FIRST AMENDMENT TO REVISED AGREEMENT
THIS FIRST AMENDMENT TO REVISED AGREEMENT is made this 18th
day of January, 1996, by and between Spec's Music, Inc. ("Spec's"), a Florida
corporation, and Transition Strategies, Inc. ("TSI").
WHEREAS, pursuant to a revised agreement dated January 1, 1996 (the
"Agreement"), Spec's retained the services of TSI as an independent contractor;
WHEREAS, Spec's and TSI have determined that there was a typographical
error in the Agreement and wish to correct it; and
WHEREAS, TSI wishes for Xxxxxxx Xxxxxxxx ("Xxxxxxxx"), the officer of TSI
assigned to perform TSI's obligations under the Agreement, to receive the stock
options referenced in the Agreement.
NOW, THEREFORE, in consideration of the mutual covenants contained in the
Agreement, and for other valuable consideration acknowledged by each party to be
satisfactory, the parties hereto agree as follows:
1. Section 6(a) of the Agreement, "Grant of Options," is hereby amended
by deleting the first sentence in such section and replacing it with the
following sentence:
Spec's shall grant to Xxxxxxxx options (the "Options") to purchase,
in accordance with and subject to the terms and conditions of this
Section, which shall be deemed to be an employee benefit plan for
security law purposes, the sum of 208,000 shares of its common
stock, par value $.01 per share (the "Shares") at the per Share
exercise price of $1.3125.
2. All references to "TSI" in Section 6 of the Agreement shall be changed
to "Xxxxxxxx."
IN WITNESS WHEREOF, each party has executed this First Amendment to
Agreement on the date first above written.
TRANSITION STRATEGIES, INC.
By: /s/ Xxxxxxxx
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Xxxxxxx Xxxxxxxx, President
SPEC'S MUSIC, INC.
By: /s/ Xxx Xxxxx, President
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Xxx Xxxxx, President
