VIKING SYSTEMS, INC. AMENDMENT #2 TO EXECUTIVE EMPLOYMENT AGREEMENT
EXHIBIT
10.3
VIKING SYSTEMS,
INC.
AMENDMENT #2
TO
This
Amendment (the “Amendment”) is effective as of November 2, 2008, to amend that
certain Employment Agreement (the “Agreement”) dated as of January 4, 2008, by
and between Xxxxxxx X. Xxxx, an
individual and a resident of the State of Nevada (the “Executive”) and Viking Systems, Inc., a
Delaware corporation with a principal place of business at 000 Xxxxxxxx Xxxx,
Xxxxxxxxxxx, XX 00000, (the “Company”).
RECITALS
WHEREAS
the Company and the Executive entered into the Agreement.
WHEREAS
the Company and the Executive wish to amend the Agreement to reduce the annual
salary of the Executive.
NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby mutually acknowledged, the Company and the Executive hereby
agree as follows:
I. Amendment
The
annual base salary amount in section 3.1 of the Agreement is hereby reduced from
$39,000 to $1.
II. Other
Provisions
A. Conflict. In
the event of a conflict between the provisions of this Amendment and the
Agreement, the provisions of this Amendment shall prevail and the provisions of
the Agreement shall be deemed modified by this Amendment as necessary to resolve
such conflict.
B. Effect of
Amendment. Except as expressly amended by this Amendment, the
terms and provisions of the Agreement shall continue in full force and
effect.
C. Counterparts. This
Amendment may be executed in one or more counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same
instrument.
[THE NEXT
PAGE IS THE SIGNATURE PAGE]
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Executive:
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Viking
Systems, Inc.:
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/s/ Xxxxxxx X.
Xxxx
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/s/ Xxxxxx
Xxxxxxx
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Xxxxxxx
X. Xxxx
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By: Xxxxxx
Xxxxxxx,
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November
17, 2008
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Executive
Vice President and
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Chief
Financial Officer
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November
17, 2008
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