EXHIBIT 10.31
AMENDMENT TO EMPLOYMENT AGREEMENT JULY 1, 1998
To: Xxx Xxxxxxxxx
0000 Xxxxxx Xxxxx, Xxxxxxxxxx XX 00000
Dear Don:
This letter serves as an amendment to the Employment Agreement dated
March 4, 1997. The changes below are effective July 1, 1998.
The terms of the March 4, 1997 Employment Agreement are amended as
follows:
1. EMPLOYMENT AS SENIOR VICE PRESIDENT AND CHIEF OPERATIONS
OFFICER. The Company does hereby employ Executive as Senior Vice
President and Chief Operations Officer of the Company.
3. COMPENSATION
3.1 Base Salary - The annual base salary shall be $105,000.00 per
year.
3.2 Bonus
3.2.3 Options to purchase an additional Fifteen Thousand
(15,000) shares of common stock of the Company exercisable at the
end of each 12 month period beginning July 1, 1998, at $6.5625
per share, subject to compliance with applicable laws.
The remaining terms and conditions as outlined in the original
Employment Agreement continue to be in effect.
In Witness Whereof, the Company has caused this Agreement to be executed
by its respective duly authorized officer, and the Executive has
hereunto signed this Agreement as of the date first above written.
Company:
AMERICAN CHAMPION ENTERTAINMENT, INC.
By: /s/ Xxxxxxx X. Xxxx
Xxxxxxx X. Xxxx, President & CEO
Accepted:
By: /s/ Xxx Xxxxxxxxx Date: July 1, 1998
Xxx Xxxxxxxxx
