EXHIBIT 10.32
AMENDMENT TO EMPLOYMENT AGREEMENT JULY 1, 1998
To: Xxx X. Xxxxxxxx
000 Xxxxx Xxxxx Xxxxxx
Xxx Xxxxx XX 00000
Dear Jan:
This letter serves as an amendment to the Employment Agreement dated
March 4, 1997. The changes below are effective July 1, 1998.
The terms of the March 4, 1997 Employment Agreement are amended as
follows:
3. COMPENSATION
3.1 Base Salary - The annual base salary shall be $75,000.00 per
year.
3.2 Bonus
3.2.3 Options to purchase an additional Ten Thousand (10,000)
shares of common stock of the Company exercisable at the end of
each 12 month period beginning July 1, 1998, at $6.5625 per share,
subject to compliance with applicable laws.
The remaining terms and conditions as outlined in the original
Employment Agreement continue to be in effect.
In Witness Whereof, the Company has caused this Agreement to be executed
by its respective duly authorized officer, and the Executive has
hereunto signed this Agreement as of the date first above written.
Company:
AMERICAN CHAMPION ENTERTAINMENT, INC.
By: /s/ Xxxxxxx X. Xxxx
Xxxxxxx X. Xxxx, President & CEO
Accepted:
By: /s/ Xxx X. Xxxxxxxx Date: July 1, 1998
Xxx X. Xxxxxxxx
