLOYMENT AGREEMENT. The term of this Agreement, and
the employment of the Executive hereunder, shall be for a period expiring on
December 31, 1999.
3. SECTION 3(A) OF EMPLOYMENT AGREEMENT. The Executive's minimum salary
during the first year of the term of this Agreement shall be $183,012.50 per
annum, payable by check in equal bi-weekly installments or in such other
periodic installments as may be in accordance with the regular payroll policies
of the Company as from time to time in effect, less such deductions or amounts
to be withheld as shall be required by applicable law and regulations, provided
that for each subsequent year during the term, the minimum salary shall be
increased by ten percent (10%) per annum.
3. NO FURTHER AMENDMENT. Except as otherwise provided herein and in
Amendment #1 and Amendment #2, the terms and provisions of the Employment
Agreement remain unchanged.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Agreement as of the date first above written.
INTERNATIONAL FAST FOOD CORPORATION,
a Florida corporation
By: /S/ Xxx Xxxxxx
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Its: Vice President
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/S/ Xxxxxxxx Xxxxxxxx
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Xxxxxxxx Xxxxxxxx
