AMENDMENT NUMBER TWO
TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT NUMBER TWO (hereinafter this "Amendment"), made and
entered into this 6th day of April, 1999, renews and amends the EMPLOYMENT
AGREEMENT made and entered into on the 28th day of February, 1991 (hereinafter,
the "Agreement"), by and between American Utilicraft corporation (hereinafter,
the "Corporation"), and Xxxxx X. Xxxxx (hereinafter, "Xxxxx"), pursuant to
paragraph 20 of the Agreement, in the following respects:
WITNESSETH:
1. The term of the Agreement, set forth in paragraph 2 thereof, is
renewed for a six (6) year period, that is until February 28, 2005, unless
sooner terminated as provided in the Agreement.
2. The following new paragraphs 5.1 and 5.2 are added to the Agreement:
5. The Corporation agrees that it will pay Xxxxx, as a bonus,
an additional sum predicated on the sale of certain FF-108O aircraft, and
derivative aircraft, on the following basis:
(a) For aircraft sold by the Corporation or its
partner or partners, Xxxxx shall be paid one half percent (0.50%) of the gross
sale price of aircraft, including optional equipment, sold and delivered by the
Corporation to commercial concerns, worldwide, (including commercial air
carriers when owned and/or operated by a foreign government) and as, and only
as, responsibility for such sales may be assigned, to Xxxxx by the President and
Chief Executive Officer.
(b) Payments of the commissions payable to Xxxxx
under paragraph (a) above shall be made on the first working day of the month
following the month in which the commission on such aircraft sales has been paid
to the Corporation by the international joint venture company (?) regardless of
whether or not this Agreement is then in effect.
(c) Payments of the commissions payable to Xxxxx
under paragraph (b) above shall be made on the first (1st) working day of the
month following the month in which aircraft deliveries are made and final
payment on such deliveries has been received by the Corporation regardless of
whether or not this Agreement is then in effect."
3. This Amendment consists of two (2) pages, including this signature
page.
IN WITNESS WHEREOF, the Corporation has hereunto signed its name by its
Corporate Secretary, for the Board of Directors, and Xxxxx has signed his name,
all as of the date and year first above written.
AMERICAN UTILICRAFT CORPORATION
By: /s/ Xxxx X. Xxxxxx
----------------------------------
Xxxx X. Xxxxxx
President
/s/ Xxxxx X. Xxxxx
----------------------------------
Xxxxx X. Xxxxx
