1
EXHIBIT 10.5
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT dated as of the 31st day of
December, 1998 by and between GENELINK, INC., a Pennsylvania corporation (the
"Company"), and XXXX X. XXXXXXXXXX ("Executive").
BACKGROUND
The Company and Executive are parties to an Employment Agreement dated as
of February 24, 1998 (the "Original Employment Agreement"), pursuant to which
Executive is employed as president and chief executive officer of the Company.
The parties hereto desire to amend the Employment Agreement as further
set forth below.
NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants contained herein, the parties agree as follows:
1. Amendment to Paragraph 3(d). Paragraph 3(d) of the Original
Employment Agreement is hereby amended to read in its entirety as follows:
"(d) Repayment of Loans. Executive may pay any loans or advances made to
him by the Company using cash, Company Shares, options to acquire Company
Shares, or any combination, by December 31, 2003, unless extended by the
Company."
2. Full Force and Effect. Except as expressly amended hereby, the
Original Employment Agreement shall remain valid, binding and in full force and
effect.
1
2
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written.
/s/ Xxxx XxXxxxxxxx
-------------------------------
XXXX XXXXXXXXXX
GENELINK, INC.
By: /s/ Xxxx X. XxXxxxxxxx
---------------------------
2
