EXHIBIT 10
Exhibit 10(b)
AMENDMENT TO EMPLOYMENT AGREEMENT
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AMENDMENT to Amended and Restated Employment Agreement (the "Employment
Agreement") between REFAC TECHNOLOGY DEVELOPMENT CORPORATION ("REFAC") and
Xxxxxx X. Xxxxxxx ("XXXXXXX").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, XXXXXXX is currently employed by REFAC pursuant to the Employment
Agreement; and
WHEREAS, the parties hereto desire to extend the term of the Employment
Agreement:
NOW, THEREFORE, in consideration of the premises and the respective
agreements of the parties herein contained, the parties hereto, intending to be
legally bound, agree as follows:
1. Article 2 of the Employment Agreement is hereby amended to provide
that the term of Xxxxxxx'x Employment Agreement will end on December 31, 2003.
Article 2, as amended hereby, reads in its entirety as follows:
2. Term. The employment of XXXXXXX by REFAC as provided in
----
Section 1 hereof will commence on the date hereof and end on December
31, 2003, unless further extended or sooner terminated as hereinafter
provided. On December 31, 2002, and on December 31/st/ of each year
thereafter, the term of XXXXXXX'x employment will be automatically
renewed for one additional year unless, at least 90 days prior to any
such December 31/st/, REFAC shall have delivered to XXXXXXX or XXXXXXX
shall have delivered to REFAC written notice that the term of
XXXXXXX'x employment hereunder will not be renewed.
2. All of the remaining terms and conditions of the Employment Agreement
shall be unaffected and shall remain in full force and effect.
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IN WITNESS WHEREOF, the parties have executed this Amendment to the
Employment Agreement.
/s/ Xxxxxx X. Xxxxxxx
___________________________________
Xxxxxx X. Xxxxxxx
Dated: January 20, 1999
REFAC Technology Development Corporation
By: /s/ Xxxxxxx X. Xxxxxxxx, Xx.
_____________________________
Xxxxxxx X. Xxxxxxxx, Xx.
Vice President
Dated: January 20, 1999
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