EXHIBIT 10.Z
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT (the "Amendment") to an Employment Agreement dated
May 3, 1995 (the "Employment Agreement"), by and between Xxxxxxx X. Xxxxxx (the
"Employee"), and Commodore Holdings Limited, a Bermuda corporation (the
"Company"), is effective as of the 15th day of July, 1997.
W I T N E S S E T H:
WHEREAS, the Company recognizes the Employee's substantial contribution
as Chairman of the Board of Directors of the Company; and
WHEREAS, the Company desires to assure the Employee's continued
employment.
NOW, THEREFORE, in consideration of the agreements and covenants
contained herein and for other valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, it is mutually agreed as follows:
1. EXTENSION OF EMPLOYMENT. The Term is hereby extended until May 3,
2002; provided, however, that the Employee shall be entitled to terminate the
Employment Agreement at any time during the final two years of the Term by
providing written notice to the Company at least six months prior to such
termination date.
2. RATIFICATION. Except as expressly set forth herein, the terms of the
Employment Agreement shall remain in full force and effect. In the event of a
conflict between this Amendment and the Employment Agreement, this Amendment
shall control to the extent of any such conflict.
3. DEFINED TERMS. Unless otherwise defined herein, capitalized terms
shall have the meanings ascribed to them in the Employment Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment
effective as of the date first written above.
COMPANY:
COMMODORE HOLDINGS LIMITED
By: /s/ XXXXXXXXX X. XXXXX
-------------------------------------------
Xxxxxxxxx X. Xxxxx, Chief Executive Officer
EMPLOYEE:
/s/ XXXXXXX X. XXXXXX
---------------------
Xxxxxxx X. Xxxxxx
-1-
