Exhibit 10.1(a)
AMENDMENT #1 TO EMPLOYMENT AGREEMENT between AMERICAN PALLET LEASING, INC.
(Company) and XXXXX XXXXXX (employee) dated September 22, 2004.
The aforementioned employment agreement is hereby amended as follows:
PARAGRAPH 3(a) BASE COMPENSATION - shall be amended to state "In no event shall
employee compensation be less than $150,000 per year commencing September 22,
2004, and shall be increased on the dates of this Agreement as shown below,
which in no event shall be less than the following:
October 1, 2007 $165,000
October 1, 2008 $190,000
October 1, 2009 $215,000 or more at the discretion of the
Board of Directors
Employee's salary hereunder shall be paid in bi-weekly installments
(subject to reduction for such payroll and withholding deductions as may be
required by law).
Employee shall also be compensated with: (i) health and disability
insurance coverage at the Company's expense with coverage to be in amounts
determined from time to time by the Compensation Committee of the Company's
Board of Directors; (ii) health insurance coverage at the Company's expense for
Employee's spouse and dependents; (iii) the right to all fringe benefits
generally made available to other Employees of the Company, and (iv) the right
to participate in retirement plans implemented by the Company.
In addition to the foregoing, Employee shall be entitled to a minimum
annual vacation leave of four (4) weeks per year with full pay which shall not
be accumulated and carried forward from year to year if not used."
PARAGRAPH 3(b) PERFORMANCE BONUS COMPENSATION (CASH) - shall be amended to state
"Employee shall be entitled to receive cash bonuses solely at the discretion of
the Compensation Committee of the Board of Directors."
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AMENDMENT #1 TO EMPLOYMENT AGREEMENT (CONTINUED)
PARAGRAPH 3(c) PERFORMANCE BONUS COMPENSATION (SHARES) - shall be amended as
follows: PARAGRAPH 3(c) COMPENSATION (SHARES). Employee shall be issued, as soon
as practicable, 500,000 restricted shares of the Company's common stock.
All other provisions of the aforementioned original contract shall remain in
effect.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective as of the 29th day of June, 2005.
AMERICAN PALLET LEASING, INC.
By:
-----------------------------------------
XXXXXXX XXXXXXXXX, CHAIRMAN & CEO
By:
-----------------------------------------
XXXXX XXXXXXX, DIRECTOR OF APL
EMPLOYEE:
By:
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XXXXX XXXXXX, CFO
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