DYNASIL CORPORATION OF AMERICA
AMENDMENT TO AGREEMENT OF EMPLOYMENT
THIS AGREEMENT is dated as of June 15, 2007 and amends the Agreement of
Employment executed August 21, 2006 and effective October 2, 2006 (the
"Original Agreement") by and between DYNASIL CORPORATION OF AMERICA, a New
Jersey corporation (the "Company"), and XXXXX XXXX ("Employee").
WHEREAS, the Original Agreement contemplated that the parties could
mutually agree that Employee's time commitment pursuant to the Original
Agreement could be reduced from full-time to part-time six months after the
Closing Date;
WHEREAS, the transition contemplated by the Original Agreement has not
occurred as contemplated; and
WHEREAS, the Company and the Employee wish to amend the Original
Agreement to reflect Employee's agreement to work on a full-time basis during
the period from April 1, 2007 to September 30, 2007 (the "Full-Time
Employment Extension Period").
NOW, THEREFORE, the parties hereto agree as follows:
1. The Company and Employee agree that notwithstanding Paragraph 2(a) of
the Original Agreement, Employee shall devote her full time and skills to the
conduct of the Company's and EMF's businesses during the Full-Time Employment
Extension Period.
2. In consideration of Employee's agreement pursuant to Paragraph 1
above, the Company will pay the Employee an additional $25,000 for the Full-
Time Extension Period. At Employee's election, the $25,000 may be paid to
Employee either during the Full-Time Extension Period or by adding the
$25,000 to the amounts owed to Employee by EMF with respect to obligations
owed to Employee for periods prior to the Effective Date. In the event that
Employee works less than full time during the Full-Time Extension Period,
then a mutually agreeable method will be developed to prorate the amount of
the $25,000 which is paid.
3. Capitalized terms not defined herein have the meanings given in the
Original Agreement.
4. The obligation for payment as outlined in paragraph 2 shall survive
the expiration of the original employment agreement.
5. Unless specifically amended herein, all terms, conditions and
provisions of the Original Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed and delivered this
Amendment to Agreement of Employment as of the date first above written.
DYNASIL CORPORATION OF AMERICA
By: _______________
Xxxxx X. Xxxxxx
President and CEO
EMPLOYEE:
_______________
Xxxxx Xxxx
