AMENDMENT NO. 1 TO THE EMPLOYMENT
AGREEMENT BY AND BETWEEN
XXXXXXXXX.XXX INC AND XXXX XXXXXXXXXXX XXXXX
This Amendment No. 1 dated as of January 1, 2000 ("Amendment No. 1")
to that certain Employment Agreement, dated October 1, 1999, (the "Agreement"),
by and between XXXXXXXXX.XXX INC., a Florida corporation (the "Company"), and
XXXX XXXXXXXXXXX XXXXX, has been made and entered into by and among the Company
and Xxxx Xxxxxxxxxxx Xxxxx.
WHEREAS, the Compensation Committee recommended to the Board of
Directors an increase in salary, effective January 1, 2000, for the remaining
term of the Agreement;
WHEREAS, the Board of Directors approved and ratified the
recommendation;
WHEREAS, the parties desire to modify and amend certain terms in the
Agreement;
NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants contained herein, and intending to be legally bound hereby, the
parties hereto agree to amend the Agreement as follows:
Section 3. COMPENSATION; REIMBURSEMENT
Section 3.1. Base Salary, of the Agreement shall be replaced entirely
with the following:
For all services rendered by Executive under this
Agreement, the Company shall pay Executive a base salary of
One Hundred Fifty Thousand Dollars ($150,000) per annum,
payable bi-weekly in equal installments (the "Base Salary").
The amount of the Base Salary may be increased at any time
and from time to time by the Board of Directors of the
Company, and shall be adjusted annually to reflect changes
in the Consumer Price Index for the statistical area in
which the residence of Executive is located. No such change
shall in any way abrogate, alter, terminate or otherwise
affect the other terms of this Agreement.
Section 2. Defined Terms. All capitalized terms not defined herein
shall have the meanings assigned to them in the Agreement.
Section 3. Counterparts. This Amendment No. 1 may be executed in one
or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same agreement.
Section 4. Governing Law. This Amendment No. 1 shall be governed by,
and construed in accordance with, the laws of the State of Missouri without
regard to its laws or regulations relating to conflicts of laws.
Section 5. Entire Agreement. This Amendment No. 1 together with the
Agreement, embodies the entire agreement and understanding between the parties
hereto with respect to the subject matter hereof and supersedes all other prior
agreements and understandings relating thereto.
IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to be
executed as of the date first above written.
EXECUTIVE
By: /s/ Xxxx Xxxxxxxxxxx Xxxxx
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Name: Xxxx Xxxxxxxxxxx Xxxxx
Title: Co-Chief Executive Officer
XXXXXXXXX.XXX INC.
By: /s/ Xxxx Xxxxxx
-------------------
Name: Xxxx Xxxxxx
Title: Co-Chief Executive Officer
