AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
Exhibit
10.4
AMENDMENT
NO. 1 TO EMPLOYMENT AGREEMENT
This
is
Amendment No. 1, dated as of August 6, 2007, to the Employment Agreement dated
as of March 13, 2006 (the “Agreement”) between Marvel Entertainment,
Inc., a Delaware corporation formerly known as Marvel Enterprises, Inc. (the
“Company”) and Xxxx X. Xxxxxxxx (the “Executive”).
WHEREAS,
the Company and the Executive have agreed to amend the Agreement in the manner,
and on the terms and conditions, provided for herein;
NOW
THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt, adequacy and sufficiency of which are hereby
acknowledged, the parties to this amendment hereby agree as
follows:
1.
Amendment to Section 3.4 of the Agreement. Effective January
1, 2007, Section 3.4 of the Agreement is deleted in its entirety and replaced
by
the following:
3.4 Vacation. During
the Term, the Executive shall be entitled to a vacation period or periods of
three (3) weeks per year taken in accordance with the vacation policy of the
Company during each year of the Term. Vacation time not used by the end of
a
calendar year shall be forfeited.
2.
Amendment to Section 4.5(b) of the Agreement. Effective
on the date hereof, Section 4.5(b) of the Agreement is amended by replacing
each
appearance of the phrase “twelve (12)” with the phrase “six (6)”.
3.
General. The Agreement, as amended by this amendment, sets
forth the entire agreement and understanding of the parties relating to the
subject matter hereof and supersedes all prior agreements, arrangements and
understandings, written or oral, relating to the subject matter
hereof. No representation, promise or inducement has been made by
either party that is not embodied in the Agreement as amended by this amendment,
and neither party shall be bound by or liable for any alleged representation,
promise or inducement not so set forth. Except as expressly changed
by this amendment, the Agreement remains in full force in accordance with its
terms.
IN
WITNESS WHEREOF, the parties have duly executed this amendment as of the date
first written above.
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By:
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/s/ Xxxxxxx X. Xxxx | |
| Xxxxxxx X. Xxxx, Executive Vice President | |||
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EXECUTIVE:
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/s/ Xxxx X. Xxxxxxxx | |
| Xxxx X. Xxxxxxxx | |||
