Exhibit 10.29
AMENDMENT TO EMPLOYMENT AGREEMENT
This AMENDMENT TO EMPLOYMENT AGREEMENT ("Amendment") is made this 7th
day of April, 2000 by and between AQUIS COMMUNICATIONS GROUP, INC. (the
"Company") and XXXX X. XXXXXXX ("Employee").
BACKGROUND
Reference is made to the Employment Agreement dated as of January 4,
2000 between the Company and Employee (the "Agreement") in relation to
Employee's employment as President/CEO of the Company on terms and under the
conditions set forth therein.
The Company and Employee wish to amend the timing and circumstances
under which certain stock options for 300,000 shares of the Company's common
stock granted to Employee in subparagraph 4.B(i) of the Agreement may be
exercised, all as provided for herein.
NOW, THEREFORE, the parties hereto, intending to be legally bound, and
for good and valid considerations, the receipt and sufficiency of which is
hereby acknowledged, do hereby agree as follows:
1. AMENDMENT TO AGREEMENT.
Section 4.C of the Agreement is hereby amended and restated to
read in its entirety as follows:
Notwithstanding anything else herein to the contrary
(x) With respect to the 300,000 options granted under
subparagraph 4.B (i), Employee shall be vested without other
conditions on the on the earlier of (x) June 30, 2000 and (y)
the
initial drawing of funds under equity financing obtained
through Ladenburg Thallman & Co.
(y) With respect to the 600,000 options granted under
subparagraphs 4.B(ii) and 4.B(iii), Employee must be employed
by the Company on December 31st of the year preceding vesting,
E.G., Employee must be so employed on December 21, 2001 to be
vested under subparagraph 4.B(ii), and on December 31, 2002 to
be vested under subparagraph 4.B(iii), provided, however, that
if the term of employment is terminated under subparagraphs
2.A.(1), (2) or (5), then Employee shall be vested at the rate
of 25,000 shares for each full month of employment during the
calendar year of termination, E.G., if Employee were
terminated under subparagraph 2.A.(5) on April 15, 2001, then
Employee would automatically be vested in 75,000 shares in
addition to the shares vested under subparagraph 4.B.(ii).
2. MISCELLANEOUS.
(a) All of the terms, conditions, provisions and covenants
in the Agreement shall remain unaltered and in full force and effect except as
modified by this Amendment.
(b) This Amendment shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania.
(c) Each and every one of the terms and provisions of this
Amendment shall be binding upon and shall inure to the benefit of the Company
and Employee, their respective successors and assigns.
(d) This Amendment may be executed in one or more
counterparts, each of which shall be deemed to be an original as against any
party whose signature appears thereon, and all of which shall constitute but one
and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized as of the day
and year first above written.
AQUIS COMMUNICATIONS GROUP, INC.
By:______________________________
Name:_________________________
Title:________________________
XXXX X. XXXXXXX
_________________________________
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