EXHIBIT 10.28
AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
The Employment Agreement between Xxxxx Xxxxxxx ("Executive") and
Interactive Gallery, Inc. ("Company"), dated 10/27/99 is hereby amended as
follows:
1. For the fiscal year ending March 31, 2002, Executive's base salary shall
be $200,000.00 per annum ("Annual Base Salary), which shall be paid in equal
installments on a biweekly basis.
2. In addition to Annual Base Salary, for the fiscal year ending March 31,
2002, Executive shall participate in an annual incentive bonus plan. Such plan
shall provide Executive with the opportunity to earn bonuses if the Earnings
Before Interest, Tax, Depreciation and Amortization (EBITDA) of New Frontier
Media, Inc. reach specified levels:
EBITDA EXECUTIVE BONUS
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$11 million................................. $ 10,000.00
$12 million................................. $ 20,000.00
$13 million................................. $ 20,000.00
For purposes of calculation of Executive Bonus, EBITDA shall not include
revenues or earnings of any business, division or entity acquired by New
Frontier Media, Inc. on or after April 1, 2001.
3. Further, Executive shall be awarded a bonus of $ 50,000.00 if the EBITDA
of Interactive Gallery, Inc. reaches the level of $8.4 million, and an
additional $50,000.00 if the EBITDA of Interactive Gallery, Inc. reaches the
level of $9.4 million.
4. Company may, in its sole discretion, grant further bonuses based on
Executive's performance and such other factors as it deems pertinent.
5. During the Employment Period, Executive shall perform such duties, and
shall have such title, as Company in its discretion shall determine.
6. This Amendment to Executive Employment Agreement supersedes and takes
precedence over all previous agreements between the parties.
Interactive Gallery, Inc.
By: /s/ XXXXXXX XXXXXX /s/ XXXXX XXXXXXX
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Xxxxx Xxxxxxx
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