EXHIBIT 10.10
Amendment No. 4 to Employment Agreement dated as of August 1, 2000 (the
"Agreement"), as amended, between Take-Two Interactive Software, Inc. (the
"Employer" or the "Company") and Xxxx X. Xxxxx ("Employee").
WHEREAS, the Company and Employee desire to amend the terms of the
Agreement.
NOW, THEREFORE, in consideration of their mutual promises, the Company
and Employee hereby agree to amend the Agreement as follows:
1. Section I of the Agreement is amended to extend the Initial Term
until July 31, 2007.
2. Section III A. is amended to substitute $750,000 for $600,000 (de
facto $725,000) and shall provide for an annual cost of living increase of
12.5%.
3. Section III B. is amended to read as follows:
"Employee shall be paid a bonus of $150,000 in respect of each fiscal
quarter, commencing with the fiscal quarter ending January 31, 2003, and an
annual bonus of $250,000 in respect of each fiscal year; provided that (i) the
Compensation Committee of the Board approves any such bonus, and (ii) Employer
achieves its projected cash flow and net income targets submitted to the Board
for any such fiscal quarter or fiscal year. Employer's cash flow targets shall
be determined in accordance with Employer's operating cash flow (including all
capital expenditures other than fixed assets) presented in its quarterly and
annual reports filed with the Securities and Exchange Commission. Employee shall
also be paid a signing bonus of $600,000 simultaneously with the execution
hereof."
All other terms and provisions of the Agreement remain unchanged in
full force and effect.
Dated: November 18, 2002 TAKE-TWO INTERACTIVE SOFTWARE, INC.
By:/s/ Xxxx X. Xxxxxxx
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Name: Xxxx X. Xxxxxxx
Title: Chief Financial Officer
/s/Xxxx X. Xxxxx
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Xxxx X. Xxxxx
