FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment To Employment Agreement (the "Amendment") is made
as of this 4th day of October, 2000, by and between American Utilicraft
Corporation, a Delaware corporation (hereinafter "Company"), and Xxxxxx Xxxxxxx
(hereinafter "Employee"), and is intended to be effective as of July 15, 2000.
WHEREAS, Company and Employee are parties to that certain Employment
Agreement dated as of July 15, 2000 (the "Employment Agreement"); and
WHEREAS, the Company and Employee desire to amend the Employment
Agreement as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
1. Paragraph 4 of the Employment Agreement is hereby deleted in its entirety and
replaced with the following:
"4(a) As compensation for services rendered under this Agreement, the
Employee shall initially receive a base salary of One Hundred Thousand Dollars
($100,000) per annum, and effective upon the Company's registration statement
filed in connection with the Company's financing with Xxxxxx Private Equity, LLC
becoming effective, and the Company becoming a reporting company under the
Exchange Act of 1934, as amended, the Employee's salary shall be increased to
One Twenty Five Thousand Dollars ($125,000) per annum.
(b) The Company and Employee acknowledge that due to the fact that the
Company has been and will continue to be a development stage company, it has not
had, and in the foreseeable future may not have, sufficient funds to pay
Employee his entire base salary each year. The Company and Employee agree that
to the extent that the Company has not, or in the future does not, pay Employee
his entire base salary for a given year, such underpayment shall be deemed
deferred compensation and shall be reflected in the Company's books as such. The
Company agrees to pay to Employee his deferred compensation at such time as the
Company has the excess available funds to do so."
2. Paragraph 14 is hereby amended by deleting the reference to "paragraph 4(a),
(b) or (c)" at the end of such Paragraph, and replacing it with "Paragraph
4(a)".
3. Paragraph 15(e)(i) is hereby amended by deleting the reference to "paragraph
4(a), (b) or (c)" at the end of such Paragraph, and replacing it with "Paragraph
4(a)".
4. Except as expressly provided herein, this Amendment shall not alter, amend,
or otherwise modify the terms and provisions of the Employment Agreement.
5. The parties hereto may execute this Amendment simultaneously, in any number
of counterparts or by annexing signature pages hereto, or on facsimile copies,
each of which shall be deemed an original, but all of which together shall
constitute one and the same document.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the date first above written.
American Utilicraft Corporation. Employee
By: /s/ Xxxxxx Dupongy
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Name: Xxxxxx Dupongy
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Title:
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