Amendment No. 1 ("Amendment No. 1") to Employment Agreement
("Employment Agreement") made as of the 1st day of July, 1997, by and among Xxxx
Xxxxxxx Music, Inc. d/b/a Rave Music Group, Inc. having offices at 00 Xxxx 00xx
Xxxxxx, Xxx Xxxx, XX 00000, (the "Company"), Paradise Music Entertainment, Inc.
("Paradise") and XXXX XXXXXXXX, an individual with an address at 00 Xxxx 00xx
Xxxxxx, Xxx Xxxx, Xxx Xxxx (the "Executive"). The Company and Paradise are
sometimes collectively referred to herein as the "Employer."
The parties hereto wish to amend the Employment Agreement in the
following respects:
1. Except as otherwise provided in this Amendment No. 1, the
terms used herein shall have the same meaning as the meaning
set forth in the Employment Agreement.
2. The effective date of Amendment No. 1 shall be July 1, 1997.
3. Section 4 (a)(v) of the Employment Agreement shall be amended
by deleting the first sentence thereof and substituting the
following:
"Any amounts which are deemed to be Loans to the
Executive (as computed in accordance with subsection (ii)
above) shall be repayable by the Executive to the Paradise as
follows: (x) 25% of the principal amount of the Loan at the
end of each of the first and second fiscal years following the
fiscal year on which the Loan occurred and (y) the remaining
principal balance of the Loan at the end of the third fiscal
year following the fiscal year in which the Loan occurred.
4. The third sentence of Section 4(b) of the Employment Agreement
shall be amended by deleting it in its entirety and
substituting the following therefor:
"For purposes hereof, the term "extraordinary items"
shall mean all expenses (in the aggregate amount of $10,000 or
more) incurred by Paradise outside the normal course of
business that are determined in the sole discretion of the
Compensation Committee of the Board of Directors of Paradise
to be extraordinary items for purposes of this Section 4(b).
5. The Employment Agreement as amended by this Amendment No. 1
shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties have set their hands and seals on and as
of the day and year first above written.
PARADISE MUSIC & ENTERTAINMENT, INC.
By:
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Name:
Title:
XXXX XXXXXXX MUSIC, INC.
D/B/A RAVE MUSIC GROUP, INC.
By:
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Name:
Title:
/s/ Xxxx Xxxxxxxx
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Xxxx Xxxxxxxx
