EXHIBIT 10.59
FIRST AMENDMENT TO AGREEMENT
THIS FIRST AMENDMENT TO AGREEMENT (the "Amended Agreement") is entered
into as of June 22, 1998 between GALACTICOMM TECHNOLOGIES, INC. (the "Company")
and XXXXX XXXXXXXX ("Xxxxxxxx").
RECITALS:
A. The Company entered into an agreement with Manovich as of March 5,
1998 (the "Original Agreement").
B. The Company and Manovich wish to amend the Original Agreement as set
forth in this Amended Agreement.
NOW THEREFORE, the parties agree as follows:
A. RECITALS. The Recitals set forth herein are true and correct and
incorporated herein by reference.
B. AMENDMENT TO SECTION 3. Section 3 of the Original Agreement is
hereby modified in its entirety to read as follows:
3. TERM. The initial term of this Amended Agreement shall be
for 90 days commencing upon the date of this Amended Agreement. Thereafter, this
Amended Agreement shall automatically renew for successive 90 day periods.
Notwithstanding the foregoing, either party may terminate this Amended Agreement
upon at least 90 days prior written notice to the other party.
C. AMENDMENT TO SECTION 4(ii). Section 4(ii) of the Original Agreement
is modified in its entirety to read as follows:
(ii) issue, on the date of this Amended Agreement, to Manovich
the Amended and Restated Stock Option and Agreement attached
hereto as Exhibit "A."
D. BINDING EFFECT. Except as specifically amended by this Amended
Agreement, the provisions of the Original Agreement shall remain in full force
and effect.
E. COUNTERPARTS. This Amended Agreement may be signed in one or more
counterparts each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.
IN WITNESS WHEREOF, each of the parties hereto has executed and
delivered this Agreement as of the date first written above.
GALACTICOMM TECHNOLOGIES, INC.
/s/ XXXXX XXXXXXXX By: /s/ XXXXXXX XXXXXXX
------------------------------ ---------------------------------
Xxxxx Xxxxxxxx Name: Xxxxxxx Xxxxxxx
Title: President
