Exhibit 10.34
[LOGO] salon media group
September 13, 2007
Xxxxxxxxxxx Xxxxxxx
00 Xxxx 00xx Xxxxxx, Xxx. 0X
Xxx Xxxx, Xxx Xxxx 00000
Re: Employment Agreement - Amendment No. 1
Dear Xxxxxxxxxxx:
The following paragraph from your employment agreement signed on June 5, 2006
and prior to the 20:1 reverse stock split of Salon Media Group, Inc. (the
Company) that was effective November 15, 2006, is hereby deleted:
"If the goals to be mutually agreed upon within forty-five days of the
Start Date are attained, you will be eligible to receive 5,000,000 shares
of restricted stock during your employment with the Company. The shares of
restricted stock will vest over a period of four years from the date of
grant (one fourth for each year after the date of grant). As the Company
does not now have an equity compensation plan that allows for the granting
of shares of restricted stock, the Company will solicit approval of such a
plan by the Company's Board of Directors and stockholders no later than
December 31, 2007."
The above deleted paragraph is hereby replaced with:
"As long as you remain an employee of the Company, you will receive a
restricted stock bonus grant of 250,000 shares of common stock when the
Company is able to do so. The Company anticipates that it will be able to
make such a grant by December 31, 2007. The restricted stock bonus will
vest one fourth after you have served one year as Chief Executive Officer
and one fourth per year thereafter."
All other provisions of your employment agreement will remain intact.
Sincerely,
Salon Media Group, Inc.
By /s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx
Chief Financial Officer and Secretary
I agree to and accept employment with Salon Media Group, Inc. on the terms
and conditions set forth in this Agreement.
Date: September 13, 2007 /s/ Xxxxxxxxxxx Xxxxxxx
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Xxxxxxxxxxx Xxxxxxx
