Common use of Amendment of the Employment Agreement Clause in Contracts

Amendment of the Employment Agreement. 4.01 The Executives agree to continue employment under the terms of the Agreement until 2002 as if no breach of the Agreement occurred. 4.02 The Agreement is hereby amended. All provisions creating stock options and the promise of the Company to adopt an incentive stock option as part of the Agreement is deleted. All references to compensation due the Executives before January 1, 2000 is deleted. The Company acknowledges that the compensation paid the Executives was duly earned and paid. The Executives waive the right to any further deferred compensation earned before January 1, 2000 under the terms of the Agreement. 4.03 The Company still intends to purchase life insurance on the Executives. The Executives agree that the Company is required to purchase insurance only after the Company has a positive Total Assets, Net Assets, and Net Income. All other provisions of the Agreement still apply, and will continue to apply throughout the remainder of the Agreement's term.