FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
This
First Amendment to Employment Agreement (“Amendment”) is entered into on
November 8, 2010 by and between Searchlight Minerals Corp., a Nevada corporation
(“Company”) and Xxxxxx X. Xxxxx (“Executive”).
WHEREAS,
Company and Executive desire to amend that certain Employment Agreement dated
October 1, 2010 (the “Agreement”), effective as of the date of the
Agreement.
NOW,
THEREFORE, for and in consideration of the mutual covenants and promises set
forth herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereby agree as
follows:
1. The
first sentence of Section 4.1.1. of the Agreement is hereby deleted in its
entirety and replaced with the following:
“Gross
monthly salary of $2,500.00 (“Base Salary”), payable twice per month, at the
rate of $1,250.00 on the 15th and
last day of each month during which Executive performs his duties under this
Agreement.”
2. This
Amendment shall be effective as of the date of the Agreement. All
other terms and provisions of the Agreement remain in full force and
effect. This Amendment may be executed in one or more counterparts,
including by fax or by e-mail, each of which shall be deemed to be an original,
but all of which together shall constitute one and the same
instrument.
IN
WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of
the day and year first written above at Searchlight, Nevada.
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By:
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/s/ Xxxx X. Xxxx | ||
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/s/
Xxxxxx X. Xxxxx
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Name:
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Xxxx X. Xxxx | |
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Xxxxxx
X. Xxxxx
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Title:
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Vice President | |
