EXHIBIT 10.13.1
---------------
AMENDMENT NO. 1
TO
EMPLOYMENT AGREEMENT
This Amendment ("Amendment No. 1") to the Employment Agreement (the
"Agreement") by and between X.X. Xxxxxx ("Executive") and The Maxim Group, Inc.
(the "Company") dated June 4, 1997, is entered into as of the 25th day of
September 1997.
WHEREAS, Executive has executed that certain Promissory Note dated as of
September 24, 1997 in favor of the Company (the "Note"), which provides for the
repayment by Executive of $1.0 million owed to the Company in five annual
installments of $200,000 (plus accrued interest);
WHEREAS, in order to provide the Company with sufficient assurances with
regards to the repayment of the Note, Executive has agreed to grant to the
Company the right to set off the Executive's obligations under the Note with
amounts payable by the Company pursuant to the Agreement;
NOW, THEREFORE, for and in consideration of the mutual premises and
representations contained herein, and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto agree
to amend the Agreement as follows:
1. Capitalized terms used but not otherwise defined herein shall have the
meaning as set forth in the Agreement.
2. Notwithstanding anything to the contrary in the Agreement, in the
event of a default by Executive in the payment of the principal of the Note, and
any accrued interest thereon, when such payments become due and payable
(referred to collectively herein as the "Default Obligations") and such default
shall continue for a period of 30 days after giving notice of same to Executive,
the Company without notice or demand of any kind, may hold and set off against
such of the Default Obligations as the Company may elect, any and all payments
due to Executive from the Company pursuant to the terms of the Agreement,
including without limitation, any payments in respect of Executive's Base Salary
and bonus (if any). Any action taken by the Company pursuant to this Section 2
shall be approved in advance by the Board of Directors of the Company.
3. Except as expressly amended herein, the Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 as of
the date first written above.
"COMPANY"
THE MAXIM GROUP, INC.
By:/s/ Xxxxxx X. Xxxxxx
---------------------------------------
Xxxxxx X. Xxxxxx
Title: Executive Vice President, Finance
"EXECUTIVE"
By:/s/ X.X. Xxxxxx
---------------------------------------
X.X. Xxxxxx
