EXHIBIT 10.29
AMENDMENT NUMBER ONE TO FIRST RESTATEMENT OF EMPLOYMENT AGREEMENT
THIS AMENDMENT NUMBER ONE TO FIRST RESTATEMENT OF EMPLOYMENT AGREEMENT
(this "Amendment") is effective as of June 16, 1997, between STAR
TELECOMMUNICATIONS, INC., a Delaware corporation (the "COMPANY"), as
successor in interest to STAR Vending, Inc., a Nevada corporation, and XXXXX
XXXXXXX ("EMPLOYEE").
RECITALS
A. Company and Employee are parties to that certain Employment
Agreement dated September 14, 1996 (the "Employment Agreement"), and that
certain First Restatement of Employment Agreement dated December 18, 1996
(the "Restatement Agreement"), pursuant to which Employee is employed by
Company.
B. The parties desire to extend the expiration date of the Restatement
Agreement, and thus have determined to amend the Restatement Agreement as set
forth in this Amendment.
AGREEMENTS
NOW, THEREFORE, the parties agree to amend the Restatement Agreement as
follows:
1. DEFINED TERMS. Capitalized terms used in this Amendment and not
otherwise defined shall have the meanings ascribed to them in the Restatement
Agreement. From and after the date hereof, the term "Agreement" as used in
the Restatement Agreement will mean the Restatement Agreement as amended by
this Amendment, unless and until such Agreement may again be amended.
2. AMENDMENT OF SECTION 2. Section 2 of the Restatement Agreement
shall be amended to read in its entirety as follows:
"2. TERM. The term of Employee's employment by the Company pursuant to
this Agreement shall be for the period commencing September 14, 1996
and ending December 31, 2000. The term of Employee's employment is
subject to earlier termination as provided in Section 7."
3. AMENDMENT OF SECTION 3.1. Section 3.1 of the Restatement Agreement
shall be amended to read in its entirety as follows:
"3.1 BASE SALARY. The Company shall pay Employee a monthly salary during
the term of this Agreement. This salary shall be $16,666,67 per month.
Employee's salary shall not be reduced at any time during the term of
this Agreement, but the foregoing shall not limit the Company's rights
under Section 7."
4. CONFIRMATION. Except as specifically amended by this Amendment,
the Restatement Agreement will continue unchanged, and the terms and
conditions of the Restatement Agreement, as amended by this Amendment, are
ratified and confirmed.
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first set forth above.
"COMPANY" "EMPLOYEE"
STAR TELECOMMUNICATIONS, INC.
a Delaware corporation
By /s/ Xxxx Xxxxx /s/ Xxxxx X. Xxxxxxx
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Xxxx Xxxxx, President Xxxxx Xxxxxxx
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