Exhibit 10.34
THE ST. XXXX COMPANIES, INC.
000 Xxxxxxxxxx Xxxxxx
Xx. Xxxx, Xxxxxxxxx 00000
June 14, 2002
Xx. Xxxxxx X. Xxxxxx
000 Xxxxxx Xxxxx Xxxx
Xxx Xxxxxx, XX 00000
Dear Xxxxx:
Reference is made to that certain letter agreement dated
March 3, 2002 between The St. Xxxx Companies, Inc. (the "Company") and you
(the "Agreement"). Section 6 of the Agreement sets forth the following
sentence:
Upon an IPO, you will be entitled to receive a stock
option grant to purchase SPR common stock (the "IPO Grant") in
an amount equal to 1.5% of the outstanding SPR common stock
immediately following the IPO on a fully diluted basis at a
price not greater than the initial offering price under the
IPO and having a term of ten years.
Such sentence is hereby amended to read in its entirety as follows:
Upon an IPO, you will be entitled to receive a stock
option grant to purchase 975,000 shares of SPR common stock
(the "IPO Grant") at the initial offering price under the IPO
and having a term of ten years.
This amendment to the Agreement is intended to be a binding
obligation upon the Company and yourself. If this amendment to the Agreement
correctly reflects
Xx. Xxxxxx X. Xxxxxx
June 14, 2002
Page 2
your understanding, please sign and return one copy to Xxxx XxxXxxx for the
Company's records.
THE ST. XXXX COMPANIES, INC.
By:
---------------------------------
Xxx X. Xxxxxxx
Chief Executive Officer
The above amendment to the Agreement correctly reflects our understanding, and
I hereby confirm my agreement to the same as of the date first above written.
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Xxxxxx X. Xxxxxx
