EXHIBIT "A"
AMENDMENT TO EMPLOYMENT AGREEMENT OF
MILES X. XXXXX
This Amendment to Employment Agreement is entered into as of
_____________, 1996, by and between RENAISSANCE GOLF PRODUCTS, INC., a Delaware
corporation (hereinafter the "Company"), and MILES X. XXXXX (hereinafter
"Xxxxx").
WHEREAS, the Company has agreed to xxxxx Xxxxx new stock options in the
Company in connection with a financing plan to be completed no later than March
1997, and
WHEREAS, Xxxxx has agreed to waive his rights to all previously granted
stock options in the Company and reduce his annual salary to $75,000 per year;
NOW, THEREFORE, in consideration of the mutual promises, covenants and
agreements hereinafter set forth, the parties hereto agree as follows:
The salary set forth in Xxxxx'x employment agreement is hereby changed
to $75,000 per year. The remaining terms and provisions of the agreement shall
remain unchanged.
Dated: ________________ THE COMPANY:
By: ______________________________
Its Duly Authorized Officer
Dated: ________________ EMPLOYEE:
________________________________
MILES X. XXXXX
EXHIBIT "B"
PROMISSORY NOTE
$50,000.00 October --, 0000
Xxxxxxxxxx Xxxxx, Xxxxxxxxxx
FOR VALUE RECEIVED, the undersigned, RENAISSANCE GOLF PRODUCTS, INC.
("Payor") promises to pay to MILES X. XXXXX, or holder ("Payee"), the principal
sum of Fifty Thousand Dollars and No Cents ($50,000.00) on or before June 30,
1999.
In the event of default, Payee may at any time provide notice of default to
Payor at its principle place of business and demand repayment of the Note.
Payee shall be entitled to collect a reasonable attorneys' fee and interest
from the Payor, as well as other costs, charges, and expenses reasonably
incurred, in curing any default or attempting collection of the payment due on
this Note, whether or not litigation or any proceeding to enforce this Note is
commenced.
This Note may be prepaid in whole or in part at any time without penalty.
If any term or provision of this Note, or any portion of any such term or
provision, shall be held invalid or against public policy, or if the application
of the same to any person or circumstance is held invalid or against public
policy, then the remainder of this Note (or the remainder of such term or
provision) and the application thereof to other persons or circumstances shall
not be affected thereby and shall remain valid and in full force and effect to
the extent permitted by law.
This Note shall be governed by and construed solely in accordance with the
laws of the State of California.
IN WITNESS WHEREOF, Payor has executed this Promissory Note as of the day
first hereinabove written at Huntington Beach, California.
"PAYOR"
RENAISSANCE GOLF PRODUCTS, INC.
BY:_____________________________
MILES X. XXXXX
CHAIRMAN OF THE BOARD