Exhibit 10.8
Amendment to Employment
Agreement, dated January 17, 1997
This Amendment, made and entered into as of the 15 day of March, 1999, by
and between International Dispensing Corporation, a Delaware corporation (the
"Company"), and Xxx Xxxxxxxxx, a New York resident (the "Executive"), to the
Employment Agreement dated January 17, 1997.
WITNESSETH:
WHEREAS, the Company and the Executive are desirous of modifying the
Employment Agreement to reflect the needs of the Company;
Now THEREFORE, in consideration of the premises and of the mutual covenants
herein contained, the parties hereto agree as follows:
1. DUTIES AND RESPONSIBILITIES DURING THE EMPLOYMENT PERIOD
From the date hereof until the Termination Date, the Executive
shall serve as the Chairman of the Board of Directors. In such
capacity, the Executive shall primarily work with the
President at transitioning his previous work and contacts
prior to the Termination Date, as well as other duties and
responsibilities as may be assigned from time-to-time by the
Board of Directors. He shall supervise and assist in the
necessary efforts to obtain monies owed to the Company from
the China operation. Nothing contained herein shall be deemed
to prohibit the Executive from spending a portion of his time
in pursuing and engaging in other business opportunities
provided that such activities shall be at the sole expense of
the Executive and do not adversely affect or impede the
transitioning work the Executive shall perform hereunder.
2. BASIC SALARY
From the date hereof until the Termination Date, the Basic
Salary shall be at the rate of $180,000 per annum. At the
Termination Date, the Executive shall receive title to his
Company-owned automobile.
3. STOCK OPTIONS
Notwithstanding the original terms of the options to purchase
100,000 shares of the Company's Common Stock granted to the
Executive by the Board of Directors on July 9, 1998, options
to purchase 33,333 of such shares shall become exercisable on
April 2, 1999 and options to purchase an additional 33,334 of
such shares shall become exercisable on December 30, 1999
provided in each case the Executive is still employed by the
Company. If they become exercisable, the foregoing options may
be exercised by the Executive until December 31, 2004
whether or not the employment of the Executive by the Company
has terminated. Options to purchase the remaining 33,333
shares (of the options to purchase 100,000 shares granted on
July 9, 1998) shall become null and void and may not be
exercised at any time after the Termination Date. In addition,
since the options to purchase 66,667 shares shall remain
exercisable for more than 90 days after the Termination Date,
all of such options shall be non-qualified options rather than
incentive stock options.
4. OTHER
All other terms and conditions of the Employment Agreement
shall remain in full force and effect until the Termination
Date, except that the Company shall have a one year option on
a month-to-month basis to continue to utilize the Executive's
services for the same rate of compensation.
Agreed to and accepted this 15th day of March, 1999.
/s/ Xxx Xxxxxxxxx
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Xxx Xxxxxxxxx
INTERNATIONAL DISPENSING CORPORATION
By: /s/ Xxxxxxx Xxxxxxxxx
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Xxxxxxx Xxxxxxxxx
Executive Vice President
