Exhibit 10.21
AMENDMENT TO EMPLOYMENT AGREEMENT
This amendment ("Amendment") to the Employment Agreement ("Agreement") executed
between Exigent International, Inc. and Xxxxxx X. Xxxxxxx dated 11 June 1997 is
entered into as of 13 May 1998 between Exigent International, Inc. ("Exigent"),
a corporation duly authorized and existing under the laws of the State of
Delaware with a principal place of business at 0000 Xxxxx Xxxx, Xxxxxxxxx,
Xxxxxxx 00000 and Xxxxxx X. Xxxxxxx ("Employee"), an individual domiciled at 000
X0X, #000, Xxxxxxxxx Xxxxx, XX 00000.
NOW, THEREFORE, for one dollar and other good and valuable consideration, the
receipt and sufficiency of which is hereby mutually acknowledged, Exigent and
Employee hereby agree as follows:
1. Option Price in Agreement. Section 3(c) in the Agreement is hereby deleted
and replaced with the following:
"Provided that Employee has not been terminated for due cause (as that term
is defined below in Section 8, in addition to the compensation provided for
in Section 3(a) above, Company shall grant to Employee options to purchase
an additional 125,000 shares of Common Stock at an exercise price of $2.25
per share provided the Company shall achieve:
(i) earnings of at least 2.9 million dollars; or
(ii) new funding for the Company of at least 5 million dollars including
long term (at least 5 years) subordinated debt or equity, or a
combination of both.
The Board of Directors of the Company may, in its sole discretion, award
part or all of the options to purchase such 125,000 shares of Common Stock
even if the foregoing conditions are partially achieved on or prior to
February 1, 1998 in accordance with the Executive Incentive Plan for 1998.
If and to the extent any such options are awarded pursuant to this Section
3(c), they shall be awarded in accordance with the prevailing terms and
conditions described in Executive Incentive Plan and the governing Stock
Option Plan (6NQ) adjusted to reflect the amount which the Employee is
actually awarded by the Compensation Committee for the Board of Directors
of the Company."
2. Ratification and Approval. In all other respects the Agreement is hereby
ratified by Exigent and Employee and remains in full force and effect, as
previously amended.
IN WITNESS WHEREOF, this Amendment has been duly executed as of the date set
forth above and is retroactively effective from April 16, 1998.
For Exigent: For Employee:
Exigent International, Inc. Xxxxxx X. Xxxxxxx
By: /s/ Xxx X. Xxxxxxx, Xx. By: /s/ B.R. Xxxxxxx
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(signature) (signature)
Name: Xxx X. Xxxxxxx, Xx.
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Title: CFO
