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 Xxxxx Xxxxxxx d/b/a/ Festina ("Xxxxxxx").
WHEREAS, pursuant to a revised agreement dated January 1, 1996 (the
"Agreement"), Spec's retained the services of Xxxxxxx as an independent
contractor; and
WHEREAS, Spec's and Xxxxxxx have determined that there was a typographical
error in the Agreement and wish to correct it.
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 Xxxxxxx 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 261,766 shares of its common stock, par value
$.01 per share (the "Shares") at the per Share exercise
price of $1.125.
IN WITNESS WHEREOF, each party has executed this First Amendment to
Agreement on the date first above written.
/s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx d/b/a Festina
SPEC'S MUSIC, INC.
By: /s/ Xxx Xxxxx, President
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Xxx Xxxxx, President
