Re: Amendment to Employment Agreement
March 2,
2009
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Re:
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Amendment
to Employment Agreement
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Xx.
Xxxxxxx Xxxxxxx
0000
Xxxxx Xxxxx Xxxx
Xxx Xxxx,
XX 00000
Dear
Xxxxx:
This
letter confirms our agreement and shall serve to amend the April 8, 2002
Employment Agreement between you and the Company in accordance with the
following.
Compensation: Effective
January 1, 2009, the Company shall pay the Executive a base salary at an annual
rate of $500,000 payable at such times
and in accordance with the Company's customary payroll practices as they may be
adopted or modified from time to time.
Bonus
The Executive shall be eligible for a bonus in each
calendar year and will participate in the Corporate 0-150% bonus plan with the
amount of such bonus, if any, remaining subject to the discretion of the
Company.
Continuing Effectiveness
of Employment Agreement Except as modified herein, the
Employment Agreement dated April 8, 2008 shall remain in full force and effect
in accordance with their respective terms.
If the
foregoing is satisfactory, please so indicate by signing and returning to me the
enclosed copy of this Letter Agreement where upon this will constitute the
agreement of the parties with respect to the subject matter referenced
herein.
Very
truly yours,
/s/ Xxxxx Xxxxxx
Xxxxx
Xxxxxx
Accepted
and agreed to
by:______________________ Dated:________________
Xxxxxxx Xxxxxxx
