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EXHIBIT 10.19
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (the "Amendment") is
entered into April 15, 1997 by and between XXXXXXXX ENERGY, INC. (the
"Company") and XXXXXXX X. XXXXXX ("Xxxxxx").
R E C I T A L S
A. The Company and Xxxxxx entered into an Employment
Agreement dated September 1, 1996, which Employment Agreement became effective
October 14, 1996 (the "Original Agreement").
B. The Company and Xxxxxx have agreed to modify the
Original Agreement by this Amendment for the purposes of modifying Xxxxxx'x
title under Section 3 of the Original Agreement.
NOW, THEREFORE, the Company and Xxxxxx for good and valuable
consideration, the receipt and sufficiency of which are acknowledged agree to
modify the Original Agreement as follows:
1. Section 3 of the Original Agreement is deleted and
replaced to read in its entirety as follows:
"Xxxxxx'x title during his term of employment shall be
President and Chief Executive Officer. During the term of
this Agreement, and subject to the other provisions of this
Agreement, Xxxxxx shall diligently provide services to the
Company."
2. Section 5 of the Original Agreement is deleted and
replaced to read in its entirety as follows:
"As compensation for the services to be rendered by Xxxxxx,
the Company shall pay Xxxxxx a base salary at the annual rate
of $300,000 (the "Base Salary") beginning on the closing date;
however, the Base Salary may be adjusted from time to time by
the Compensation Committee of the Board of Directors of the
Company based upon factors to be determined by the
Compensation Committee of the Board of Directors of the
Company."
3. Except as modified by this Agreement, all other terms
of the Original Agreement shall remain unchanged.
EXECUTED the date and year first above written.
XXXXXXXX ENERGY, INC.
By: /s/ Cadell X. Xxxxxxx
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Cadell X. Xxxxxxx,
Chairman of the Board
/s/ Xxxxxxx X. Xxxxxx
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XXXXXXX X. XXXXXX
