EXHIBIT 10.8
XXXXX XXXXX
0 Xxxxxxxxx Xxxxxx
Xxxxxxxxxx, Xxx Xxxx 00000
June 9, 1999
International Exchange Networks, Ltd.
c/o IPC Information Systems, Inc.
Wall Street Plaza
00 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Chairman of the Board
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Gentlemen:
Reference is made to that certain Amended and Restated Employment
Agreement between me and International Exchange Networks, Ltd. dated as of the
18/th/ day of December 1997 (the "Employment Agreement"). I hereby waive
enforcement of the provisions of section 3.1 of the Employment Agreement to the
extent that such provisions call for me to have a title and position, prior to
June 9, 1999, other than Chief Executive Officer, and agree that section 3.1 of
the Employment Agreement shall be enforced as if the words "Chairman of the
Board" were followed by the phrase "(after June 8, 2000)".
This letter is intended to be a "waiver" of the provisions of
section 3.1 of the Employment Agreement to the extent described in the preceding
paragraph and an amendment of section 3.1 of the Employment Agreement,
enforceable against me, all as contemplated by section 11.3 of the Employment
Agreement.
Very truly yours,
/s/ Xxxxx Xxxxx
Xxxxx Xxxxx
Accepted and Agreed to:
INTERNATIONAL EXCHANGE NETWORKS, LTD.
By /s/ Xxxxxxx X. Xxxxxx
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Name: Xxxxxxx X. Xxxxxx
Title: Executive Vice President and
Chief Operating Officer
Dated: June 9, 1999
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