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EXHIBIT 10.5
FIRST AMENDMENT
This First Amendment ("Amendment"), dated as of July 31, 1998 to
that certain Employment Agreement ("Agreement") dated as of July 1, 1998,
by and between xxxxxxxxx.xxx inc., a corporation duly organized under the
laws of the State of Delaware (the "Company"), with offices at 00000
XxxXxxxxx Xxxx., Xxxxxx Xxxxx, Xxxxxx, Xxxxxxxxxx, 00000-0000, and Xxxx
X. Xxxxxxx (hereinafter referred to as the "Executive"), who resides at
0000 Xxxxx Xxxxx, Xxx Xxxxxxxx, Xxxxxxxxxx 00000.
WHEREAS, The parties desire to amend the Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties hereby agree as follows:
1. The first sentence of Article 1 of the Agreement is hereby amended in
its entirety to read as follows:
"The Company hereby employs the Executive as President and
Chief Executive Officer of the Company and the Executive
hereby accepts such employment by the Company for a period of
three (3) years (the "Term") commencing from July 1, 1998 (the
"Commencement Date"), which Term shall automatically renew for
one year periods unless either party notifies the other of its
election not to renew at least 30 days prior to the applicable
anniversary of the Commencement Date."
2. The other terms and conditions of the Agreement shall remain in effect
and not be affected by this Amendment.
3. This Amendment shall be construed and enforced in accordance with the
laws of the State of California, without giving effect to the principles
of conflict of laws thereof.
4. This Amendment may be executed in any number of counterparts, each of
which shall be deemed an original, but all of which shall constitute one
instrument.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written.
xxxxxxxxx.xxx inc.
By /s/ Xxxxxxx Xxxxx
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Xxxxxxx X. Xxxxx
Chairman of the Board
/s/ Xxxx Xxxxxxx
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Xxxx X. Xxxxxxx
