Exhibit 10.12
-------------
Amendment to Employment Agreement Between U.S. Gold Corporation and
Xxxxxxx X. Xxxx
The Employment Agreement dated January 1, 1994 as Amended effective June 1, 1995
(the "Employment Agreement") between U.S. Gold Corporation, a Colorado
corporation (the "Employer") and Xxxxxxx X. Xxxx (the Employee) is hereby
amended effective as of July 21, 1998.
Whereas, for good and valuable consideration, the receipt and adequacy of which
are acknowledged, Employer and Employee hereby agree to Amend the Employment
Agreement as follows:
A. Section 4.1.4 Termination by the Employee is amended as follows:
The existing first sentence of this Section which reads "Upon the occurrence of
any of the following events this Agreement may be terminated by the Employee" is
deleted and replaced with:
"Upon the occurrence of any of the following events this Agreement may be
terminated by the Employee, provided that the Employee is not provided continued
employment for a guaranteed minimum of an additional three (3) years after the
subject event with responsibilities, compensation and other business terms equal
to or more favorable to the Employee than as provided in this Agreement."
B. Subsection 4.1.4(v) shall be stricken and removed from the Employment
Agreement.
Except as specifically set forth in this Amendment, all provisions of the
Employment Agreement remain in full force and effect.
IN WITNESS WHEREFOF, Employer and Employee have executed this Amendment
effective as of the date first set forth above.
EMPLOYER
U.S. Gold Corporation, a Colorado corporation
By: /s/ Xxxxxxx X. Pass, Vice President, Secretary and Chief Financial Officer
EMPLOYEE
/s/ Xxxxxxx X. Xxxx
