AMENDMENT TO MANAGEMENT AGREEMENT
Reference is made to the Management Agreement, made as of the
26th day of January, 1988 (the "Management Agreement"), the
amendments thereto executed on or about January 26, 1990 (the
"First Amendment"), December 29, 1990 (the "Second Amendment"),
January 26, 1992 (the "Third Amendment"), January 26, 1993 (the
"Fourth Amendment"), January 26, 1994 (the "Fifth Amendment"),
January 26. 1995 (the "Sixth Amendment"), January 26, 1996 (the
"Seventh Amendment") and January 26, 1997 (the "Eighth Amendment").
(All such amendments being collectively referred to herein as the
Amendments) by and between Integrated Food Systems, Inc., a New
Jersey corporation with offices at 00-00 Xxxx Xxxxxxxxx, Xxxxx 000,
Xxxxxxx, Xxx Xxxx 00000 ("IFS"), and Fast Food Operators, Inc., a
New York corporation with offices at 00-00 Xxxx Xxxxxxxxx, Xxxxx
000, Xxxxxxx, Xxx Xxxx 00000 ("FFO").
Terms used in the Management Agreement and the Amendments, is
hereby further amended as follows:
The Management Agreement, as amended by the Amendments, is
hereby further amended as follows:
1. Section 1 of the Seventh Amendment is hereby deleted and
replaced in its entirety by the following:
"For services to be rendered hereunder, beginning as of
January 26, 1998 FFO shall pay to IFS a fee (the "Management
Fee") equalling the greater of (i) Twelve Thousand ($12,000)
Dollars per annum per Restaurant, or (ii) Ninety Six Thousand
($96,000) Dollars per annum; provided, however, that if the
Management Fee payable to IFS hereunder is determined by
reference to subsection (i) above, if a Restaurant is not
operated for an entire 12 month period, the Management Fee
payable to IFS in relation to such Restaurant shall be pro
rated for the period of time such Restaurant is operated. In
addition to the Management Fee, IFS shall be entitled to
reimbursement of expenses incurred with respect to rendering
all of the services contemplated hereunder to the extent
permitted by section IV."
2. Section 2 of the Eighth Amendment is hereby deleted and
replaced in its entirety by the following:
"The agreement shall have an initial term expiring on January
25, 1999."
IN WITNESS WHEREOF, the parties hereto have executed this Amendment
as of the 26th day of January, 1998.
INTEGRATED FOOD SYSTEMS, INC.
By:____________________________
Xxxxx X. Xxxxxx, President
FAST FOOD OPERATORS, INC.
By:____________________________
Xxxxx X. Xxxxxx, President