Employment Agreement [Amendment] - New Frontier Media Inc. and Mark Kreloff
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment, dated December 22, 2000 (the "Amendment"), to the Employment
Agreement, dated December 22, 1998 (the "Agreement"), by and between New
Frontier Media, Inc. ("NFM") and Mark Kreloff ("Executive"). Terms not otherwise
defined herein shall have the meaning described to them in the Agreement.
W I T N E S S T H
WHEREAS, the parties hereto desire to amend the Agreement as hereinafter set
forth.
NOW, THEREFORE, in consideration of the mutual representations, warranties,
covenants and agreements contained in the Agreement, as amended, and for other
good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:
1. Section 1 of the Agreement is hereby deleted in its entirety and replaced
with the following:
EMPLOYMENT PERIOD. NFM hereby agrees to employ the Executive, and the
Executive hereby agrees to accept employment by NFM, in accordance with the
terms and provisions of this Agreement, for the period commencing on the date
of this Agreement (the "Effective Date") and ending at midnight on March 31,
2003 (the "Employment Period").
2. Section 2(B)(i) of the Agreement is hereby deleted in its entirety and
replaced with the following:
COMPENSATION. (i) Base Salary. During the Employment Period, the Executive
shall receive a base salary ("Annual Base Salary"), which shall be paid in
equal installments on a semi-monthly basis, at the annual rate of not less
than One Hundred Fifteen Thousand Dollars ($115,000) per year for fiscal year
1999, One Hundred Thirty Thousand Dollars ($130,000) for fiscal year 2000,
and Two Hundred Thousand Dollars ($200,000) for fiscal years 2001, 2002 and
2003.
3. The Agreement, as amended by this Amendment, and the Exhibits and Schedules
thereto, contains the entire agreement between the parties hereto and there
are no agreements, warranties or representations which are not set forth
therein or herein. This Amendment may not be modified or amended except by an
instrument in writing duly signed by or on behalf of the parties hereto.
4. This Amendment shall be governed by and construed and enforced in accordance
with the local laws of the State of Colorado applicable to agreements made
and to be performed entirely within the State, without regard to conflict of
laws principles.
5. This Amendment may be executed simultaneously in any number of counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed
by them or their duly authorized representatives as of the date first written
above.
NEW FRONTIER MEDIA, INC.
By
------------------------------------------------------------
/s/ Karyn L. Miller
EXECUTIVE:
------------------------------------------------------------
/s/ Mark Kreloff
28
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EXHIBIT 10.23
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment, dated December 22, 2000 (the "Amendment"), to the Employment
Agreement, dated December 22, 1998 (the "Agreement"), by and between New
Frontier Media, Inc. ("NFM") and Michael Weiner ("Executive"). Terms not
otherwise defined herein shall have the meaning described to them in the
Agreement.
W I T N E S S T H
WHEREAS, the parties hereto desire to amend the Agreement as hereinafter set
forth.
NOW, THEREFORE, in consideration of the mutual representations, warranties,
covenants and agreements contained in the Agreement, as amended, and for other
good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:
1. Section 1 of the Agreement is hereby deleted in its entirety and replaced
with the following:
EMPLOYMENT PERIOD. NFM hereby agrees to employ the Executive, and the
Executive hereby agrees to accept employment by NFM, in accordance with the
terms and provisions of this Agreement, for the period commencing on the date
of this Agreement (the "Effective Date") and ending at midnight on March 31,
2003 (the "Employment Period").
2. Section 2(B)(i) of the Agreement is hereby deleted in its entirety and
replaced with the following:
COMPENSATION. (i) Base Salary. During the Employment Period, the Executive
shall receive a base salary ("Annual Base Salary"), which shall be paid in
equal installments on a semi-monthly basis, at the annual rate of not less
than One Hundred Fifteen Thousand Dollars ($115,000) per year for fiscal year
1999, One Hundred Thirty Thousand Dollars ($130,000) for fiscal year 2000,
and Two Hundred Thousand Dollars ($200,000) for fiscal years 2001, 2002 and
2003.
3. The Agreement, as amended by this Amendment, and the Exhibits and Schedules
thereto, contains the entire agreement between the parties hereto and there
are no agreements, warranties or representations which are not set forth
therein or herein. This Amendment may not be modified or amended except by an
instrument in writing duly signed by or on behalf of the parties hereto.
4. This Amendment shall be governed by and construed and enforced in accordance
with the local laws of the State of Colorado applicable to agreements made
and to be performed entirely within the State, without regard to conflict of
laws principles.
5. This Amendment may be executed simultaneously in any number of counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed
by them or their duly authorized representatives as of the date first written
above.
NEW FRONTIER MEDIA, INC.
By
------------------------------------------------------------
/s/ Karyn L. Miller
EXECUTIVE:
------------------------------------------------------------
/s/ Michael Weiner
29