AGREEMENT
This Agreement is effective as of May 1, 2000, and is by and between
OraLabs, Inc., a Colorado corporation (the "Company") and Xxxx Xxxxxxxxx (the
"Employee").
WHEREAS, the parties entered into an Amended and Restated Employment
Agreement dated April 25, 1997 (the "Employment Agreement"); and
WHEREAS, the Employment Agreement expires on April 30, 2000; and
WHEREAS, the parties wish to amend the Employment Agreement as described in
this instrument.
NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the adequacy and sufficiency of which is acknowledged by
the parties, the parties agree as follows:
1. The Term of the Employment Agreement is hereby extended for three
years, from April 30, 2000 to April 30, 2003.
2. The salary for the Employee's services performed under the
Employment Agreement shall be $295,000 for the year from May 1,
2000 to April 30, 2001, $324,500 for the year from May 1, 2001 to
April 30, 2002, and $356,950 for the year from May 1, 2002 to
April 30, 2003, all of which shall be payable by the company in
equal weekly installments and reduced by applicable withholding
of federal, state and local taxes. In addition to the foregoing,
upon complete execution of this Agreement, the Company shall pay
a $50,000 bonus to the Employee.
3. In addition to the Benefits described in Section 7 of the
Employment Agreement, the Company shall pay the lease and
insurance expense for up to two automobiles used by the Employee
and will reimburse the Employee for his cellular telephone
expenses as well as other telephone related expenses.
4. Except as modified by this Agreement, all provisions of the
Employment Agreement remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this agreement on the dates
set forth below.
COMPANY: EMPLOYEE:
ORALABS, INC., a Colorado corporation /s/ Xxxx X. Xxxxxxxxx
Xxxx X. Xxxxxxxxx
Date:____________________________
By: /s/ Xxxxxxx X. Xxxxxx
-------------------------
Xxxxxxx X. Xxxxxx, authorized director
Date: May 5, 2000
