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EXHIBIT 10.38
AMENDMENT NO. 1 TO EMPLOYMENT CONTRACT
BETWEEN
GENERAL CREDIT CORPORATION
AND
XXXXX XXXXX
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AMENDMENT NO. 1 TO EMPLOYMENT CONTRACT
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THIS AMENDMENT NO. 1 TO THAT CERTAIN EMPLOYMENT CONTRACT is made and
entered as of the 26th day of January 1998 ("Contract"), between GENERAL CREDIT
CORPORATION, a New York corporation ("EMPLOYER"), and XXXXX XXXXX ("EMPLOYEE").
R E C I T A L S:
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A. The parties have entered into that certain Employment Contract dated
as of June 1, 1996 among EMPLOYER and EMPLOYEE (the "Contract").
B. EMPLOYEE is the Vice President and Chief Financial Officer of
EMPLOYER.
C. The parties desire to amend the Contract to the extent and in the
respects set forth in this Amendment No. 1.
NOW, THEREFORE, in consideration of the mutual promises contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto mutually agree
as follows:
1. Article II of the Contract is hereby amended in its entirety to read as
follows:
ARTICLE II
TERM
The term (the "Term") of this Contract shall be ten (10) years
commencing on the date of this Contract and ending ten (10) years thereafter
unless terminated earlier as provided herein.
2. Except to the extent expressly set forth in this Amendment No. 1, the
Contract shall remain in full force and effect in accordance with its terms.
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IN WITNESS WHEREOF, EMPLOYER and EMPLOYEE have caused this Amendment
No. 1 to be executed on the day and year first above written.
"EMPLOYER"
GENERAL CREDIT CORPORATION
By: /s/ Xxxxxx Xxxxxxx
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Authorized Representative
"EMPLOYEE"
/s/ Xxxxx Xxxxx
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Xxxxx Xxxxx
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