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EXHIBIT 10.28
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (the "Amendment"), made and
entered into as of December 24, 1997, is by and between Ultra Acquisition, Inc.,
a Nevada corporation, and its affiliated companies, including Bikers Dream,
Inc., a California corporation (collectively, the "Company") and Xxxx Xxxxxxxx,
the Company's President and Chief Executive Officer (the "Executive").
RECITALS
WHEREAS, the Company and Executive have entered into an Employment
Agreement dated August 31, 1997 (the "Agreement"), pursuant to which the Company
agreed to retain the Executive's services as President and Chief Executive
Officer pursuant to the terms thereof; and
WHEREAS, the parties desire to amend the Agreement;
NOW, THEREFORE, the parties hereto agree as follows:
1. All terms defined in the Agreement and used herein shall have the
meaning given them in the Agreement.
2. Paragraph 1 of the Agreement shall be amended by increasing the
three (3) year Term to a five (5) year Term.
3. Paragraph 3(a) shall be amended to read in full as follows:
(a) Salary. During the Term, the Company shall pay to
Executive a total salary of not less than $1,105,000, payable in
monthly installments of $17,361.11 for the first, second and
third years of this Agreement, and payable in monthly
installments of not less than $20,000 for years four and five of
this Agreement. Notwithstanding the foregoing, the Company may in
its sole discretion elect to defer payment of a portion of the
monthly installments in amounts not to exceed $2,361,11 each
month during the year of 1998, provided, however, that the total
amount of payments deferred shall be payable to Executive in
equal monthly installments during the remainder of the term
commencing January 1, 1999, in an amount determined by dividing
the total amount of payments deferred by the total number of
monthly payments remaining during the term as of January 1, 1999.
4. Except as expressly set forth herein, the Agreement shall remain
in full force and effect.
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5. 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.
IN WITNESS WHEREOF, this Amendment has been duly executed as of the date
first above written.
COMPANY
/s/ XXXX XXXX
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Xxxx Xxxx, Secretary
EXECUTIVE
/s/ XXXX XXXXXXXX
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Xxxx Xxxxxxxx
