Exhibit 10.9
Amendment of Employment Agreement - Xxxxxxxx Xxxxxxxxxx
January 8, 2001
Board of Directors
XX-Xxxxxxx.xxx
0000 Xxxx Xxxxxx
Xxxxxxxxxxx, XX 00000
To The Board,
The Compensation Committee of the Board of Directors has met with the Chairman
of the Board in regard to his employment agreement, which expires July 31, 2001.
This agreement was approved by the Board of Directors on August 8, 1999 and
called for a grant of 100,000 shares of stock and warrants for an additional
200,000 shares. The base salary was $108,000 per annum, escalating automatically
on its anniversary date to $120,000. There were other provisions for medical
coverage, and automobile allowance.
During the term of the agreement, Xx. Xxxxxxxxxx has not received medical
coverage or the automobile allowance nor has he drawn the additional salary he
is entitled to as the Corporation was unable to pay him.
In view of the above, and in recognition of the substantial progress Xx.
Xxxxxxxxxx has made for the Corporation, it is the Compensation Committee's
recommendation that Xx. Xxxxxxxxxx'x contract be extended to July 31, 2003 under
the following terms:
1. Xx. Xxxxxxxxxx be granted 200,000 shares of the common stock
of the Corporation.
2. Xx. Xxxxxxxxxx be issued options for an additional 200,000
shares of the common stock of the Corporation at the closing
bid price for the stock as of January 8, 2001.
3. Xx. Xxxxxxxxxx'x salary will be negotiated on the anniversary
date of his employment. If a salary increase cannot be
negotiated, his salary will increase 20% each year.
4. All other elements of his existing contract remain in effect.
For the Compensation Committee;
/s/ Xxxxx X. Xxxxxxxxx Dated 1/8/01
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Xxxxx Xxx Bergenberg
