Exhibit 10.9
FIRST AMENDMENT
WHEREAS, FBO Air, Inc. (the "Company") and Xxxxxx X. Xxxxxxxxx (the
"Executive") entered into an Employment Agreement dated January 2, 2004, and
WHEREAS, the Company and the Executive have mutually determined to amend
said agreement as set forth herein,
NOW, THEREFORE, the following amendments shall be considered part of the
Agreement and shall replace the identified paragraphs in the original,
2. Term. The term of Executive's employment under this Agreement
(the "Term") will begin on the date of this First Amendment and will
continue, subject to the termination provisions set forth in paragraphs
11-13 below, until the third anniversary of the date hereof; provided that
this Agreement will automatically renew for additional one-year periods
unless either party gives written notice to the other not to extend the
Term not less than 90 days prior to the then next upcoming expiration
date.
4.a. Base Salary. During each year of the Term, Executive will
receive a salary at the annual rate of $175,000 (the "Base Salary"). The
Base Salary shall be payable in equal monthly installments. The Board of
Directors of the Company may increase such salary at any time and from
time to time.
4.c. Stock Option. Executive shall be entitled to receive an Option
to purchase shares of the Company's stock as follows:
250,000 shares April 1, 2005
250,000 shares April 1, 2006
250,000 shares April 1, 2007
The per share price will be the listed price as of each respective date
and will vest at the time of the issuance. The executive will have five
years to acquire the stock from the date of issuance. So long as it may be
done lawfully, the manner of acquisition of stock shall be structured as
to minimize adverse tax consequences to the Executive.
Additional options may be granted by the Board of Directors at their
discretion.
Agreed upon as of April 1, 2005
COMPANY: EXECUTIVE:
FBO Air, Inc.
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Xxxxxxx X. Xxxxx Xxxxxx X. Xxxxxxxxx
E-159
