Exhibit 10.29
AMENDMENT TO EMPLOYMENT AGREEMENT
This amendment ("Amendment") to the Employment Agreement ("Agreement") executed
between Exigent International, Inc. and Xxxxxxx X. Xxxxxxx dated 11 June 1997 is
entered into as of 13 May 1998 between Exigent International, Inc. ("Exigent"),
a corporation duly authorized and existing under the laws of the State of
Delaware with a principal place of business at 0000 Xxxxx Xxxx, Xxxxxxxxx,
Xxxxxxx 00000 and Xxxxxxx X. Xxxxxxx ("Employee"), an individual domiciled at
00000 X. Xxxxxxxx Xxxxx, Xxxxxx Xxxxxx, XX 00000-0000.
NOW, THEREFORE, for one dollar and other good and valuable consideration, the
receipt and sufficiency of which is hereby mutually acknowledged, Exigent and
Employee hereby agree as follows:
1. Option Price in Agreement. Section 3(c) in the Agreement is hereby
deleted and replaced with the following:
"Provided that Employee has not been terminated for due cause (as that
term is defined below in Section 8, in addition to the compensation
provided for in Section 3(a) above, Company shall grant to Employee
options to purchase an additional 65,500 shares of Common Stock at an
exercise price of $2.25 per share provided the Company shall achieve:
(i) earnings of at least 2.9 million dollars; or
(ii) new funding for the Company of at least 5 million dollars
including long term (at least 5 years) subordinated debt or
equity, or a combination of both.
The Board of Directors of the Company may, in its sole discretion,
award part or all of the options to purchase such 65,500 shares of
Common Stock even if the foregoing conditions are partially achieved on
or prior to February 1, 1998 in accordance with the Executive Incentive
Plan for 1998. If and to the extent any such options are awarded
pursuant to this Section 3(c), they shall be awarded in accordance with
the prevailing terms and conditions described in Executive Incentive
Plan and the governing Stock Option Plan (6NQ) adjusted to reflect the
amount which the Employee is actually awarded by the Compensation
Committee for the Board of Directors of the Company."
2. Ratification and Approval. In all other respects the Agreement is
hereby ratified by Exigent and Employee and remains in full force and
effect, as previously amended.
IN WITNESS WHEREOF, this Amendment has been duly executed as of the date set
forth above and is retroactively effective from April 16, 1998.
For Exigent: For Employee:
Exigent International, Inc. Xxxxxxx X. Xxxxxxx
By: /s/ B.R. Xxxxxxx By: /s/ Xxxxxxx X. Xxxxxxx
------------------ ----------------------
(signature) (signature)
Name: B.R. Xxxxxxx
-------------
Title: CEO
-------------
