Xxxxx Xxxxxx
000-00 00xx Xxxx
Xxxxxxxx, Xxx Xxxx 00000
March 4, 2002
Re: Amendment of Employment Agreement Between Xxxxxx Technologies, Inc. (the
"Company") and Xxxxx Xxxxxx, dated December 20, 2001.
Dear Xxxxx:
Pursuant to the Resolution of the Company's Board of Directors, adopted
February 19, 2002, this letter serves to amend the Employment Agreement entered
into between Xxxxxx Technologies, Inc. and Xxxxx Xxxxxx, dated December 20,
2001, by deleting therefrom Section III, paragraph 3, and replacing it with the
following provision:
One hundred fifty thousand (150,000) employee stock options, to be issued
as follows, pursuant to the Company's 1996 Employee Stock Option Plan: (i)
50,000 of such options shall be issued as of December 20, 2001, and shall have
an exercise price equal to $1.05; and the remaining 100,000 of such options
shall be issued as of February 19, 2002, and shall have an exercise price of
$2.37; and (ii) the options shall vest in increments of one-third over the
3-year term of this Agreement (i.e., 50,000 shall be vested as of December 20,
2002, an additional 50,000 shall be vested as of December 20, 2003, and the
remaining 50,000 shall be vested as of December 20, 2004).
Kindly acknowledge your agreement with the contents of this letter by
signing below.
Thank you,
/S/ Xxxxxxx Xxxxxx /S/ Xxxxx Xxxxxx
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Xxxxxxx Xxxxxx Xxxxx Xxxxxx
President & C.O.O. C.E.O.
