Exhibit 10.27
AMENDMENT TO EMPLOYMENT AGREEMENT
Modified FY98(a) Bonus Plan
This amendment ("Amendment") to the Employment Agreement ("Agreement") executed
between Exigent International, Inc. and Xxx X. Xxxxxxx, Xx. dated June 11, 1997
is entered into as of September 14, 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 Xxx X. Xxxxxxx, Xx. ("Employee"), an individual
domiciled at 000 Xx Xxxxx Xxxxxx, Xxxxxxxxx Xxxxx, XX 00000.
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. Modified FY98(a) Bonus Plan. Notwithstanding anything to the contrary
in the Agreement and subject to the terms and conditions of this
Amendment, Exigent hereby agrees to provide and Employee hereby agrees
to accept the following bonus compensation for Employee's performance
in fiscal year 1998(a) (i.e., February 1, 1997 through January 31,
1998): $0 + 24,533 stock options from plan 6NQ. This bonus shall
supersede and replace any bonus to which Employee may be entitled under
the Agreement. The Agreement shall be deemed modified and amended to
the extent necessary to implement the terms and conditions of this
Amendment.
2. Option Price. The option exercise price shall be $3.375 per share.
3. Grant. The granting of the options shall be in accordance with the
terms and conditions of the stock option agreement for Plan 6NQ which
is incorporated herein by this reference.
4. Dollar Amounts. Any dollar amounts included in the Modified FY98(a)
Bonus Plan described in Section 1 above are subject to all applicable
withholding taxes and any other deductions required by law.
5. Satisfaction. Employee hereby acknowledges and agrees that the
foregoing Modified FY98(a) Bonus Plan described in Section 1 above is
fair, reasonable and satisfactory. As such, Employee hereby agrees to
release Exigent (and all of its subsidiary companies) and its
respective officers, directors and agents from any and all claims,
right, or demands that Employee, or Employee's successors and assigns,
has or may have as a result of or arising from the Modified FY98(a)
Bonus Plan.
6. 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 January 31, 1998.
For Exigent: For Employee:
Exigent International, Inc. Xxx X. Xxxxxxx, Xx.
By: /s/ B.R. Xxxxxxx By: /s/ Xxx X. Xxxxxxx, Xx.
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(signature) (signature)
Name: B.R. "Xxxxxx Xxxxxxx
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Title: Chief Executive Officer
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