AMENDMENT NO. 1
TO
EMPLOYMENT AGREEMENT
This Amendment, dated as of November 1, 1995, to the Employment
Agreement, dated as of December 1, 1993 (the "Agreement"), between Interstate
National Dealer Services, Inc. (the "Company" and Xxxxx X. Xxxx (the
"Executive").
WHEREAS, the Company and the Executive are parties to the Agreement,
providing for the employment by the Company of the Executive and for
compensation and benefits to be provided to the Executive; and
WHEREAS, the parties hereto desire to amend the Agreement to employ
the Executive in a new capacity and to increase the compensation paid to the
Executive.
NOW, THEREFORE, the parties hereto agree that the Agreement is
amended as follows:
4. Section 1 of the Agreement is hereby amended
in its entirety to read as follows:
Employment, Services. The Company agrees to employ the Executive
as President and Chief Operating Officer of the Company subject to
the supervision of and reporting only to the Board of Directors of
the Company and the Chairman and Chief Executive Officer of the
Company, with such executive duties and responsibilities assigned to
her consistent with her position. The Executive hereby accepts such
employment and agrees to devote her best talents, efforts and
abilities on a full-time basis to the performance of such services.
5. Section 2(a) is hereby amended to increase
the Executive's annual salary from $72,000 to $100,000.
6. Except as specifically amended hereby, the Agreement shall
remain in full force and effect and is hereby ratified and confirmed in all
respects.
7. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original and all of which, taken
together, shall constitute a single agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first written above.
INTERSTATE NATIONAL
DEALER SERVICES, INC.
By: __________________
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Xxxxx X. Xxxx
Confirmed:
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A Director of
Interstate National
Dealer Services, Inc.
