EXHIBIT 10.1
AMENDMENT NUMBER ONE TO EMPLOYMENT AGREEMENT
XXXXXXX RESEARCH CORPORATION
AND
XXXXXXX X. LEADER
Dated: March 1, 1999
AMENDMENT NUMBER ONE TO EMPLOYMENT AGREEMENT
THIS AMENDMENT NUMBER ONE TO EMPLOYMENT AGREEMENT dated October 26,
1998 (the "Employment Agreement"), is entered into on this the 1st day of March,
1999, by XXXXXXX RESEARCH CORPORATION (the Company") and XXXXXXX X. LEADER
("Employee"). Unless otherwise defined, capitalized terms used herein shall have
the meaning ascribed to such terms in the Employment Agreement.
W I T N E S S E T H:
WHEREAS, Xxxxxxx TXEN Corporation, a wholly-owned subsidiary of the
Company, filed a Form S-1 Registration Statement with the Securities and
Exchange Commission on January 22, 1999, to register 2,500,000 shares of its
$.01 par value common stock in an initial public stock offering (the "IPO"); and
WHEREAS, the Employment Agreement provides that Employee would be
issued a stock option to purchase shares of Xxxxxxx TXEN Corporation common
stock pursuant to the Xxxxxxx TXEN Corporation 1998 Stock Option Plan which
option would be converted to a stock option to purchase shares of the Company's
common stock if the IPO was not completed within four months of the date of the
Employment Agreement (the "Conversion Period"); and
WHEREAS, it is not anticipated that the IPO will be completed within
the Conversion Period; and
WHEREAS, the Company and the Employee desire to revise the Employment
Agreement to extend the Conversion Period.
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the undersigned parties do hereby amend the Employment Agreement as
follows:
1. The sixth sentence of Section 4(c) of the Employment
Agreement is hereby revised to delete the phrase "within four months of
the date of this Agreement" and to substitute in its place the phrase
"before September 1, 1999." Except as amended above, the Employment
Agreement shall remain in full force and effect according to its
terms and conditions.
-1-
IN WITNESS WHEREOF, the parties have hereunto executed this Amendment
Number One to Employment Agreement on the date and year first above written.
XXXXXXX RESEARCH CORPORATION
By:Xxxxxxx X. Xxxx
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Xxxxxxx X. Xxxx, Chief Executive Officer
Xxxxxxx X. Leader, Employee
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Xxxxxxx X. Leader, Employee
