Amendment to Employment Agreement between Racing Champions, Inc. and Boyd L. Meyer

Summary

Racing Champions, Inc. and Boyd L. Meyer have agreed to amend their original employment agreement dated April 30, 1999. The amendment, effective September 19, 2000, updates Meyer's role to Vice Chairman of the company and sets his base salary at $250,000 per year starting July 1, 2000. Both parties have signed the amendment to confirm these changes.

EX-10.23 5 0005.txt AMENDMENT TO EMPLOYMENT AGREEMENT This amendment is made and entered into as of the 19th day of September, 2000, by and between Racing Champions, Inc., an Illinois corporation, and Boyd L. Meyer. The parties wish to amend paragraphs 3 and 4 of the Employment Agreement made as of the 30th day of April, 1999, to the following- '3. Duties. The Employee shall serve as the Vice Chairman of the Company ' ------ '4. Compensation. As of July 1, 2000, the Employee shall receive a base salary ------------ of $250,000 per year, . . .' In witness whereof, the parties have executed this amendment as of the date first above written, to be effective as of that date. Racing Champions, Inc. By /s/ Robert Dods ----------------- Robert Dods, CEO & Chairman By /s/ Boyd L. Meyer -------------------- Boyd L. Meyer