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EXHIBIT 10.6
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
AMENDMENT No. 1 to Employment Agreement made as of the 1st day of
October, 1995, by and between CALLING CARD CO., INC., a New York corporation
(the "Company"), and XXXXXX XXXXXXXX (the "Executive").
WHEREAS, the Board of Directors of the Company has determined that the
Executive is deserving of an increase in his base salary to make such salary
commensurate with his skills, talents, efforts and productivity;
NOW, THEREFORE, the parties agree as follows:
1. Section 4.1 of the Employment Agreement shall be amended in its
entirety to read as follows:
"In consideration for the services to be performed by the
Executive during the Employment Period hereunder, the Company shall
compensate the Executive with a base salary at the following rates
during the Employment Period:
(a) With respect to the period from October 1, 1995 to
November 30, 1995, the Executive shall be paid a base salary at the
rate of $928.99 per month;
(b) With respect to the fiscal year ending November 30, 1996,
and from December 1, 1996 through November 30, 1996, the Executive
shall be paid a base salary at the rate of $175,000 per annum; and
(c) With respect to the fiscal year ending November 30, 1997,
effective January 1, 1997 and for the remainder of such fiscal year,
the Executive shall be paid a base salary at the rate of $250,000 per
annum; and
(d) With respect to each fiscal year thereafter, the
Executive's base salary shall be increased by ten percent (10%) over
and above his base salary for the immediately preceding fiscal year.
2. The above reflects all of the amendments to the Employment Agreement
and all other provisions of the Employment Agreement, currently in effect, shall
be remain unchanged and of full force and effect as of the date hereof.
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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the day and year first above written.
CALLING CARD CO., INC.
By:
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Xxxxxxx X. Xxxxxxxx
Chairman and CEO
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XXXXXX XXXXXXXX
