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EXHIBIT 10.21
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN XXXXXXX X. XXXXX ("EXECUTIVE")
AND CONTINUCARE CORPORATION (F/K/A ZANART ENTERTAINMENT INCORPORATED)
(HEREINAFTER THE "COMPANY"), ENTERED INTO AS OF THE 1ST DAY OF NOVEMBER, 1999
In consideration of the sum of $1 and other good and valuable
consideration the receipt of which is hereby acknowledged, the employment
agreement between the Company and the Executive dated as of July 12, 1999 is
hereby amended effective as of the date hereof as follows:
1. Paragraph 1.2 of the Agreement is hereby amended to read as follows:
"1.2. DUTIES OF EXECUTIVE. During the term of this Agreement,
the Executive shall serve as a member of the Board and
President of the Company, shall diligently perform all
services as may be assigned to him by the Board, and shall
exercise such power and authority as may from time to time be
delegated to him by the Board. The Executive shall devote
substantially all of his business time and attention to the
business and affairs of the Company, render such services to
the best of his ability, and use his best efforts to promote
the interests of the Company."
2. Paragraph 3.1 of the Agreement is hereby amended to read as follows:
"3.1 BASE SALARY. The Executive shall receive a base salary at
the annual rate of Two Hundred Fifty Thousand Dollars
($250,000) (the "Base Salary") during the Term of this
Agreement, with such Base Salary payable in installments
consistent with the Company's normal payroll schedule, subject
to applicable withholding and other taxes."
3. Paragraph 3.2 of the Agreement is hereby amended to read as follows:
"3.2. BONUS. For each fiscal year of the Executive employment
commencing with the fiscal year commencing July 1, 1999, the
Executive shall receive a bonus (the "Bonus") equal to seven
(7.0%) percent of the Company's EBITDA in excess of $3 million
for said fiscal year as determined by the Company's regular
auditors, which amount shall be payable as soon as practicable
following such determination; provided, that if this Agreement
is terminated earlier as set forth herein, then the Executive
shall be entitled to receive the amount of the Bonus which has
not been theretofore paid at the time of such termination. The
Executive shall also be eligible to receive a bonus in an
amount determined by the majority vote of all members of the
Company's Board of Directors, based upon the Company's
operating results, financial condition, prospects and intended
utilization of earnings, if any."
4. Paragraph 4.4 of the Agreement is hereby amended to read as follows:
"4.4 AUTOMOBILE LIVING ALLOWANCE. The Executive shall be
entitled to an automobile allowance of $750 per month.
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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first above written.
CONTINUCARE CORPORATION
By: /s/ XXXXXXX X. XXXXXXXXX
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Xxxxxxx X. Xxxxxxxxx, President
By: /s/ XXXXXXX X. XXXXX
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Xxxxxxx X. Xxxxx
