Exhibit 10.29
AMENDMENT TO EMPLOYMENT AGREEMENT
AGREEMENT made as of the 1st day of January 1998, by and between XXXXXXX
XXXXXX, (hereinafter referred to as the "Employee"), residing at 00 Xxxxxxxxx
Xxxxxx, Xxxxxxxx, Xxx Xxxx 00000, and BREAKING WAVES, INC. (hereinafter referred
to as the "Company"), a New York corporation with principal offices located at
000 Xxxx 00xx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000.
W I T N E S S E T H :
WHEREAS, the Company and Employee entered into an Employment Agreement
dated November 27, 1996;
WHEREAS, Employee desires to curtail the amount of normal business time he
shall devote to the business of the Company;
WHEREAS, the Company is amenable to the reduction of time Employee shall
devote to the business of the Company and desires to reduce the salary and stock
issuances to Employee to conform to such reduction; and
WHEREAS, the Company and the Employee consequently desire to amend such
Employment Agreement to reflect the foregoing;
NOW THEREFORE, in consideration of the mutual promises made by the Company
and Employee, and the terms and conditions hereafter set forth, the receipt and
adequacy of such consideration being mutually acknowledged, the Company and
Employee hereby agree to the following:
1. Article III, Paragraph (A) of the Employment Agreement is hereby amended
to revise Employee's salary and shall read as follows:
Commencing January 1, 1998, the Company shall pay to Employee a salary at
the rate of $60,000 per annum until November 27, 1999 (payable in equal weekly
installments or pursuant to such regular pay periods adopted by the Company)
(the "Base Salary").
2. Article IX of the Employment Agreement is hereby amended to revise the
value of stock issued to Employee and shall read as follows:
On November 27, 1998, the Employee shall receive such numbers of shares of
the Parent's common stock as equals a Market Value (as hereinafter defined) of
$13,636 on the date of issuance, subject to a vesting schedule. The vesting
schedule shall be as follows; 1/2 of the shares shall vest six months from
issuance with the balance vesting on the following anniversary. The shares shall
vest pursuant to a restricted share agreement as annexed hereto as Appendix A.
"Market Value" shall mean (i) $5.00 per share with respect to the shares to be
issued as of the date hereof and (ii) the average of the closing bid and asked
prices for a share of Parent's common stock for a period of 30 days ending five
days prior to the date of issuance, as officially reported by the principal
securities exchange on which the common stock is quoted or admitted to trading
or by the Nasdaq National or SmallCap Stock Market, or, if the Common Stock is
not listed or admitted to trading on any securities exchange or quoted by
Nasdaq, the average closing bid price as listed on the OTC Bulletin Board, as
determined in good faith by resolution of the Board of Directors of the Parent,
based on the best information available to it.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day
and year first above written.
BREAKING WAVES, INC. EMPLOYEE
By: /s/ Xxxxxx Xxxxxxxx /s/ Xxxxxxx Xxxxxx
Xxxxxx Xxxxxxxx Xxxxxxx Xxxxxx
President
