Extension to Management Agreement between Major Fleet & Leasing Corp. and Bruce Bendell & Harold Bendell

Summary

This agreement extends the original Management Agreement between Major Fleet & Leasing Corp. and Bruce and Harold Bendell, who manage the company's motor vehicle operations. The new term of the agreement now ends on December 31, 2005, unless further extended or terminated earlier as specified in the original contract. All other terms of the original Management Agreement remain unchanged.

EX-10.95 3 y96142exv10w95.txt EXTENSION TO MANAGEMENT AGREEMENT EXHIBIT 10.95 EXTENSION TO MANAGEMENT AGREEMENT This Extension (this "Agreement") to that certain Management Agreement dated August 23, 1996 (the "Management Agreement"), made as of this 25th day of March, 2004, is entered into by and between Major Fleet & Leasing Corp., a New York corporation having its principal office located at 41-40 Northern Boulevard, Long Island City, New York 11101 (the "MF&L"), and Bruce Bendell and Harold Bendell, individuals with primary business offices located at 41-40 Northern Boulevard, Long Island City, New York 11101 (jointly, the "Managers"). WHEREAS, pursuant to the Management Agreement, Messrs. Bendell were appointed, hired and engaged as Managers to manage the motor vehicle operations of MF&L, including, but not limited to the purchase, financing, leasing and sale of motor vehicles; and further WHEREAS, the term of the Management Agreement has been extended from its anticipated initial termination date of December 31, 2001 upon mutual oral agreement of the parties; and further WHEREAS, MF&L and the Managers desire to further extend the term of the Management Agreement as set forth herein. NOW, THEREFORE, in consideration of the premises and agreements hereinafter contained, it is agreed as follows: 1. Extension to Management Agreement. Section 3(a) of the Management Agreement is hereby deleted in its entirety and replaced with the following: "(a) The initial term of this Management Agreement shall end on December 31, 2005, unless extended as provided below in (b) or sooner terminated pursuant to Paragraph 11 below." 2. Full Force and Effect. Except as specifically amended hereby, all of the terms and provisions of the Management Agreement shall remain in full force and effect. 3. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall be deemed to be one and the same instrument. 1 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first above written. Very truly yours, Major Fleet & Leasing Corp. By: ___________________________ Name: Title: Managers ________________________________ Bruce Bendell ________________________________ Harold Bendell 2