Exhibit 10.22
AMENDMENT TO EMPLOYMENT AGREEMENT
Modified FY98(a) Bonus Plan
This amendment ("Amendment") to the Employment Agreement ("Agreement") executed
between Exigent International, Inc. and Xxxxxxx X. Xxxxxxx dated June 11, 1997
is entered into as of September 14, 1998 between Exigent International, Inc.
("Exigent"), a corporation duly authorized and existing under the laws of the
State of Delaware with a principal place of business at 0000 Xxxxx Xxxx,
Xxxxxxxxx, Xxxxxxx 00000 and Xxxxxxx X. Xxxxxxx ("Employee"), an individual
domiciled at 000 Xxx X0X, #000, Xxxxxxxxx Xxxxx, XX 00000.
NOW, THEREFORE, for one dollar and other good and valuable consideration, the
receipt and sufficiency of which is hereby mutually acknowledged, Exigent and
Employee hereby agree as follows:
1. Modified FY98(a) Bonus Plan. Notwithstanding anything to the contrary in
the Agreement and subject to the terms and conditions of this Amendment,
Exigent hereby agrees to provide and Employee hereby agrees to accept the
following bonus compensation for Employee's performance in fiscal year
1998(a) (i.e., February 1, 1997 through January 31, 1998): Xxxxxxx X.
Xxxxxxx stock options from plan 6NQ. This bonus shall supersede and replace
any bonus to which Employee may be entitled under the Agreement. The
Agreement shall be deemed modified and amended to the extent necessary to
implement the terms and conditions of this Amendment.
2. Option Price. The option exercise price shall be $3.375 per share.
3. Grant. The granting of the options shall be in accordance with the terms
and conditions of the stock option agreement for Plan 6NQ which is
incorporated herein by this reference.
4. Dollar Amounts. Any dollar amounts included in the Modified FY98(a) Bonus
Plan described in Section 1 above are subject to all applicable withholding
taxes and any other deductions required by law.
5. Satisfaction. Employee hereby acknowledges and agrees that the foregoing
Modified FY98(a) Bonus Plan described in Section 1 above is fair,
reasonable and satisfactory. As such, Employee hereby agrees to release
Exigent (and all of its subsidiary companies) and its respective officers,
directors and agents from any and all claims, right, or demands that
Employee, or Employee's successors and assigns, has or may have as a result
of or arising from the Modified FY98(a) Bonus Plan.
6. Ratification and Approval. In all other respects the Agreement is hereby
ratified by Exigent and Employee and remains in full force and effect, as
previously amended.
IN WITNESS WHEREOF, this Amendment has been duly executed as of the date set
forth above and is retroactively effective from January 31, 1998.
For Exigent: For Employee:
Exigent International, Inc. Xxxxxxx X. Xxxxxxx
By: /s/ Xxxxxx X. Xxxxxxx By: /s/ B.R. Xxxxxxx
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(signature) (signature)
Name: Xxxxxx X. Xxxxxxx
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Title: Chairman, Compensation Committee
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