EXHIBIT 10(33)
Amendment dated as of December 19, 1995
("this Amendment") to
Amended and Restated Employment Agreement
dated June 30, 1995 (the "Employment Agreement")
Introduction
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On December 19, 1995, the Human Resources Committee (the
"Committee") of the Board of Directors of Xxxxxx'x Entertainment, Inc. (the
"Company") approved an amendment to the Employment Agreement with Xxxxxxx
X. Xxxx ("Executive") due to increased demands on his time.
Pursuant to that approval and in consideration of the mutual
covenants herein, the Company and Executive hereby agree as follows:
1. Adjustment in Salary/Services. Commencing January 1,
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1996, for the term of this Amendment, Executive's salary rate will increase
from $350,000 per year to $450,000 per year in return for a significant
increase in Executive's contemplated time commitment on behalf of the
Company during the term of this Amendment.
2. Term of this Amendment. The term of this Amendment
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will commence January 1, 1996 and will terminate December 31, 1996 or will
terminate at an earlier date if the Committee and Executive determine that
the demands on Executive's time can be reduced to levels originally
anticipated for the relevant period under the Employment Agreement.
Upon termination of this Amendment, the salary and service
provisions of the Employment Agreement as would then otherwise be in force
will be reinstated.
3. Modification of Duties. In addition to serving as
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Board Chairman, for the term of this Amendment Executive will serve as the
Company's senior executive responsible for the resolution, including any
restructuring/reorganization, of the New Orleans project.
4. Full-Time Benefits. Executive will be entitled to the
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benefits of a full-time executive during the term of this Amendment
including, without limitation, incentive compensation (i.e., the benefits
provided during the "First Period" of his employment as set forth in the
Employment Agreement).
5. Stock Option Grant. Executive will receive a stock
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option grant on December 19, 1995 as may be approved by the Committee.
6. Existing Rights. The existing rights in the Employment
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Agreement concerning retirement, termination and vesting provisions will
continue in force during this Amendment.
Except as amended herein, the Employment Agreement continues
in full force and effect.
IN WITNESS WHEREOF, the Company and Executive have executed
this Amendment as of the date and year written above.
Executive: Xxxxxx'x Entertainment, Inc.
/s/ Xxxxxxx X. Xxxx By: /s/ X. X. Xxxxxxxx, Xx.
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Xxxxxxx X. Xxxx Title: SVP
