EXHIBIT 10.21
AMENDMENT NO. 1
TO
EMPLOYMENT AGREEMENT
This Amendment No. 1 to Employment Agreement (the "Agreement") dated
the 14th day of December, 1995 is by and between Organik Technologies, Inc. (the
"Company") and Xxxx XxXxxxx ("XxXxxxx");
WITNESSETH, THAT WHEREAS:
X. XxXxxxx has been employed by the Company as the Company's Chief
Executive Officer pursuant to an Employment Agreement dated November 7, 1994
(the "Agreement"); and
B. Both XxXxxxx and the Company desire to amend the Agreement in
accordance with the terms and conditions set forth below;
NOW THEREFORE, in and for consideration of the mutual promises set
forth herein, the parties hereto do hereby agree as follows:
1. Sections 2 and 3 of the Agreement are hereby amended to provide
that XxXxxxx'x salary shall be $8,000 per month through June 30, 1996 and
thereafter shall be $5,000 per month through October 31, 1996, at which time the
salary and the term of XxXxxxx'x engagement shall cease. This amendment of the
Agreement shall not cause Section 6.2 to become applicable, and all payments to
XxXxxxx shall cease at October 31, 1996 upon the Company's making of the
foregoing payments.
2. The first paragraph of Section 3.3 of the Agreement is hereby
amended to provide for immediate vesting of all stock options referred to in
paragraph, so that all such stock options may now be exercised in full without
further delay.
3. Sections 1 and 4 of the Agreement are hereby amended to provide
that XxXxxxx shall consult with the Company as requested and to the extent
requested in order to provide an orderly transition to a new Chief Executive
Officer, with XxXxxxx in good faith providing such information and support as
the Company may reasonably request for such purpose. XxXxxxx shall no longer be
required to provide full time efforts on behalf of the Company, nor to bear the
responsibility of supervising and operating the Company to maximize its
profitability, nor to perform any other duties expected of a Chief Executive
Officer. However, XxXxxxx shall continue to be bound by and to abide by the
terms of the Employee Confidentiality Agreement entered into in connection
with the Agreement
4. XxXxxxx hereby assigns to the Company any and all rights he may
have in and to the shares of capital stock of such foreign corporations,
including Organik Technologies S. D.E. R.L., an Honduran corporation, as may
have been formed under the laws of foreign jurisdictions to further the
Company's existing and proposed operations, which operations are described in
the Company's Form 10-KSB for the fiscal year ended July 31, 1995. XxXxxxx
hereby agrees to sign and deliver to the Company such further documents of
assignment, including assignments in the Spanish language, as may be
necessary or desirable to effect such assignment to the Company under
applicable foreign law of the shares, as the Company may from time-to-time
request.
5. All other provisions of the Agreement not in conflict with this
Amendment shall be and remain in full force and effect, including the
registration rights referred to in the second paragraph of Section 3.3 of the
Agreement.
IN WITNESSETH WHEREOF, the parties have signed this Amendment as of
the day and date first above written.
ORGANIK TECHNOLOGIES, INC.
By: Xxxxxxx X. Xxxxxx
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Its CEO
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/s/ Xxxx XxXxxxx
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(Xxxx XxXxxxx)
