Paragraph 5A Sample Clauses

Paragraph 5A. The following language from Paragraph 5(a) of the Agreement is hereby deleted from the Agreement: “Employee may opt, at Employee’s sole discretion, to receive a portion of his salary in the form of common stock, in lieu of cash, at a value determined by the Board of Directors in their reasonable discretion, provided the Company has common stock available to be issued to Employee and has a plan in place for such issuances and is otherwise able to issue stock to Employee at that time. In the event Employee opts to receive a portion of his salary in the form of common stock and the Company is not able to issue common stock to Employee, whether due to the absence of available common stock or otherwise, Employee may defer that portion of his salary until such time as the Company is able to issue common stock to Employee, provided that if the Company is unable to issue common stock to Employee within one year of the Employee’s election to defer his salary, then the Company shall pay the Employee the deferred amount in cash on a date that is one year from Employee’s election to defer.” In addition: the language “and equity compensation” is hereby deleted from the heading of Paragraph 5(a), which previously read “Annual Salary and equity compensation.” Paragraph 5(a) of the Agreement now reads as follows:

Paragraph 5A. The penultimate sentence of the penultimate paragraph of paragraph 5A is hereby amended by deleting the words “clause (ii)” occurring therein and replacing such words in their entirety with the words “clause (iii)”.

Paragraph 5A. Paragraph 5A(iii) of the Agreement is amended by inserting “6A(6),” after the reference to “6A(5)”.

Paragraph 5A. Paragraph 5A is hereby amended by inserting the following new clause “(i)” and punctuation, renumbering existing clauses “(i)” through “(xiv)” as clauses “(ii)” through “(xv)”, respectively. (i) as soon as available and in any event within 45 days after the end of each month in each fiscal year, a certificate setting forth covenant calculations demonstrating compliance with paragraph 6A(2), all in reasonable detail and certified by an authorized financial officer of the Company, subject to changes from year-end adjustments;”

Paragraph 5A. Paragraph 5A(1) is amended in its entirety to read as follows:

Paragraph 5A. Paragraph 5A of the Agreement is amended by replacing clause (ii) of such Paragraph with the following: