Exhibit 10.5
AMENDMENT TO EMPLOYMENT AGREEMENT
This amending agreement (the "Amending Agreement") is made as of the 28th
day of July, 1999, and is by and between MCY MUSIC WORLD, INC., a Delaware
company (the "Company") and Xxxxxxxx Xxxxxxx (the "Executive").
WHEREAS: A. The Company and the Executive have executed and delivered an
Employment Agreement dated July 11, 1999 (the Employment Agreement is herein
referred to as the "Agreement"); and
WHEREAS: B. The Company and the Employee wish to amend the Agreement as set
forth herein.
NOW THEREFORE, the Company and the Employee hereby agree as follows:
1. Section 3.5 is hereby added to the Agreement and made a part thereof as
if originally set forth therein. Section 3.5 is as follows:
3.5 Notwithstanding anything herein to the contrary, in addition to
the compensation provided for elsewhere in this Agreement, the
Executive shall receive additional annual compensation in an amount
equal to 1/4% of the annual gross revenues reported by the Company in
each fiscal year commencing with the year ending December 31, 1999 and
terminating twenty years thereafter. This compensation shall be paid
to Executive on an annual basis within 90 days after the end of each
fiscal year. The obligation of the Company to pay the compensation set
forth in this Section 3.5 shall not require that Executive be employed
after the termination of this Agreement; such compensation is being
paid over time as provided herein as an inducement for Executive to
enter into this Agreement.
2. Section 5.5 is hereby added to the Agreement and made a part thereof as
if originally set forth therein. Section 5.5 is as follows:
5.5 Notwithstanding anything herein to the contrary, in the event that
Executive is terminated for any reason whatsoever, including a
voluntary resignation as an Employee of the Company, he shall under
any and all circumstances be entitle to receive, in addition to other
severance compensation provided for herein, payment of the
compensation set forth in Section 3.5 hereof.
3. All other provisions of the Agreement shall remain in force and effect.
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IN WITNESS WHEREOF, the Company and the Executive have caused this Amending
Agreement to be duly executed as of the date first written above.
MCY MUSIC WORLD, INC. EXECUTIVE
By: /s/ Xxxxxxxx Xxxxxxx By: /s/ Xxxxxxxx Xxxxxxx
Name: Xxxxxxxx Xxxxxxx Name: Xxxxxxxx Xxxxxxx
Title: President Title:
Address for Notice: Address for Notices:
MCY Music World Inc.
000 0xx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
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