EXHIBIT 10.19
December 18, 2000
Dear XxXxx:
This letter will constitute an amendment to your Employment
Agreement with DTR that was signed on October 1, 1998 and also an
amendment to the grant of stock options to you pursuant to the
Stock Option Grants dated July 7, 1997 and May 1, 1998.
AMEMDMENT TO EMPLOYMENT AGREEMENT
Your Employment Agreement dated October 1, 1998 shall be amended
as follows:
Throughout the entire document the name Xxxxx will be
recognized as synonymous with your current legal name of
XxXxx Xxxxxxxxx
4. (a) Salary. Effective January 1, 2000, DTR will pay
salary and benefits to Xxxxxxxxx at a xxxxx annual rate
of Ninety Thousand Dollars ($90,000.00). This rate also
includes any employer paid taxes, medical benefits,
housing, etc. Effective January 1, 2001, FMI (DTR's
30% owned subsidiary) will hire Xxxxxxxxx to work full-
time. As a result, DTR will then only pay to Xxxxxxxxx
wages at an hourly rate of Seventy Five Dollars ($75)
based on actual time worked directly on DTR matters not
related to FMI.
4. (e) Loan Option. For the purpose of exercising your
vested unexercised stock options, DTR will accept as
payment for all or any part of the purchase price a non-
recourse, 5% annual interest promissory note from you
to DTR in the form attached hereto as Exhibit A and a
related pledge agreement in the form attached hereto as
Exhibit B
AMENDMENT OF YOUR STOCK OPTIONS
As of the date of this letter, the Stock Options you presently
hold shall be amended as follows:
Current Status of Stock Options. You currently hold
options to purchase 15,000 shares of DTR's common stock,
10,000 shares at $1.1875 and 5,000 shares at $3.125. In
addition, the Company has been unable to pay your salary
due to lack of money for the past several months and this
situation is likely to continue through the end of April,
if not beyond. To clarify the situation and to provide
incentive for your continued employment, the Board intends
to replace your past stock options with this Amendment.
NEW STOCK OPTIONS TO BE GRANTED
As of the date of this letter, you are hereby granted
additional options to purchase 30,000 shares of DTR's common
stock at a price per share equal to the mean between the bid and
ask prices as of that date according to the attached Stock Option
Grant. The provisions of this Letter Agreement for a loan to
exercise stock options shall apply to these newly granted stock
options.
Please sign and return one copy of this letter to
acknowledge our acceptance of the modifications to your
Employment Agreement and to your stock options that are set forth
in this letter.
Very truly yours,
Developed Technology Resource, Inc.
By: /s/ Xxxxx X. Xxxxxxxxxx and /s/ Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxxxxxx Xxxxx X. Xxxxxx
Director Director
I accept the modifications to my Employment Agreement and to
the stock options that I hold, that are set forth in the
foregoing letter.
/s/ XxXxx X. Xxxxxxxxx
XxXxx X. Xxxxxxxxx
