EXTENSION OF EMPLOYMENT AGREEMENT
WHEREAS, the undersigned parties have entered into an Employment Agreement
made and entered into as of the 28th day of May, 1993 by and between Sano
Corporation, a Florida corporation (the "Company") and Xxxxx Xxxxxxx (the
"Employee"), as amended by those certain Amendments to Employment Agreement
dated October 5, 1994 and August 1, 1995 (the "Amendment"), (the "Employment
Agreement and the Amendments being collectively the "Agreement"); and
WHEREAS, the Company Employee each desire to extend said Agreement.
NOW THEREFORE, in consideration of the premises and mutual covenants set
forth herein, the parties agree as follows:
1. The Agreement shall be extended for a three (3) year period commencing
May 28, 1996 (the "Renewal Term") unless sooner terminated in accordance with
the terms and conditions of the Agreement.
2. The Renewal Term of the Agreement and the employment of the Employee
thereunder may be renewed and extended, upon written notice delivered by the
Company to the Employee at least sixty (60) days prior to the expiration of the
Renewal Term or any renewal thereof for up to two (2) additional one-year
periods beyond the Renewal Term.
3. The Employee hereby waives notice from the Company of the renewal of the
Agreement, as set forth in Section 2.2 of the Agreement.
4. The Base Salary of the Employee as set forth in Section 3.1 of the
Agreement shall be $135,000 commencing January 1, 1997.
5. All other terms and conditions of the Agreement shall remain unchanged
and in full force and effect.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
October 24, 1996.
SANO CORPORATION
By: /s/ XXXXXXXX XXXXX
_______________________________
Xxxxxxxx Xxxxx, President
EMPLOYEE
/s/ XXXXX XXXXXXX
___________________________________
Xxxxx Xxxxxxx
