June 22, 2000
Xxxxxx X. XxXxxxxx, Xx.
C/O Directrix, Inc.
000 Xxxx 00xx Xxxxxx, Xxxxx 00X
Xxx Xxxx, Xxx Xxxx 00000
RE: Employment Agreement effective as of March 15, 1999
Dear Xx. XxXxxxxx:
We refer to the Employment Agreement between Directrix, Inc. and you effective
as of March 15, 1999 ("Employment Agreement"). All terms not otherwise defined
herein shall have the same meaning as in the Employment Agreement.
1. Salary Reduction. At our request, you have agreed to a temporary
reduction in your Base Salary from $204,750 to $180,000 effective with the pay
period beginning June 24, 2000 and through the end of our fiscal year ended
March 31, 2001.
2. Option Issuance. In consideration of your agreement to the
reduction in your Base Salary provided for above, we will grant you an option
("Option") to acquire 5,000 shares of Directrix Common Stock in the form
attached. The Option provides for an exercise price of $4.00 per share and the
Option is fully vested.
If the foregoing correctly reflects you agreement with the matters provided for
herein, please sign below.
We appreciate your support of Directrix.
Sincerely,
DIRECTRIX, INC.
By:_________________________________
J. Xxxxx Xxxxxxx,
Chairman & CEO
AGREED TO:
____________________________________
Xxxxxx X. XxXxxxxx, Xx.
