AMENDMENT TO EMPLOYMENT AGREEMENTS
AGREEMENT made as of March 1, 1999 by and among Nolbo, Inc., Xxxxxx X.
Xxxxxx ("Xxxxxx"), Xx X. Xxxxxxxx ("Grektorp") and Xxxx Xxxxxxxx ("Xxxxxxxx").
WHEREAS, Messrs. Xxxxxx, Grektorp and Xxxxxxxx each entered into
employment agreements dated July 1, 1998 with Nolbo; and
WHEREAS, the parties desire to amend the respective employment
agreements of each of Messrs. Xxxxxx, Grektorp and Xxxxxxxx.
NOW, THEREFORE, it is agreed as follows:
1. Section 2(a) of Nolley's employment agreement is hereby amended such
that his base salary for the period July 1, 1998 to June 30, 1999 is $52,000.
Thereafter, Nolley's base salary shall be $75,000, which the Board has the right
to increase.
2. Section 2 (a) of Grektorp's employment agreement is hereby amended
such that his base salary for the period July 1, 1998 to June 30, 1999 is $-0-.
Thereafter, Grektorp's base salary shall be $25,000, which the Board has the
right to increase.
3. Section 2 (a) of Xxxxxxxx'x employment agreement is hereby amended
such that his base salary for the period July 1, 1998 to June 30, 1999 is
$10,000. Thereafter, Xxxxxxxx'x base salary shall be $15,000, which the Board
has the right to increase.
4. Section 2 (c) is hereby added to Nolley's employment agreement and
shall read as follows: "For the period June 1, 1998 to May 31, 1999, it was
intended that Nolbo would pay a bonus equal to 10% of cash flow from operations
with an amount to be received of not less than $12,500 and a maximum of $30,000.
Nolbo and Xxxxxx have agreed that the bonus for said period shall be $-0-.
Thereafter, bonuses shall be at the discretion of Nolbo's Board of Directors."
5. Section 2 (c) is hereby added to Grektorp's employment agreement and
shall read as follows: "For the period June 1, 1998 to May 31, 1999, it was
intended that Nolbo would pay a bonus equal to 5% of cash flow from operations
with an amount to be received of not less than $5,000 and a maximum of $15,000.
Nolbo and Grektorp have agreed that the bonus for said period shall be $-0-.
Thereafter, bonuses shall be at the discretion of Nolbo's Board of Directors."
6. Section 2 (c) is hereby added to Xxxxxxxx'x employment agreement and
shall read as follows: "For the period June 1, 1998 to May 31, 1999, it was
intended that Nolbo would pay a bonus equal to 2-1/2% of cash flow from
operations with an amount to be received of not less than $2,000 and a maximum
of $6,000. Nolbo and Xxxxxxxx have agreed that the bonus for said period shall
be $-0-. Thereafter, bonuses shall be at the discretion of Nolbo's Board of
Directors."
7. The respective employment agreements of Xxxxxx, Grektorp and
Xxxxxxxx as amended by this agreement represent the entire agreement between the
parties and may only be amended in writing executed by the parties thereto.
Except as set forth in this agreement.
8. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, but all of which together shall be deemed
to be one and the same instrument. If a party signs this Agreement and transmits
an electronic facsimile of the signature page to the other party, the party who
receives the transmission may rely upon the electronic facsimile as a signed
original of this Agreement.
If a party signs this Agreement and transmits an electronic
facsimile of the signature page to the other party, the party who receives the
transmission may rely upon the electronic facsimile as a signed original of this
Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this agreement and
affixed their hands and seal the day and year first above written.
NOLBO, INC.
BY: /s/ XXXXXX X. XXXXXX
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Xxxxxx X. Xxxxxx, President
/s/ XXXXXX X. XXXXXX
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Xxxxxx X. Xxxxxx
/s/ BO GREKTORP
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Bo Grektorp
/s/ XXXX XXXXXXXX
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Xxxx Xxxxxxxx
