EXHIBIT 10.1 - Amendment dated March 27, 1998 to Employment Agreement With
Xxxxx X. Xxxxx
XXXXX X. XXXXX
SUITE 507
0000 Xxx Xxxx Xxxxxx
Xxxxxx, Xxxxx 00000
March 27, 1998
EXX INC
Xxxxx 000
0000 Xxxx Xxxxxxxx Xxxx
Xxx Xxxxx, Xxxxxx 00000
Gentlemen:
I refer to the Employment Agreement, effective October 24, 1994 (the
"Agreement"), by and between EXX INC, a Nevada corporation (the "Company"), and
Xxxxx X. Xxxxx ("Xxxxx"). This will confirm that I have waived, effective as of
December 31, 1997, my rights under the Agreement to require the Company to
repurchase my shares of the Company's common stock upon termination of the
Agreement, in exchange for the Company's granting to me the following options
during 1998 under the Company's 1994 Stock Option Plan (the "Plan): (i) an
option to purchase 300,000 shares of Class A Common Stock, and (ii) an option to
purchase 100,000 shares of Class B Common Stock. The exercise prices of such
options shall be equal to or greater than the market price at the date of grant.
Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed thereto in the Plan.
Very truly yours,
/s/ XXXXX X. XXXXX
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XXXXX X. XXXXX
