AMENDMENT TO EMPLOYMENT AGREEMENT
BETWEEN NAM CORPORATION AND ROY ISRAEL
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THIS AMENDMENT AGREEMENT (the "Amendment"), dated as of August 19,
1998, is by and between NAM CORPORATION (the "Company") and ROY ISRAEL
("Executive").
WHEREAS, the parties had entered into an employment agreement dated
as of October 21, 1997 (the "Employment Agreement"); and
WHEREAS, the parties now desire to amend the Employment Agreement as
provided for herein.
NOW, THEREFORE, in consideration of the mutual premises and covenants
contained herein, and intending to be legally bound hereby, the parties hereto
agree as follows:
1. Subsection (a) of Paragraph 3 of the Employment Agreement is
deleted and replaced with the following:
(a) Base Salary. The Company shall pay to the Executive a minimum
annual base salary of $225,000 (the "Base Salary") for the first year of the
Initial Term. Effective on each anniversary of the Commencement Date during
the Employment Term, the Base Salary shall be increased in an amount which is
the greater of (i) six percent (6%) per annum or (ii) such amount which
reflects an increase in the Urban Consumer Price Index for all Urban Consumers
for the New York metropolitan area (or any successor Consumer Price Index),
based on data published by the Bureau of Labor Statistics of the United States
Department of Labor for the period that corresponds with the preceding twelve
month period. Such Base Salary shall be paid in accordance with Company
policy.
2. This Amendment is effective as of June 30, 1998. In addition, the
Company shall immediately pay all sums owed to the Executive due to the
retroactive application of this change.
3. All other terms of the Employment Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment as of
the date first written above.
NAM CORPORATION
By: /s/ Xxxxxxxx Xxxxxxxx-Xxxxxxx /s/ Roy Israel
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Name: Xxxxxxxx Xxxxxxxx-Xxxxxxx Xxx Israel
Title: Vice President and
Chief Financial Officer
