EXHIBIT 10.2(B)
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to the Employment Agreement (the "Amendment") is made
as of the 19th day of December, 1997 by and between Xxxxxxx Leisure Limited, a
Bahamas international business company (the "Company"), and Xxxxxxx X. Xxxxxxx
("Employee").
WITNESSETH:
WHEREAS, the Company and Employee entered into an Employment
Agreement dated October 23, 1996, amended March 25, 1997 (the "Employment
Agreement"); and
WHEREAS, the Company and Employee desire to amend the Employment
Agreement as provided below.
NOW, THEREFORE, in consideration of the premises and mutual
agreements hereinafter contained, the parties hereto agree as follows:
1. COMPENSATION. Section 3(a)(i) of the Employment Agreement
is hereby amended so that, as amended, it shall read as follows:
(a) SALARY, ETC. Commencing as of January 1, 1998, except as
otherwise expressly provided herein, the Company (or any Affiliate
thereof) shall pay to Employee during the term hereof compensation
as described in this Section 3(a), all of which shall be subject to
such deductions as may be required by applicable law or regulation.
(i) BASE SALARY. A base salary at the rate of (A) Two
Hundred Forty Thousand Dollars [(U.S.) $240,000.00] for calendar
year ("Year") 1998 and (B) no less than Two Hundred Forty Thousand
Dollars [(U.S.) $240,000.00] for each Year thereafter during the
term of this Agreement, subject to review by the Compensation
Committee of the Board of Directors of the Company, payable in
bi-weekly installments (the "Base Salary").
2. EFFECTIVE DATE. The effective date of the amendments to
the Employment Agreement contained in this Amendment shall be January 1, 1998.
3. NO OTHER AMENDMENT. Except as set forth in this Amendment,
all provisions of the Employment Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment
as of the day and year first above written.
XXXXXXX LEISURE LIMITED
/S/ XXXXXXX X. XXXXXXX By: /S/ XXXXX X. XXXXXXX
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Xxxxxxx X. Xxxxxxx Xxxxx X. Xxxxxxx,
Chairman of the Board and
Chief Executive Officer
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