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EXHIBIT 10.10.3
THIRD AMENDMENT TO
EMPLOYMENT AGREEMENT
This Third Amendment to Employment Agreement (the "Third Amendment") is made and
entered into as of January 1, 1999, by and between XXXXXXX-XXXXXX, INC., a
Delaware corporation with its principal office located in Santa Monica,
California (the "Company"), and Xxxxx X. Xxxxxxx, an individual ("Employee").
RECITALS
WHEREAS, COMPANY and Employee have entered into that certain Employment
Agreement dated as of January 1, 1996, (the "Agreement"), and amended January 1,
1997 and January 1, 1998 providing for the employment of Employee by Company
pursuant to the terms of such Agreement; and
WHEREAS, Company and Employee have agreed that the terms of the
Employment Agreement should be modified to change the Bonus.
AMENDMENT TO AGREEMENT
NOW, THEREFORE, for good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, the parties hereby amend the
Agreement, effective as of January 1, 1998 as follows:
1. Section 1(C) Bonus. Exhibit C, page 2, attached, is amended such
that 25% of Note Division's net income, no cap (net profits less
employee bonus) allocated to the Bonus Pool is deleted in its
entirety and the following is inserted in lieu thereof:
75% of the Note Division's net income from National
Consulting, no cap (net profits less Employee bonus) is
allocated to the Bonus Pool, and I 00% of the Note
Division's net income, for all other note pools, no cap
(net profits less Employee bonus) is allocated to the
Bonus Pool.
Subject to the foregoing, the Employment Agreement remains in full force and
effect, and Company and Employee hereby ratify and affirm the Employment
Agreement in each and every respect.
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IN WITNESS WHEREOF, the undersigned have executed this Second amendment
as of the date first above written.
"COMPANY"
XXXXXXX-XXXXXX, INC.,
A DELAWARE CORPORATION
By: /s/ XXXXXXX X. XXXXXXXX
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Xxxxxxx X. XxXxxxxx
Chairman and Chief Executive
Officer
"EMPLOYEE"
/s/ XXXXX X. XXXXXXX
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Xxxxx X. Xxxxxxx
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EXHIBIT C
XXX XXXXXXX
1. BASE COMPENSATION:
$12,500.00/mo. Salary
$12,500.00/mo. Non-repayable advance charged against bonus
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$25,000.00/mo. $300,000 annualized
To manage KW Properties Residential Division:
1. Find/buy properties;
2. Secure financing
3. Oversee and manage:
a) Legal
b) Construction
c) Marketing/Sales
d) Closing
e) Other matters incidental to success of deal
2. BONUS (Based on Bonus Revenues Net Profits--see attached)
NET PROFIT BONUS
0-$1,000,0000 15%
$1,000,001-$2,000,000 20%
$2,000,001-Above 25%
3. Lew will be awarded a commission percentage as procuring cause for
commercial deals signed by the Company. Commission percentage will be
based upon Lew's contribution to the deal and will be negotiated and
agreed to at the time of the deal signing. Such commissions will be
credited to his Bonus Revenues Net Profit for Bonus calculation. (see
#2).
4. Net Commissions earned by the Company on auctions for which Lew was
procuring cause will be credited to his Bonus Revenues Net Profits for
Bonus calculations. (see #2).
