EXHIBIT 10.5
EXTENSION AND AMENDMENT AGREEMENT
THIS EXTENSION AND AMENDMENT AGREEMENT ("Agreement") is entered into as
of the 1st day of July, 1998 by and between Big Entertainment, Inc., a Florida
corporation (the "Company") and Xxxxxxxx Xxxxxxxxxx (the "Executive").
WITNESSETH:
WHEREAS, the Executive has served as Chief Executive Officer of the
Company since its inception, and presently serves in this capacity pursuant to a
written Employment Agreement with the Company entered into as of July 1, 1993
(the "Current Employment Agreement"); and
WHEREAS, the five-year term of the Current Employment Agreement ends
July 1, 1998; and
WHEREAS, the Executive possesses intimate knowledge of the business and
affairs of the Company, its policies, methods and personnel; and
WHEREAS, the Board of Directors (the "Board") of the Company recognizes
that the Executive's contribution to the growth and success of the Company has
been and will continue to be substantial and desires to assure the Company of
the Executive's continued employment in an executive capacity and to compensate
Executive therefor; and
WHEREAS, the Board has determined that entering into this Agreement to
extend and update the Current Employment Agreement will reinforce and encourage
the Executive's continued attention and dedication to the Company; and
WHEREAS, the Executive is willing to make his services available to the
Company on the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the premises and mutual covenants
set forth herein, the parties hereby agree as follows:
1. EXTENSION. The Current Employment Agreement is hereby extended for an
additional five-year term beginning on the date hereof and ending on
the fifth anniversary of said date unless sooner terminated pursuant to
the terms of said Current Employment Agreement.
2. AMENDMENT TO REFLECT CURRENT BASE SALARY. Section 2.1 of the Current
Employment Agreement is amended to provide that the "Base Salary" shall
be $200,000 plus automatic cost of living adjustments made to date and
subject to further adjustment in accordance with said Section.
1
The parties hereto acknowledge that the other terms of the Current
Employment Agreement remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed and
delivered this Agreement on the day and year first above written.
COMPANY:
BIG ENTERTAINMENT, INC.,
a Florida corporation
/s/ XXXXXX X. XXXXXXX
-------------------------------------------
By: Xxxxxx X. Xxxxxxx
Title: President
EXECUTIVE:
/s/ XXXXXXXX XXXXXXXXXX
-------------------------------------------
Xxxxxxxx Xxxxxxxxxx
2
