EXHIBIT 10.25
[LETTERHEAD OF THE PRODUCERS ENTERTAINMENT GROUP LTD.]
October 4, 1996
Xx. Xxxxxx Xxxxxxxxx
0000 Xxxxxxxx Xxxxxx #0
Xxx Xxxxxxx, XX 00000
Re: Amendment to Employment Agreement
---------------------------------
Dear Xx. Xxxxxxxxx:
The parties hereby amend that certain employment agreement
dated June 22, 1992, as amended on August 15, 1994, March 7, 1995,
and January 25, 1996, to provide the following:
(1) The Term of this Agreement shall be and is extended
through June 30, 1998.
(2) The salary for the period, September 30, 1996 through
June 30, 1997, shall be paid at an annual rate of
$160,000 in accordance with the Company's standard
payroll practice.
(3) The salary for the period July 1, 1997-June 30, 1998,
shall be paid at the annual rate of $175,000, in
accordance with the Company's standard payroll practice.
(4) During the extended Term of the Agreement, the Company
shall pay Employee an automobile reimbursement of $1,000
per month.
(5) For each of the Company's fiscal years ending June 30,
1997, and June 30, 1998, the Company shall pay Employee
a performance bonus of $25,000, if the Company earns an
amount at least equal to $1,000,000 of pre-tax profit.
Xx. Xxxxxx Xxxxxxxxx
October 4, 1996
Page 2
All other Terms and conditions shall remain in full force and
effect unless and until modified in writing and signed by the
parties.
If the aforementioned is agreed and accepted, please
acknowledge same by executing as indicated below.
Sincerely,
THE PRODUCERS ENTERTAINMENT
GROUP LTD.
By: /s/ Xxxxx Xxxxx
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Xxxxx Xxxxx
President/CEO
ACCEPTED AND AGREED:
/s/ Xxxxxx Xxxxxxxxx
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Xxxxxx Xxxxxxxxx
