Amendment No. 1 to Employment Agreement between American Media Operations, Inc. and John Swider
This amendment updates the employment agreement between American Media Operations, Inc. and John Swider. It revises the employee benefits section to specify that Mr. Swider will receive health, disability, and retirement benefits, as well as 30 personal time off days per year, on the same basis as similar employees. He will also receive a $400 monthly auto allowance starting March 1, 2006, and the company will transfer ownership of his assigned company vehicle to him for $10. All other terms of the original agreement remain unchanged.
Exhibit 10.15
AMENDMENT NO 1, dated as of February 23, 2006, to that Employment Agreement dated October 22, 2004 (the Agreement) by and between John Swider (the Executive) and AMERICAN MEDIA OPERATIONS, INC. (the Company).
Effective as of the date first written above, the Agreement is hereby amended as follows:
1. Paragraph 5 of the Agreement, as amended, is hereby deleted and the following substituted therefore:
Employee Benefits. During Executives employment with the Company, Executive shall be provided, in accordance with the terms of the Companys employee benefit plans as in effect from time to time, health insurance and short term and long term disability insurance, retirement benefits and fringe benefits (collectively, Employee Benefits) on the same basis as those benefits are generally made available to other similarly situated employees of the Company. Executive will receive 30 PTO (Personal Time Off) days per year. Executive shall be paid a monthly auto allowance in the amount of $400.00 (Four Hundred Dollars and Zero Cents) beginning March 1, 2006. The Company agrees to immediately transfer title of the Company vehicle that Executive is currently assigned at a sales price of $10.00 (Ten Dollars and Zero Cents) to Executive.
All other terms and conditions of Executives Employment Agreement and any subsequent amendments of that Employment Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment No. 1 as of the date first written above.
AMERICAN MEDIA OPERATIONS, INC. | ||||
By: | /s/ David Rotstein | 3/3/06 | ||
Date |
/s/ John Swider | 3/3/06 | |
John Swider | Date |