EXHIBIT 10.29
AMENDMENT TO EMPLOYMENT AGREEMENT JULY 1, 1998
To: Xxxxxx Xxxxx
000 Xxxxxxxxx
Xxxxxxx XX 00000
Dear Xxxxxx:
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 $150,000 per year.
3.2 Bonus
3.2.3 Options to purchase an additional Twenty Thousand (20,000)
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/ Xxxxxx Xxxxx Date: July 1, 1998
Xxxxxx Xxxxx
