EXHIBIT 10.5
First American
Railways, Inc.
October 28, 1996
Xx. Xxxxxxx Xxxxxxxxxx
0000 Xxxxx 00 Xxxxxxx
Xxxxxxxxx, XX 00000
Re: Employment Agreement
Dear Ray,
This letter will confirm our agreement with you concerning your Employment
Agreement dated July 1, 1996, and amended on July 12, 1996, as follows:
The grant of 7,500 shares of common stock which shares are fully paid,
non-assessable and not subject to forfeiture or return to the Company
for any reason are hereby increased to 10,800 common shares effective
as of July 1, 1996. Further, it is agreed that the price per share of
the above 10,800 common shares shall be equal to the then current
market price which was $3.50 per share (the same market price as your
initial, non-qualified, ten-year stock option to purchase 30,000
shares).
I hope this clarifies any open items we have with regard to the agreement;
however, if you have any further questions, please feel free to contact me.
Sincerely,
/s/ XXXXX X. XXXXXX
-------------------
Xxxxx X. Xxxxxx
Chairman of the Board and
Chief Executive Officer
Agreed To:
______________________________
Xxxxxxx Xxxxxxxxxx
________________________ Date:_________________________
0000 Xxxxx Xxxxx Xxxxxxx
Xxxxx Xxxxxx, Xxxxxxx 00000
305/000-0000 - Fax: 305/000-0000
