AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement is made and entered into this
____ day of December, 1998 by and between FINANTRA CAPITAL, INC., a Delaware
corporation (the "Company") and XXXXXX X. PRESS ("Employee"). (Throughout this
agreement the Company and Employee may be referred to collectively as "Parties"
for convenience.)
WITNESSETH:
WHEREAS, the Parties entered into an Employment Agreement on March 1,
1998, and
WHEREAS, various events have taken place subsequent to the effective
date of the Employment Agreement which requires amendments.
NOW, THEREFORE, in consideration of the promises, covenants and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties agree as
follows:
1. RECITALS: The above and foregoing recitals are true and correct
and are incorporated herein.
2. AMENDMENTS: The amendments to the Employment Agreement between the
Parties are as follows:
2.1 Term: The term of the agreement is hereby modified to
extend same for a period of five (5) years commencing January 1, 1999.
2.2 Incentive Stock Options: Paragraph 6D is deleted in its
entirety and amended as follows: Commencing in the calendar year, 1999 and each
year thereafter during the term of this agreement the Company shall grant to
Employee 100,000 stock options in quarterly installments commencing on January
l s' and each quarter thereafter at a price equal to 1 10% of fair market
value. The options may exercised over a period of sixty (60) months from its
date of issuance.
2.3 Stock Grants: In addition to the stock grants in years
one, two and three. commencing in the calendar year beginning January 1, 2001
the Company shall grant to the Employee common stock in the Company for each
quarter of employment completed 25,000 shares of its common stock.
2.4 Increases in Compensation: Commencing with the calendar
year beginning January 1, 2001 and in each succeeding calendar year thereafter
during the Employees' employment with the Company, the Employee's compensation
set forth in paragraph 5 shall
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increase beginning January lst of each calendar year by an amount equal to ten
percent (10%) of the previous year's compensation.
3. FORGIVENESS OF DEBT: The Employee and Company acknowledge that as
of the date of this amendment the Employee has a loan from the Company in the
amount of Sixty Eight Thousand and 00/100 Dollars ($68,000.00). The Company
agrees to forgive twenty percent (20%) of said loan in each calendar year
during the term of this agreement beginning with the calendar year 1999.
4. RATIFICATION: That except for the modifications and amendments set
forth herein all of the terms and agreements contained in the Employment
Agreement between Employee and the Company are hereby ratified and confirmed
and are incorporated herein.
IN WITNESS WHEREOF, the parties have hereunto set their hands and
seals this ____ day of December, 1998.
FINANTRA CAPITAL, INC.
By:
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XXXXXX X. PRESS, President
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