EXHIBIT 10.34
AMENDMENT NO. 1 TO EMPLOYMENT
AGREEMENT
This is Amendment No. 1, dated as of
September 6, 2005 (this “ Amendmen t”) to the
EMPLOYMENT AGREEMENT, dated as of October 15, 2003 (the “
Agreement ”), between Marvel Enterprises, Inc., a
Delaware corporation (the “ Company ”) and Bruno
Maglione (the “ Executive ”).
WHEREAS, the Company currently
employs the Executive as President, Marvel International pursuant
to the Agreement; and
WHEREAS, the Company and the
Executive have agreed to amend the Agreement in the manner, and on
the terms and conditions, provided for herein;
NOW THEREFORE, in consideration of
the premises and for other good and valuable consideration, the
receipt, adequacy and sufficiency of which are hereby acknowledged,
the parties to this Amendment hereby agree as follows:
1.
Amendment to Section 2.1 of the Agreement . The second
sentence of Section 2.1 of the Agreement is hereby replaced by the
following:
“The term of the Executive's
employment under this Agreement (the “Term”) shall end
on September 5, 2008 (the “Expiration
Date”).”
2.
Amendment to Section 3.1 of the Agreement . Section 3.1 of
the Agreement is hereby amended and restated in its entirety to
read as follows:
“3.1
Salary . As compensation for all services to be rendered
pursuant to this Agreement, the Company agrees to pay the Executive
during the Term a base salary, payable bi-weekly in arrears, at the
annual rate of $500,000, such rate to change to $60
