Exhibit 10.5(b)
THINK NEW IDEAS, INC.
0000 Xxxxxx Xxxx., Xxxxxxxxx Xxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000
March 18, 1998
Xx. Xxxxx Xxxxxxxx
Executive Vice President
THINK New Ideas, Inc.
00 Xxxx 00xx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: AMENDMENT TO EMPLOYMENT AGREEMENT DATED JUNE 30, 1996
Dear Xxx:
Reference is hereby made to that certain employment agreement dated as of
June 30, 1996 (the "Employment Agreement") between THINK New Ideas, Inc. (the
"Corporation") and Xxxxx Xxxxxxxx (the "Employee"). This letter is intended to
confirm that, notwithstanding anything else to the contrary set forth in the
Employment Agreement, the Corporation and the Employee hereby agree that Section
4(a) of the Employment Agreement be hereby amended by striking Section 4(a) of
the Employment Agreement thereof and by substituting in lieu thereof the
following new Section 4(a) to read as follows:
"4(a) COMPENSATION. The Company shall pay the Employee compensation equal
to One Hundred Ninety-Five Thousand Dollars ($195,000) per annum at a rate of
Sixteen Thousand Two Hundred Fifty Dollars ($16,250) per month (such monthly
amount as the same may be increased from time to time by virtue of the
adjustments set forth hereinbelow shall be defined as the "Monthly
Compensation"). Such salary shall be payable in accordance with the customary
payroll practices of the Company."
The modification stated herein shall become effective on July 1, 1998.
Except as otherwise expressly modified hereby or required to effectuate the
modification set forth herein, the Employment Agreement shall remain unchanged
and shall continue in full force and effect pursuant to the terms thereof.
This letter agreement contains the entire agreement between the
Corporation and the Employee with respect to the modification which is the
subject hereof. This letter agreement may not be amended, changed, modified, or
discharges, nor may any provision hereof be waived, except by an instrument in
writing executed by or on behalf of the party against whom enforcement of any
amendment, waiver, change, modification or discharge is sought. No course of
conduct or dealing shall be construed to modify, amend or otherwise affect any
of the provisions hereof. Please confirm that the Employee is in agreement with
the forgoing, and that the foregoing is in accordance with your understanding by
signing and returning this letter, which shall thereupon constitute a binding
agreement.
Agreed to and accepted as of this
18th day of March, 1998 Very truly yours,
THINK New Ideas, Inc.
By: /s/ Xxxxx Xxxxxxxx By: /s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxxx Xxxxx Xxxxxxx
Chief Executive Officer
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