EXHIBIT 10.11
July 1, 2002
Xxxxxxx X. Xxxxx
000 Xxxxxxxx-Xxxxx Xxxx Xxxx
Xxxxxxxx, XX 00000
Re: Employment Agreement dated January 1, 2002 Amendment
As per the Compensation Committee with approval of the Board of Directors the
above referenced Employment Agreement has been amended as follows:
Annual salary is $25,200 accruing the difference (Base $150,000 - accrue year)
beginning July 1, 2002 through the remainder of the year or until sufficient
cash flow is available to pay additional salary.
Effective July 1, 2002 stock options continue to accrue at a rate of 10,000
options per month exercisable at $0.15 as per the market price at July 1, 2002.
Effective July 1, 2002 an additional 1,190,000 options exercisable at $0.15 have
been granted and vested immediately.
In addition a Restricted Stock Agreement will be implemented (see attached)
granting 1,000,000 shares vesting over 5 years exercisable at $0.15 (current
market price).
Agreed and Signed by: Approved by WorldWater Corp.
Board of Directors Compensation Committee:
/s/ Xxxxxxx X. Xxxxx /s/ Xxxxxxxx Xxxxx
Xxxxxxx X. Xxxxx Xx. Xxxxxxxx Xxxxx
Chairman and CEO
WorldWater Corp.
/s/ Xxxxxx Xxxxxx
Xxxxxx Xxxxxx
