AMENDMENT TO EXECUTIVE ENGAGEMENT AGREEMENT
Exhibit
10.29
AMENDMENT
TO EXECUTIVE
ENGAGEMENT
AGREEMENT
WHEREAS,
effective May 1, 2007, CAPITAL GOLD CORPORATION, a Delaware corporation
(“Company”), and XXXXXXXXXXX X. XXXXXXX, a Pennsylvania resident (“Executive”),
entered into the Second Amended Engagement Agreement (the “Agreement”);
and
WHEREAS,
on
July
17, 2008, based on the recommendation of the Compensation Committee of the
Company’s Board of Directors, the Board of Directors increased the compensation
of our executive officers;
NOW,
THEREFORE, to effectuate the foregoing change in compensation for Executive,
Company and Executive agree:
1. Section
3(a) of the Agreement is amended effective August 1, 2008 and, as amended,
reads
as follows:
(a) Base
Fee.
For his
services to the CORPORATION during the TERM, the CORPORATION shall pay XXXXXXX
a
fee at the annual rate of Two Hundred One Thousand, Two Hundred and Fifty
($201,250) Dollars (The “Annual Fee”) payable in equal monthly installments.
2. All
other
terms of the Agreement remain the same.
IN
WITNESS WHEREOF, the parties have executed this amendment to the Agreement
effective July 17, 2008.
|
COMPANY:
|
|||
|
CAPITAL
GOLD CORPORATION
|
|||
|
By:
|
s/Xxxxxxx
X. Xxxxxxxx
|
||
|
Xxxxxxx
X Xxxxxxxx, President
|
|||
|
EXECUTIVE:
|
|||
|
s/Xxxxxxxxxxx
Xxxxxxx
|
|||
|
Xxxxxxxxxxx
X. Xxxxxxx
|
|||
