AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit
10.22
AMENDMENT
TO EXECUTIVE
WHEREAS,
effective July 31, 2006, CAPITAL GOLD CORPORATION, a Delaware corporation
(“Employer”), and XXXXXXX X. XXXXXXXXX, a Pennsylvania resident (“Executive”),
entered into an Executive Employment Agreement (the “Agreement”);
and
WHEREAS,
on
August
29, 2007, based on the recommendation of the Compensation Committee of the
Company’s Board of Directors, after review of an Executive Compensation Market
Analysis and Report by an independent human
resource professional services firm, the Board of Directors increased the
salaries of our executive officers to be commensurate with industry
standards;
NOW,
THEREFORE, to effectuate the foregoing change in salary for Executive, Employer
and Executive agree:
1. Section
3(a) of the Agreement is amended retroactively effective August 1, 2007 and,
as
amended, reads as follows:
(a) Base
Salary.
As
compensation for the services rendered pursuant to this Agreement, Employer
agrees to pay Executive a base salary at an annual rate of not less than
$195,000, payable in installments in accordance with Employer’s standard payroll
practices, subject to such payroll and withholding deductions as are required
by
law or authorized by Executive. The amount of the base salary shall be reviewed
periodically and may be increased at the sole discretion of Employer.
2. All
other
terms of the Agreement remain the same.
IN
WITNESS WHEREOF, the parties have executed this amendment to the Agreement
effective August 29, 2007.
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EMPLOYER
:
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| CAPITAL GOLD CORPORATION | ||
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| By: | s/ Xxxxxxx X. Xxxxxxxx | |
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Xxxxxxx X. Xxxxxxxx, President |
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EXECUTIVE:
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| s/ Xxxxxxx X. Xxxxxxxxx | ||
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Xxxxxxx X. Xxxxxxxxx |
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