EXHIBIT 10
Exhibit 10(b)
AMENDMENT TO EMPLOYMENT AGREEMENT
---------------------------------
AMENDMENT to Amended and Restated Employment Agreement (the "Employment
Agreement") between REFAC TECHNOLOGY DEVELOPMENT CORPORATION ("REFAC") and
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ("▇▇▇▇▇▇▇").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, ▇▇▇▇▇▇▇ is currently employed by REFAC pursuant to the Employment
Agreement; and
WHEREAS, the parties hereto desire to extend the term of the Employment
Agreement:
NOW, THEREFORE, in consideration of the premises and the respective
agreements of the parties herein contained, the parties hereto, intending to be
legally bound, agree as follows:
1. Article 2 of the Employment Agreement is hereby amended to provide
that the term of ▇▇▇▇▇▇▇'▇ Employment Agreement will end on December 31, 2003.
Article 2, as amended hereby, reads in its entirety as follows:
2. Term. The employment of ▇▇▇▇▇▇▇ by REFAC as provided in
----
Section 1 hereof will commence on the date hereof and end on December
31, 2003, unless further extended or sooner terminated as hereinafter
provided. On December 31, 2002, and on December 31/st/ of each year
thereafter, the term of ▇▇▇▇▇▇▇'▇ employment will be automatically
renewed for one additional year unless, at least 90 days prior to any
such December 31/st/, REFAC shall have delivered to ▇▇▇▇▇▇▇ or ▇▇▇▇▇▇▇
shall have delivered to REFAC written notice that the term of
▇▇▇▇▇▇▇'▇ employment hereunder will not be renewed.
2. All of the remaining terms and conditions of the Employment Agreement
shall be unaffected and shall remain in full force and effect.
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IN WITNESS WHEREOF, the parties have executed this Amendment to the
Employment Agreement.
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
___________________________________
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Dated: January 20, 1999
REFAC Technology Development Corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
_____________________________
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
Vice President
Dated: January 20, 1999
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