Exhibit 10.60
Xx. Xxxxxx X. Xxxxxxxxx
00 Xxxxxxxx Xxxx
Xxxxxxxx, XX 00000
Dear Xx. Xxxxxxxxx:
Reference is made to the Employment Agreement between you and
this Corporation dated as of December 9, 1998, as amended and presently in three
(the "Employment Agreement"). Upon execution of this letter by you, it shall
become an amendment to the Employment Agreement. Capitalized terms used herein
and not otherwise defined shall have the meanings ascribed to them in the
Employment Agreement.
In consideration of your agreement to reduce the Base Salary
from $425,000 per annum to $212,500 per annum, this Corporation will issue to
you 1,000,000 shares of unregistered common stock (the "Shares"). We agree to
include the Shares in the first registration statement filed by this Corporation
pursuant to the Secunties Act of 1933 on a form which is appropriate for
inclusion of the Shares.
You agree to return to this Corporation a percentage of the
Shares if the Employment Agreement is terminated by you or for cause (other than
death or disability) prior to its scheduled termination date of May 20, 2004.
The formula for calculating such percentage is:
Shares x B/A where A equals the number of months between the date hereof and May
20. 2004; and B equals the number of months between early termination and May
20, 2004.
Expect as herein modified, the Employment Agreement shall
continue in full force and effect.
If the foregoing is in accordance with your agreement, please
so indicate in the place provided below.
Very truly yours,
York Research Corporation
/s/ Xxxxxxx Xxxxxxxxxxxx
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Xxxxxxx Xxxxxxxxxxxx
Executive Vice President
Chief Financial Officer
Consented to and agreed
/s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
