EXHIBIT 10.20
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
WHEREAS, XXXX XXXXXX and CONSTANT POWER MANUFACTURING, INCORPORATED
("COMPANY") entered into an Employment Agreement dated March 25, 1998;
WHEREAS, paragraph 4(e)(1) of the agreeement requires COMPANY to pay
XXXX XXXXXX a Two Hundred Thousand and no/100ths Dollars ($200,000.00) bonus;
WHEREAS, the rights of the Employee are non-assignable pursuant to
paragraph 16 of the agreement;
WHEREAS, XXXX XXXXXX now desires to assign the bonus to XXXXXX XXXXXX;
KNOW ALL MEN BY THESE PRESENTS THAT THE PARTIES AGREE AS FOLLOWS:
1. XXXX XXXXXX agrees to assign the Two Hundred Thousand and no/100ths
Dollars ($200,000.00) bonus to XXXXXX XXXXXX.
2. COMPANY agrees to the asssignment and will make the payment of the
bonus pursuant to paragraph 4(e)(1) to XXXXXX XXXXXX in accordance with a
mutually acceptable schedule.
3. XXXX XXXXXX agrees that the payment to XXXXXX XXXXXX pursuant to this
assignment will relieve COMPANY of its obligations in regard to the Two Hundred
Thousand and no/100ths Dollars Bonus.
4. The parties agree that all other terms and conditions of the
Employment Agreement are hereby ratified and shall remain the same and may be
amended only by an instrument in writing.
IN WITNESS WHEREOF, the parties have executed this Agreement effective
as of the 3 day of April, 1998.
Company: Constant Power Manufacturing Incorporated
By: /s/ XXXXXXX X. XXXXXX
Name: Xxxxxxx X. Xxxxxx, President
Employee: /s/ XXXX XXXXXX
XXXX XXXXXX
Assignee: /s/ XXXXXX XXXXXX
XXXXXX XXXXXX
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