AMENDMENT NUMBER ONE
TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT NUMBER ONE (hereinafter this "Amendment"), made and
entered into in the City of Reston, Virginia, this 21st day of January, 1993,
renews and amends the EMPLOYMENT AGREEMENT made and entered into on the 15th day
of August, 1991 (hereinafter, the "Agreement") by and between American
Utilicraft Corporation (hereinafter, the "Corporation") and Xxxxx X. Xxxxx
(hereinafter, "Xxxxx"), pursuant to paragraph 20 of the Agreement, in the
following respects.
WITNESSETH:
1. The term of the Agreement, set forth in paragraph 2 thereof, is
renewed for a six (6) year period, that is until February 28, 1999, unless
sooner terminated as provided in the Agreement.
2. Paragraph 5 of the Agreement is revised to read as follows:
"5. The Corporation agrees that it will pay Xxxxx, as a bonus,
an additional sum predicated on the sale of certain FF-1080 aircraft, and
derivative aircraft, on the following bases:
(a) For aircraft sold by the Corporation or its
partner or partners in the international joint venture contemplated by the
Corporation's eight year business plan to commercial concerns, worldwide
(including commercial air carriers when owned and/or operated by a foreign
government) and as, and only as, responsibility for such sales may be assigned
to Xxxxx by the President and Chief Executive Officer, Xxxxx shall be paid five
percent (5%) of the commissions paid to the Corporation by the international
joint venture company in accordance with the international joint venture
arrangement.
(b) In the event that the international joint venture
contemplated by the Corporations eight year business plan is not formed, Xxxxx
shall be paid one quarter of one percent (.25%) of the gross sale price of
aircraft, including optional equipment, sold and delivered by the Corporation to
commercial concerns, worldwide, (including commercial air carriers when owned
and/or operated by a foreign government) and as, and only as, responsibility for
such sales may be assigned, to Xxxxx by the President and Chief Executive
Officer.
(c) Payments of the sum payable to Xxxxx under
paragraph (a) above shall be made on the first (1st) working day of the month
following the month in which the commission on such aircraft sales has been paid
to the Corporation by the international joint venture company regardless of
whether or not this Agreement is then in effect.
(d) Payments of the sums payable to Xxxxx under
paragraph (b) above shall be made on the first (1st) working day of the month
following the month in which such aircraft deliveries are made and final payment
on such deliveries has been received by the Corporation regardless of whether or
not this Agreement is then in effect."
3. This Amendment consists of two (2) pages, including this signature
page.
IN WITNESS WHEREOF, the Corporation has hereunto signed its name by its
Corporate Secretary, for the Board of Directors, and Xxxxx has signed his name,
all as of the day and year first above written.
AMERICAN UTILICRAFT CORPORATION
By: /s/ Xxxxxxx X. Xxxxxx, Xx.
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Xxxxxxx X. Xxxxxx, Xx.
Corporate Secretary
/s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
