AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
AMENDMENT
NO. 1 TO
This
Amendment No. 1 (the “Amendment”) to the Employment Agreement, dated as of
October 1, 2005 (the “Employment Agreement”), is made as of March 26, 2007 (the
“Execution Date”), by and between O2Diesel Corporation, a Delaware corporation
(the “Company”) and Xxxxx X. Xxxxxxx (the “Executive”).
WHEREAS,
the parties previously entered into the Employment Agreement; and
WHEREAS,
the Company has decided to amend the Employment Agreement to increase the
Executive’s Base Salary.
NOW,
THEREFORE, in consideration of the mutual promises and covenants herein, the
receipt and sufficiency of which are hereby acknowledged, and intending to
be
legally bound, the parties hereto agree as follows:
1.
AMENDMENT TO SECTION 4.1 OF THE EMPLOYMENT AGREEMENT.
The
first
sentence of Section 4.1 of the Employment Agreement is hereby deleted in its
entirety and inserting the following text in lieu thereof:
“In
consideration of the services rendered to the Company hereunder by the Executive
and the Executive’s covenants hereunder, effective as of January 1, 2007, the
Company shall, during the Term, pay to the Executive an annual base salary
at a
rate of $210,000 (the “Base Salary”), less statutory deductions and
withholdings, payable in accordance with the Company’s normal payroll
practices.”
2.
GENERAL.
Except
as
expressly provided herein, the Employment Agreement shall be unmodified and
shall remain in full force and effect in accordance with its terms.
[Remainder
of Page Intentionally Left Blank]
The
foregoing agreement is hereby executed effective as of the date first set first
set forth above.
| O2DIESEL CORPORATION | |||
| By: | /s/ Xxxx X. Xxx | ||
| Name: | Xxxx X. Xxx | ||
| Title: | Chief Executive Officer | ||
| /s/ Xxxxx X. Xxxxxxx | |||
| Xxxxx X. Xxxxxxx | |||
