Exhibit 10.3
THINK NEW IDEAS, INC.
0000 Xxxxxx Xxxx., Xxxxxxxxx Xxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000
October 23, 1997
Mr. Xxxx Xxxxx
Chief Technology Officer
THINK New Ideas, Inc.
00 Xxxx 00xx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: AMENDMENT TO EMPLOYMENT AGREEMENT DATED JUNE 30, 1996
Dear Xxxx:
Reference is hereby made to that certain employment agreement dated as of
June 30, 1996 (the "Employment Agreement") between THINK New Ideas, Inc. (the
"Corporation") and Xxxx Xxxxx (the "Employee"). This letter is intended to
confirm that, notwithstanding anything else to the contrary set forth in the
Employment Agreement, the Corporation and the Employee hereby agree that Section
4(a) of the Employment Agreement be hereby amended by striking Section 4(a) of
the Employment Agreement thereof and by substituting in lieu thereof the
following new Section 4(a) to read as follows:
"4(a) COMPENSATION. The Company shall pay the Employee compensation equal
to Two Hundred Sixty Thousand Dollars ($260,000) per annum at a rate of
Twenty-One Thousand Six Hundred Sixty-Six Dollars and Sixty-Seven Cents
($21,666.67) per month (such monthly amount as the same may be increased from
time to time by virtue of the adjustments set forth hereinbelow shall be defined
as the "Monthly Compensation"). Such salary shall be payable in accordance with
the customary payroll practices of the Company."
This letter is also intended to confirm that, notwithstanding anything
else to the contrary set forth in the Employment Agreement, the Corporation and
the Employee hereby agree that Section 4 of the Employment Agreement be hereby
further amended by adding subsection (d) to read as follows:
"4(d) ANNUAL INCREASES. The Company shall increase the compensation of the
Employee on June 30, 1998 in an amount equal to five percent (5%) of the year's
prior compensation and annually increase the Employee's compensation on June 30
of each year thereafter in an amount equal to ten percent (10%) of each year's
prior compensation."
The modification stated herein shall become effective on January 2, 1998.
Except as otherwise expressly modified hereby or required to effectuate the
modification set forth herein, the Employment Agreement shall remain unchanged
and shall continue in full force and effect pursuant to the terms thereof.
This letter agreement contains the entire agreement between the
Corporation and the Employee with respect to the modification which is the
subject hereof. This letter agreement may not be amended, changed, modified, or
discharges, nor may any provision hereof be waived, except by an instrument in
writing executed by or on behalf of the party against whom enforcement of any
amendment, waiver, change, modification or discharge is sought. No course of
conduct or dealing shall be construed to modify, amend or otherwise affect any
of the provisions hereof. Please confirm that the Employee is in agreement with
the forgoing, and that the foregoing is in accordance with your understanding by
signing and returning this letter, which shall thereupon constitute a binding
agreement.
Agreed to and accepted as of this
_____ day of October, 1997 Very truly yours,
THINK New Ideas, Inc.
By: /s/ Xxxx Xxxxx By: /s/ Xxxxx Xxxxxxx
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Xxxx Xxxxx Xxxxx Xxxxxxx
Chief Executive Officer
