1
EXHIBIT 10.1
FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
This Amendment (this "Amendment") is made effective as of the 14th day
of June, 2001, by and between NetRadio Corporation, a Minnesota corporation
(the "Company") and Xxxxxxx Xxxx (the "Executive").
WHEREAS, the Company and the Executive have previously entered into
that certain Executive Employment Agreement, effective as of August 23, 2000
(the "Employment Agreement").
WHEREAS, the parties desire to amend certain of the Executive's terms
of employment with the Company set forth in the Employment Agreement as provided
herein.
NOW THEREFORE, in consideration of the foregoing premises, mutual
covenants and obligations contained in this Amendment and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Amendment of Section 3.1. The first sentence of Section 3.1 of the
Employment Agreement is hereby amended by deleting it in its entirety and
substituting the following:
"The Company will pay to Executive a base salary of $175,000 per
calendar year, prorated for partial calendar years."
2. Amendment of Section 3.2. Section 3.2 of the Employment Agreement
is hereby amended by deleting it in its entirety and substituting the following:
"3.2. Bonus. Beginning with calendar year 2001, Executive shall be
eligible to receive an annual bonus in an amount up to 50% of his base
salary if Executive achieves certain personal objectives as set forth
with respect to Executive under the Company's Executive Incentive Plan
as in effect from time to time. Except as otherwise provided in the
Company's Executive Incentive Plan, the bonus period for each year
during the term of this Agreement shall run from January 1 through
December 31 and shall be paid annually not later than 30 days after the
Company's annual audit is completed.
3. Terms and Conditions. Except as specifically modified herein, all
other terms and conditions of the Employment Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the day and year first above written.
EXECUTIVE
/s/ Xxxxxxx Xxxx
-----------------------------
Xxxxxxx Xxxx
NETRADIO CORPORATION
By:/s/ Xxxx Xxxxxxx
--------------------------
Its: Chairman
