EXHIBIT 10.1
AMENDMENT NO. 1
TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this "Amendment"), dated
October 29, 2004 (the "Effective Date") by and between SEALIFE CORPORATION, a
Delaware corporation ("SeaLife"), and Xxxxxx XxXxxxxx, an individual
("Executive").
RECITALS
WHEREAS, SeaLife and Executive are parties to that certain Employment
Agreement dated January 1, 2004 (the "Employment Agreement");
WHEREAS, SeaLife desires to decrease the Annual Salary of Executive
effective as of June 1, 2004; and
WHEREAS, SeaLife and Executive desire to enter into this Amendment
regarding such decrease in Annual Salary.
AGREEMENTS
NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein and in consideration of Executive's continued service with
SeaLife, the parties hereto agree as follows:
1. AMENDMENT TO SECTION 2(B). Effective as of June 1, 2004,
SECTION 5(A) of the Employment Agreement is hereby deleted in its entirety and
the following language is added in lieu thereof:
"As compensation for the services to be rendered by Employee hereunder,
Company shall pay Employee an annual rate of Two Hundred Thousand
Dollars ($200,000), subject to adjustment by the Board on an annual
basis at the beginning of each fiscal year. All payments to Employee
hereunder shall be made in accordance with the Company's customary
practices and procedures, all of which shall be in conformity with
applicable federal, state and local laws and regulations."
2. DEFINITIONS. Capitalized terms used herein without definition
shall have the respective meanings attributed to such terms in the Employment
Agreement.
3. RATIFICATION OF THE EMPLOYMENT AGREEMENT. The parties hereto
hereby ratify, confirm and approve the Employment Agreement, as amended by this
Amendment. Should any terms of this Amendment conflict with any terms of the
Employment Agreement, the terms of this Amendment shall control.
4. COUNTERPARTS. This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the day and year first written above.
SEALIFE:
By /S/ XXXXXX XXXXXXXX
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Xxxxxx XxXxxxxx,
Chief Executive Officer and Chief Financial
Officer
EXECUTIVE:
/S/ XXXXXX XXXXXXXX
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Xxxxxx XxXxxxxx