Exhibit 10.25
September 9, 1999
Xx. Xxxx Xxxxxxx
00X Xxxx Xxxxx Xxxx.
Xxxxxxxxxx, XX 00000
Dear Marc:
Reference is made to the Employment Agreement, dated June 17, 1999,
between Xxxxxxxxxxx.xxx, Inc. (the "Company") and you (the "Employment
Agreement"). This letter is to confirm our agreement as follows:
1. If prior to January 1, 2000, an underwritten public offering of at
least $30 million of common stock of the Company is consummated, then
upon such event:
(a) Section 6 of the Employment Agreement automatically shall be
amended by deleting the amount "$400,000" and replacing it with
the amount "$280,000."
(b) Exhibit A, Paragraph A automatically shall be amended by
replacing it in its entirety as follows:
"For each fiscal year, Employee's bonus (if any) shall be
determined by the Compensation Committee of the Board of
Directors, but shall be at least the Earnings Percentage
multiplied by $125,000, plus the Revenue Percentage
multiplied by $125,000. The "Earnings Percentage" shall mean
(i) the actual consolidated earnings of Company and
subsidiaries before interest, taxes, depreciation and
amortization, divided by (ii) the target for such number (as
prepared by management and approved by the Board of
Directors of the Company). The Revenue Percentage shall mean
(i) the actual gross revenue of the Company and its
subsidiaries, divided by (ii) the target for such number (as
prepared by management and approved by the Board of
Directors of the Company). The computation of the bonus, if
any, to which Employee is entitled shall be made by
Company's chief financial officer in accordance with
generally accepted accounting principles consistently
applied. Any bonus to which Employee is entitled shall be
paid as soon as practicable but in no event later than the
15th day of the second month after the end of the fiscal
year for which the bonus was earned. In the event Employee's
employment terminates prior to the end of the fiscal year,
Employee or his personal representative shall be entitled to
a pro rata portion of the bonus for such fiscal year unless
Xx. Xxxx Xxxxxxx -2- September 9, 1999
his employment was terminated pursuant to paragraph 11, in
which event no bonus shall be payable. Employee's pro rata
portion of his bonus shall be the same percentage of the
bonus as the number of days for which he was employed for
such fiscal year is of 365."
2. Section 10 of the Employment Agreement is hereby amended by replacing
the date contained therein with the date January 1, 2001 and replacing
the words "one year's" with the words "six months'".
If the foregoing accurately reflects your understanding of the
agreement between you and the Company, please sign this letter and the enclosed
copy and return one of them to the Company whereupon the foregoing will
constitute a binding agreement between the Company and you.
Very truly yours,
XXXXXXXXXXX.XXX, INC.
By: _______________________________
Name: Xxxxxxx Xxxxxxx
Title: Vice President
Agreed to and accepted as of
the date first above written:
-------------------------
Xxxx Xxxxxxx
