EXHIBIT 10.16
AMENDMENT TO EMPLOYMENT AGREEMENT OF A. XXXXX XXXXXX.
On January 7, 2002, the Compensation Committee of the Board of Directors, acting
by unanimous written consent, passed the following resolutions:
RESOLVED, to amend the October 2000 Employment Agreement of A. Xxxxx
Xxxxxx, President and Chief Executive Officer of the Corporation (the
"Employment Agreement"), effective January 1, 2002, as follows:
CURRENT: SECTION 2.2b - Executive, provided that he is employed
in good standing by the Company on January 1, 2002, shall
receive a direct stock grant on January 2, 2002 of 100,000
shares of Company's common stock provided that the average of
the two highest Thirty-Day Averages ending on December 31,
2001, is equal to or greater than $20.00. For the purposes of
this Section 2.2, "Thirty-Day Average" means the average over
thirty consecutive days of the daily closing prices of the
Company's common stock (as listed in the national edition of
the Wall Street Journal) for each of the three consecutive
thirty-day periods commencing ninety days prior to December 31
of any year.
REVISED: SECTION 2.2b - Executive, provided that he is employed
in good standing by the Company on January 1, 2002, shall
receive a direct stock grant on JANUARY 31, 2002 of 100,000
shares of Company's common stock provided that the average of
the highest Thirty-Day Average ending on December 31, 2001, is
equal to or greater than $7.00. For the purposes of this
Section 2.2, "Thirty-Day Average" means the average over thirty
consecutive days of the daily closing prices of the Company's
common stock (as listed in the national edition of the Wall
Street Journal) for each of the three consecutive thirty-day
periods commencing ninety days prior to December 31 of any
year.
RESOLVED, that pursuant to the Employment Agreement and in
accordance with the Plan, to award A. Xxxxx Xxxxxx a xxxxx of 100,000
shares of the Corporation's unrestricted common stock, $.0001 par value
per share, with an effective issuance date of January 31, 2002.
