Exhibit 10.45
Letter Agreement
Amendment to Employment Agreement
Between U.S. Gold Corporation and Xxxxxxx X. Xxxx
The Employment Agreement dated January 1, 1994 as Amended effective July
21, 1998 (the "Employment Agreement") between U.S. Gold Corporation, a Colorado
corporation (the "Employer") and Xxxxxxx X. Xxxx (the "Employee") is hereby
amended effective as and from January 1, 2003.
Whereas, for good and valuable consideration, the receipt and adequacy of
which are acknowledged, Employer and Employee hereby agree to Amend the
Employment Agreement as follows:
A. Section 3.1 Compensation is amended to read as follows:
3.1 Compensation (a) Effective from January 1, 2003, as Compensation for
services rendered under this Agreement, the Employee shall receive a salary of
$225,000 per annum and such salary amount shall no longer be subject to
automatic annual increases based upon increases in the Consumer Price Index. (b)
Employee's salary shall be paid in equal semi-monthly installments in accordance
with Employer's normal practices. (c) The salary provided in this subsection
shall in no way be deemed exclusive and shall not prevent Employee from
participating in any other compensation or benefit plan of Employer.
Except as specifically set forth in this Amendment, all provisions of the
Employment Agreement remain in full force and effect.
IN WITNESS WHEREFOF, Employer and Employee have executed this Amendment
effective as of the date first set forth above.
/s/ Xxxx X. Goth
EMPLOYER
U.S. Gold Corporation, a Colorado corporation
By Xxxx X. Goth, Member of Compensation Committee of the Board of Directors
/s/ Xxxxxxx X. Xxxx
EMPLOYEE
Xxxxxxx X. Xxxx
