Exhibit 10.35.2
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AMENDMENT TO PROMISSORY NOTE DATED JANUARY 3, 1998
New York, NY
April 1, 1998
The Promissory Note dated January 3, 1998 between Xxxxxx X. Xxxxxxx and Electric
Fuel Corporation (EFC) is hereby amended as follows:
Xx. Xxxxxxx will bear no personal liability on the principal and accrued
interest of this note, unless he is Terminated by EFC for Cause, as defined in
Section 6(c) of the Amended and Restated Employment Agreement ("Employment
Agreement"), dated October 1, 1996.
The Company will have recourse only to Compensation due Xx. Xxxxxxx upon
Termination as per Section 7(b) of the Employment Agreement, and excludes the
release of Xx. Xxxxxxx'x Manager's Insurance and Education Fund as per Sections
4(a) and 4(b) of the Employment Agreement.
All stock pledged to the Company under this Promissory Note is hereby released.
This Note shall be deemed to have been made under and shall in all respects be
governed by the internal laws of the State of Delaware without reference to
conflicts of laws.
IN WITNESS WHEREOF, this Note has been duly executed and delivered by
/s/ Xxxxxx Xxxxxxx
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AGREED AND APPROVED
/s/ Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
President and CEO