FIRST AMENDMENT TO AMENDED AND RESTATED SERVICE AGREEMENT
Exhibit 10.3
FIRST AMENDMENT TO
AMENDED AND RESTATED SERVICE AGREEMENT
AMENDED AND RESTATED SERVICE AGREEMENT
THIS FIRST AMENDMENT TO AMENDED AND RESTATED SERVICE AGREEMENT (“Amendment”) is entered into
by and between Bank Machine Limited (the “Company”) and Xxx Xxxxxxx (the “Executive”).
WHEREAS, the Company and the Executive have heretofore entered into that certain Amended and
Restated Service Agreement dated as of May 17, 2005 (the “Service Agreement”); and
WHEREAS, the Company and the Executive desire to amend the Service Agreement in certain
respects.
NOW, THEREFORE, in consideration of the premises set forth above and the mutual agreements set
forth herein, the Company and the Executive hereby agree, effective as of the date first set forth
above, that the Service Agreement shall be and is hereby amended as hereafter provided:
1. Section 2.2 of the Service Agreement shall be deleted and the following shall be
substituted therefor:
“2.2 The Executive’s employment under this Agreement commenced on the Effective
Date and shall terminate automatically on June 5, 2011, unless terminated earlier in
accordance with this Agreement.”
2. The first sentence of Section 5.1 of the Service Agreement shall be deleted and the
following shall be substituted therefor:
“The Executive shall receive a fixed annual salary of £186,323 which shall accrue
from day to day and be payable by equal monthly installments in arrears on or before
the last day of each calendar month or such salary as may be agreed and confirmed to
the Executive in writing by the Company in its sole discretion from time to time.”
3. This Amendment (a) shall supersede any prior agreement between the Company and the
Executive relating to the subject matter of this Amendment and (b) shall be binding upon and inure
to the benefit of the parties hereto and any successors to the Company and all persons lawfully
claiming under the Executive.
4. Except as expressly modified by this Amendment, the terms of the Service Agreement shall
remain in full force and effect and are hereby confirmed and ratified.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment on this the
5th day of June, 2008.
| “EXECUTIVE” | “COMPANY” | |||||
| BANK MACHINE LIMITED | ||||||
/s/ Xxx Xxxxxxx
|
By: Name: |
/s/ Xxxxxxx X. Xxxxxx
|
||||
| Title: | Director | |||||
