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EXHIBIT 10.4
ADDENDUM TO EMPLOYMENT AGREEMENT
This addendum is made as of this 16th day of May, 2000 to the Employment
Agreement between Summit Brokerage Services, Inc. (the Company) and Xxxxxxx X.
Xxxxxx, (Xxxxxx) dated September 22nd, 1999.
The parties agree to the following changes:
3. COMPENSATION. Effective January 1st 2000 through the remaining
term of the agreement, Xxxxxx shall forego his rights to
receive 15,000 shares of company stock per year, in exchange
for the change made to paragraph 5 below.
5. STOCK OPTIONS. Effective January 1st 2000 through the
remaining term of the agreement, Xxxxxx shall forego his
rights to receive 100,000 options (50,000 options each year of
the term.)
On the date hereof, the Company grants to Xxxxxx 160,000 options exercisable for
shares of the Company's common stock. The exercise price for all options shall
be $2.50.
All other terms and conditions remain the same.
Agreed to and accepted this 16th day of May, 2000.
SUMMIT BROKERAGE SERVICES, INC.
/s/ Xxxxxxx Xxxxxx /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx Xxxxxx, Xxxxxxx X. Xxxxxx
Chairman and CEO
/s/ /s/
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Witness Witness
