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Exhibit 10.40
MODIFICATION AGREEMENT
THIS MODIFICATION AGREEMENT (the "Modification") is made as of the 20th day of
September, 1998 by and between Golf One Industries, Inc., a Delaware
corporation, ("Golf One"), and Xxxxxx X. Xxxxx ("Consultant"), (collectively the
"Parties").
WHEREAS, the Parties have entered into a Consulting Agreement dated as of
November 1, 1997 (the "Agreement") attached as Exhibit A and made an integral
part hereof; and
WHEREAS, the Parties have agreed to modify the Agreement so that the entire
Agreement remains effective including the changes pursuant to this
Modification.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein
contained, Golf One and Consultant agree to the following modifications:
1. The term of the Agreement shall extend to one (1) year from the closing
date of the Company's Initial Public Offering, or if an Initial Public
Offering shall not close by December 31, 1998, then to December 31,
1999.
2. In consideration of the services rendered and to be rendered by
Consultant under the Agreement and this Modification, Golf One hereby
agrees to pay Consultant compensation as follows: (A) Golf One shall
pay Six Thousand Dollars ($6,000.00) per month commencing with the
Month of September, 1998 in payments of $3,000.00 each on the 1st and
15th of each month for the remainder of the extended term.
3. The Indemnification Agreement identified as Exhibit B to Consultant's
prior Employment Agreement with Golf One dated February 27, 1996 shall
continue through the extended term of the Agreement.
IN WITNESS WHEREOF, the undersigned have executed this Modification as of the
day and year first above written.
GOLF ONE INDUSTRIES, INC. CONSULTANT
By: /s/ X.X. Xxxxxxxxx /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
Its: President
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