EXHIBIT 10.11.7
EIGHTH AMENDMENT TO
EMPLOYMENT AGREEMENT
This Eighth Amendment to Employment Agreement (the "Eighth Amendment") is made
and entered into as of September 1, 2002, by and between XXXXXXX-XXXXXX, INC.,
a Delaware corporation with its principal office located in Beverly Hills,
California (the "Company"), and Xxxxxxx X. Xxxx, Xx., and individual
("Employee").
RECITALS
WHEREAS, Company and Employee have entered into that certain Employment
Agreement dated as of April 1, 1996, and amended April 1, 1997, April 1, 1998,
April 1, 1999, April 1, 2000, January 1, 2001, and March 28, 2001 ("Agreement"),
providing for the employment of Employee by Company pursuant to the terms of
such Agreement; and
WHEREAS, Company and Employee have agreed that the terms of the Employment
Agreement should be modified to change the Term of Employment.
AMENDMENT TO AGREEMENT
NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency
of which are hereby acknowledged, the parties hereby amend the Agreement,
effective as of September 1, 2002 as follows:
1. The term of this Agreement is extended to December 31, 2003.
Therefore, Section 2 of the Agreement is amended such that the
termination date of "December 31, 2002" is deleted and the termination
date of "December 31, 2003" is inserted in lieu thereof.
2. Section 4 (i) of the Agreement is amended such that Employee's salary
effective September 1, 2002 is equal to $300,000 per annum payable on
such basis as is the normal payment pattern of the Company, not to be
less frequently than monthly.
Subject to the foregoing, the Employment Agreement remains in full force and
effect, and the Company and Employee hereby ratify and affirm the Employment
Agreement in each and every respect.
IN WITNESS WHEREOF, the undersigned have executed this Fourth Amendment as
of the date first above written.
"COMPANY" "EMPLOYMENT"
Xxxxxxx-Xxxxxx Inc.
a Deleware Corporation
By: /s/ Xxxxxxx X. XxXxxxxx /s/ Xxxxxxx X. Xxxx, Xx.
--------------------------------- --------------------------------
Xxxxxxx X. XxXxxxxx Xxxxxxx X. Xxxx, Xx.
Its Chief Executive Officer
