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EXHIBIT 10.21
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This Second Amendment to Employment Agreement (the
"Amendment") is entered into April 15, 1997 by and between XXXXXXXX ENERGY,
INC. (the "Company") and XXXXX X. XXXXXXXXX ("Xxxxxxxxx").
R E C I T A L S
A. The Company and Xxxxxxxxx entered into an Employment
Agreement dated September 1, 1996, which Employment Agreement became effective
October 14, 1996 and which was amended by that one certain Amendment to
Employment Agreement dated April 15, 1997 by and between the Company and
Xxxxxxxxx ( collectively, the "Agreement").
B. The Company and Xxxxxxxxx have agreed to modify the
Agreement by this Amendment for the sole purpose of increasing Xxxxxxxxx'x
salary under Section 5 of the Agreement to $250,000.
NOW, THEREFORE, the Company and Xxxxxxxxx for good and
valuable consideration, the receipt and sufficiency of which are acknowledged
agree to modify the Agreement as follows:
1. Section 5 of the Agreement is deleted and replaced to
read in its entirety as follows:
"As compensation for services to be rendered by Xxxxxxxxx, the
Company shall pay Xxxxxxxxx a Base Salary at the annual rate
of $250,000 beginning on April 15, 1997. Notwithstanding the
quotation of the Base Salary at an annual rate, Xxxxxxxxx will
only be paid on a prorata basis for the actual days worked if
his employment is terminated."
2. Except as modified by this Agreement, all other terms
of the Original Agreement shall remain unchanged.
EXECUTED the date and year first above written.
XXXXXXXX ENERGY, INC.
By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx, President
/s/ Xxxxx X. Xxxxxxxxx
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XXXXX X. XXXXXXXXX
