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EXHIBIT 10.49
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT BETWEEN
CAPITOL MULTIMEDIA, INC.
AND XXXX XXXXXXX
This First Amendment shall serve to amend the Employment Agreement between
Capitol Multimedia, Inc. and Xxxx Xxxxxxx dated February 13, 1995 (the
OAgreement").
The Agreement shall be amended with regard to the following respects only:
Section 1. The first sentence of Section 1 shall read "The Employee shall
serve as Chief Executive Officer of the Company" The third
sentence of section one shall read "The Employee shall at all
times be subject to the direction of the Board of Directors
and/or its designated representatives or representatives."
Section 2. Section 2 shall be deleted in its entirety and the following
shall be inserted in its place "As Chief Executive Officer of
the Company, the Employee shall perform such services and
assume such duties and responsibilities as are prescribed for
the Chief Executive Officer of the Company, including but not
limited to further enhancing and developing the Company's
business, affairs, interests, welfare, and value."
Section 5. In Section 5A, "One Hundred and Twenty-Five Thousand Dollars
($125,000)" shall be replaced with "One Hundred Seventy
Thousand Dollars ($170,000) effective April 1, 1996."
In Section 5B, references to "President" shall be changed to
"Board of Directors."
Section 6. In Section 6, the reference to "fifty percent (50%) of base
salary" shall be changed to "twenty percent (20%) of base
salary effective April 1, 1996." In addition, all references
to "President" shall be changed to "Board of Directors."
Except for the foregoing, all terms and conditions of the Agreement remain in
full force and effect.
This First Amendment to the Agreement is effective September 12, 1996.
Capitol Multimedia, Inc.
/s/ Xxxxxx X. Xxxxx December 12, 1996
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Xxxxxx X. Xxxxx, Director Date
/s/ Xxxx X. Xxxxxxx December 12, 1996
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Xxxx X. Xxxxxxx, Chief Executive Officer Date
