Exhibit 10.8
AMENDMENT TO EMPLOYMENT CONTRACT
--------------------------------
This Amendment to Employment Contract ("Amendment") is entered into this 1st
day of April, 1999, by and between CPC OF AMERICA, INC., a Nevada corporation
("Employer"), and XXX X. XXXXXXX ("Executive").
R E C I T A L S
- - - - - - - -
WHEREAS, Executive is engaged by Employer as its Chief Executive Officer and
Chairman of the Board pursuant to an Employment Contract dated April 23, 1998
(the "Employment Contract").
WHEREAS, Employer and Executive desire to amend certain provisions of the
Employment Contract relating to Executive's compensation.
A G R E E M E N T
- - - - - - - - -
NOW, THEREFORE, in consideration of the mutual covenants and promises
contained herein and in the Employment Contract, the parties agree as follows:
1. Paragraph 3(a) of the Employment Contract is hereby amended to read in its
entirety as follows:
"Executive's salary for each year hereunder shall be $220,000.00 per year.
Thereafter during the Employment Term, Executive's salary shall be
increased each year by an amount equal to Executive's salary for the
previous year multiplied by the percent change of the Consumer Price Index
for all Urban Consumers (the "CPI") (published by the Bureau of Labor
Statistics, United States Department of Labor) during the immediately
preceding calendar year. For example, if the percent change in the CPI
from 1% to 11% were 10%, Executive's salary for the second year hereunder
would be $242,000.00. Salary increases shall not exceed 10% per year.
Executive's salary shall be payable on the Company's regular salary payment
date. In addition, Executive shall receive a bonus. The bonus paid to
Executive shall be determined by the compensation committee as an annual
plan to be determined each year as a percentage of the monthly net
operating income of the Company pursuant to internally created financials
of the Company, payable beginning no later than sixty (60) days after the
end of each year, quarter and/or month subject to the compensation
committee plan during the term hereunder. The Executive shall be entitled
to participate in any key management bonus or incentive compensation
program including, but not limited to stock options and warrants,
instituted by the Board of Directors of the Company, in the sole discretion
of the Board of Directors. The salary and bonus payments hereunder shall
be subject to withholding and any other applicable tax law."
2. Except as amended by this Amendment, the form, terms and conditions of the
Employment Contract remain in full force and effect in accordance with its
terms.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the day
and year first above written.
"Employer"
CPC OF AMERICA, INC.
a Nevada corporation
By:/s/ Xxx X. Xxxxxxx
------------------
Xxx X Xxxxxxx,
President and Chief Executive Officer
"Employee"
/s/ Xxx X. Xxxxxxx
------------------
XXX X. XXXXXXX
-2-
