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AMENDMENT NO.1 TO RESIGNATION AGREEMENT
THIS AMENDMENT is made and entered into as of October 11, 1996, by and between
Ride, Inc., a Washington corporation ("Ride"), and Xxxxx X. Xxxxxx, an
individual ("Xxxxxx").
RECITALS
A. Ride and Xxxxxx are parties to a Resignation Agreement, dated May 7,
1996 (the "Agreement"). Ride and Xxxxxx wish to reaffirm the Agreement subject
to the amendment of certain terms of the Agreement as set forth in this
Amendment.
AGREEMENT
NOW, THEREFORE, in consideration of the agreements set forth herein, the parties
agree as follows:
1. The date of "December 31, 1996" set forth in the first sentence of
Paragraph 2(a) of the Agreement is deleted and replaced with the date of
"October 11, 1996." Paragraph 2(b) of the Agreement is deleted in its entirety.
2. The second and third sentences of Paragraph 6 of the Agreement are
deleted and replaced with the following text:
Notwithstanding anything to the contrary in this Agreement and the
Employment Agreement, Xxxxxx shall be permitted to engage in the Brokered OEM
Business and the Close-Out Business as the respective terms are defined in, and
to the extent specified in, that certain Stock Purchase Agreement of even date,
by and between Ride and Gen-X Equipment, Inc., a Washington corporation.
IN WITNESS WHEREOF, the parties execute this Amendment as of the date
first above written.
RIDE, INC.
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxx X. Xxxxxx
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Xxxxxx X. Xxxx, CEO and President Xxxxx X. Xxxxxx
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