Exhibit 10.3
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment") is dated as
of March 20, 2006, between Money Centers of America, Inc., a Delaware
corporation (the "Company"), and Xxxxxxxxxxx X. Xxxxxxxxxx (the "Executive").
BACKGROUND:
A. The Company and the Executive are parties to an Employment
Agreement, dated as of January 2, 2004 (the "Agreement").
B. The Company and the Executive have entered into this Amendment to
set forth certain modifications to the Agreement.
NOW THEREFORE, in consideration of the mutual benefits inuring to the
company and the Executive and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally
bound hereby, the Company and the Executive hereby agree as follows:
1. Section 6.2 of the Agreement is hereby amended and restated to read in
full as follows:
Guaranteed Bonus. The Executive shall be entitled to receive an annual
cash bonus (the "Guaranteed Bonus") in an amount equal to 50% of his
Base Salary for each calendar year (or portion thereof) during the term
hereof; provided that for the calendar year 2005 the Guaranteed Bonus
shall be 12.5% of his Base Salary, or $43,750. The Guaranteed Bonus
shall be payable on or before January 15 of each year with respect to
the year (or portion thereof) ended the prior December 31. No
termination of this Agreement shall terminate the Executive's right to
receive a fraction of the Guaranteed Bonus, the numerator of which is
the number of full months or portion thereof in the calendar year in
which this Agreement is terminated during which this Agreement remained
in force and the denominator of which is 12.
2. Except as modified by this Amendment, all terms set forth in the
Agreement remain unchanged and in full force and effect. This Amendment
and the Agreement are intended to be complementary of one another. In
the event of any inconsistency between the terms of this Amendment and
the Agreement, the terms of this Amendment shall control.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
Employment Agreement to be executed as a sealed instrument as of the date first
above written.
MONEY CENTERS OF AMERICA, INC.
By: /s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx, CFO
/s/ Xxxxxxxxxxx X. Xxxxxxxxxx
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Xxxxxxxxxxx X. Xxxxxxxxxx
