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AMENDMENT OF EMPLOYMENT AGREEMENT
This Amendment of Employment Agreement is entered into as of the 7th day of
April, 1999, by and between XXXXXXX.XXX, INC., a Nevada corporation (the
"Company"), and XXXX XXXXX("Xxxxx").
Explanatory Statements
A. The Company and Xxxxx entered into an Employment Agreement dated as of
January 29, 1999 (the "Employment Agreement") whereby the Company employed
Xxxxx.
B. The Company and Xxxxx desire to amend and modify certain terms and
conditions of the Employment Agreement.
NOW, THEREFORE, in consideration of the mutual promises contained herein
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Employment Agreement is hereby amended and modified
as follows:
1. Section numbered 7, "Stock Options" is to read as follows:
"7. STOCK OPTIONS. Specifically subject to Section 10c herein, Xxxxx
shall be granted options to purchase 100,000 shares of the Company's
Common Stock (the "Stock Options") exercisable at $8.00 per share, with
50,000 Stock Options to vest upon the Effective Date, 25,000 Stock
Options to vest and be exercisable one (1) year from the Effective Date
and the remaining 25,000 Stock Options to vest and be exercisable two
(2) years from the Effective Date. In the event that Xxxxx'x employment
with the Company is terminated for any reason other than for "Cause",
any Stock Options that have not previously vested shall immediately vest
and become exercisable. The Stock Options granted herein shall not be
subject to the $100,000 Limitation as defined and set forth in Article
VII of the Company's 1998 Stock Option Plan.
2. Any and all other terms and conditions of the Employment Agreement not
amended or modified herein shall remain the same and in full force and
effect.
Company:
XXXXXXX.XXX, INC.
By: /s/ XXXXXXX XXXXXXXX
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Xxxxxxx Xxxxxxxx, Chief Executive
Officer
Xxxxx:
By: /s/ XXXX XXXXX
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Xxxx Xxxxx
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