THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
BY AND BETWEEN EXCAL ENTERPRISES, INC. AND
R. PARK XXXXXX, III
This Third Amendment to Employment Agreement is made and
entered into as of the 22nd day of December, 1998 by and between
Excal Enterprises, Inc. (the "Company") and R. Park Xxxxxx, III
("Employee").
WHEREAS, the Company, formerly known as Assix International,
Inc., and Employee are parties to that certain Employment
Agreement dated as of March 1, 1994, as amended by that certain
Amendment to Employment Agreement by and between R. Park Xxxxxx
and Assix International, Inc. dated as of August 15, 1994 and
that certain Second Amendment to Employment Agreement by and
between Excal Enterprises, Inc. and R. Park Xxxxxx III dated as
of April 3, 1996 (the "Employment Agreement");
WHEREAS, the Company and the Employee now desire to further
amend the Employment Agreement to extend the term of the
Employment Agreement for an additional five year term;
NOW, THEREFORE, the parties hereto agree as follows:
1. Extension of Term. Section 2.1 of the Agreement shall be
amended so that the term "Scheduled Termination Date" means March
1, 2004 and shall read as follows:
2.1 Term. The term of Employee's employment
hereunder (the "Term") shall commence as of the date
hereof (the "Commencement Date") and shall continue
through the tenth anniversary of the Commencement Date
(the "Scheduled Termination Date") unless earlier
terminated pursuant to the provisions of this
Agreement.
2. Validity of Remainder of Employment Agreement. All other
provisions of the Employment Agreement shall remain in full force
and effect.
IN WITNESS WHEREOF, the parties hereto have executed this
Third Amendment as of the date first above written.
EXCAL ENTERPRISES, INC. EMPLOYEE
By
Title: R. PARK XXXXXX
