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Exhibit 10.30
AGREEMENT
THIS IS AN AGREEMENT (this "Agreement") made and entered into on November 7,
1996 by and between AER Energy Resources, Inc., a Georgia corporation ("AER
Energy") and H. Xxxxxxx Xxxxx, a resident of Atlanta, Georgia ("Xxxxx"), in
which the parties hereto, in consideration of the mutual promises set forth
below and other good and valuable consideration, the mutuality, adequacy and
sufficiency of which are hereby acknowledged, hereby agree as follows:
1. Purpose. The purpose of this Agreement is to amend the
Consulting Agreement, dated December 20, 1994, by and between AER Energy and
Xxxxx (the "Consulting Agreement") and the Stock Option Agreement, also dated
December 20, 1994, by and between AER Energy and Xxxxx (the "Stock Option
Agreement"). The Nasdaq Stock Market has indicated that the grant of an option
to Xxxxx to acquire 50,000 shares of the common stock of AER Energy at an
exercise price of $4.25 per share without first obtaining shareholder approval
was in violation of certain of its rules. In order to satisfy the Nasdaq Stock
Market and to bring the grant of this option into compliance with its rules,
the parties have agreed to xxxxx Xxxxx' option so that is covers 25,000 common
shares at an exercise price of $2.125 per share.
2. Amendment of Consulting Agreement and Stock Option Agreement.
(a) Consulting Agreement. Paragraph 4 of the Consulting
Agreement is hereby amended by deleting it in its entirety and
replacing in lieu thereof the following:
"4. Stock Option. AER Energy has granted Xxxxx
an option to acquire 25,000 shares of AER Energy stock, as
provided in the attached stock option agreement."
(b) Stock Option Agreement. Paragraph 1 of the Stock
Option Agreement is hereby amended by deleting it in its entirety and
replacing in lieu thereof the following:
"1. Option Grant. AER hereby grants to Optionee
the option (this "Option") to acquire from AER all or any part
of an aggregate of 25,000 shares of AER's no par value common
stock at an exercise price of $2.125 per share, subject to the
terms and conditions hereinafter set forth. The shares of the
no par value common stock of AER are hereinafter referred to
as the "Shares."
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3. No Other Amendment. Except as specifically amended as
described above, each of the Consulting Agreement and the Stock Option
Agreement shall remain in full force and effect in its current form.
DULY EXECUTED AND DELIVERED by the undersigned as of the date first
above written.
AER ENERGY RESOURCES, INC.
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
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Title: President & CEO
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/s/ H. Xxxxxxx Xxxxx
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