EXHIBIT 4.6
May 1, 0000
Xxx X. Xxxx
President and Chief Executive Officer
Linkon Corporation
000 Xxxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
EMPLOYMENT AGREEMENT EXTENSION
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Dear Xx. Xxxx:
We are now in the fourth year of your Employment Agreement with Linkon
Corporation to serve as President and Chief Executive Officer of Linkon
Corporation. As we have discussed Linkon Corporation would like to extend and
update our current Agreement.
As consideration for this Agreement Extension, Linkon Corporation will:
1.) Provide you with seventy five thousand options to purchase Linkon
Corporation common stock at a purchase price equal to the closing price of
Linkon stock for the day that this Agreement Extension is signed. These
options will vest immediately and will be identical in form to those you
currently possess.
The changes, additions and deletions to our Employment Agreement follow here as
Addendum A.
Should you agree to these terms, please sign this letter and the Addendum and
return a signed copy to me.
Sincerely,
/s/ Xxxxxxx Xxxxxxxx
Xxxxxxx Xxxxxxxx
Chairman of the Board and Chief Technology Officer
enclosure (1)
I concur with these terms,
/s/ Xxx X. Xxxx 5/1/96
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Xxx X. Xxxx Date
Addendum A
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Changes, additions and deletions to EMPLOYMENT AGREEMENT between Linkon
Corporation and Xxx X. Xxxx dated March 1, 1993.
I..) Opening paragraph:
Update addresses to reflect changes:
Linkon Corporation's new address is 000 Xxxxxxx Xxxxxx,
Xxxxxxxxx, XX 00000.
Xxx X. Xxxx'x new address is 00 Xxxx Xxxxxx, Xxxxxxxxx, XX
00000.
II.) Paragraph 2.) TERM:
----
Replace entire paragraph with:
The term of this renewed Agreement shall commence on the
date of the signing of this Agreement Extension and
shall continue for two years or until otherwise
terminated as provided in this Agreement.
III.) Paragraph 3.) COMPENSATION:
------------
Replace entire paragraph with:
The company agrees to pay Hill a minimum annual salary
of one hundred and fifty thousand dollars ($150,000) per
year. Once, the company achieves profitability at the
operating income level for at least two consecutive
quarters, this annual salary shall be a minimum annual
salary of $175,000 per year. Upon achievement of
profitability at the net income level for at least two
consecutive quarters, the salary shall be a minimum
annual salary of $200,000 per year.
IV.) Paragraph 14.) GOVERNING LAW:
--------------
Delete:
"....County of New York, State of New York."
Replace with
"Fairfield County, State of Connecticut."
For Linkon Corporation:
/s/ Xxxxxxx Xxxxxxxx 5/1/96
-------------------------------------------------- -------------------
Xxxxxxx Xxxxxxxx Date
Chairman of the Board and Chief Technology Officer
/s/ Xxx X. Xxxx 5/1/96
-------------------------------------------------- -------------------
Xxx X. Xxxx Date
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