Exhibit 10.7
AMENDMENT
This amendment (this "Amendment") is made as of the 1st day of September,
1997 to the Employment Agreement, dated February 1, 1996, by and between Xxxx
Xxxxxxxx and IDM Environmental Corp., a New Jersey corporation (the "Employment
Agreement"). All capitalized terms not defined herein shall be defined as in the
Employment Agreement.
Pursuant to and in accordance with Section 7.01 of Article VII of the
Employment Agreement, the parties hereto agree to modify the Employment
Agreement as follows:
1. Section 2.01 of Article II of the Employment Agreement is hereby deleted
in its entirety and replaced with the following:
"Compensation.
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(a) Salary. From and after the effective date of this Agreement, the
Employee shall receive a salary ("Salary") from the Company in an
amount equal to $480,000.00 per year. The Employee's Salary shall be
payable in no less than twelve (12) monthly payments.
(b) Non-Discretionary Bonus. In addition to the Salary, Employee shall
receive a non-discretionary bonus equal to two (2%) percent of the
operating profits of the Company during each year (the
"Non-Discretionary Bonus"). Within ten (10) business days following
the filing of the Company's Annual Report on Form 10-K, including the
certified financial statements of the Company, the Company shall pay
to Employee the Non-Discretionary Bonus, if any. For purposes of
computing the Non-Discretionary Bonus, "Operating Profits" shall
consist of income from operations before deduction of income taxes,
interest expenses, depreciation and amortization and any other
non-cash charges, including any compensation charges relating to the
issuance of stock or options."
2. Section 2.02 of Article II of the Employment Agreement is hereby deleted
in its entirety and replaced with the following:
"Expenses. Expenses incurred by Employee on behalf of the Company
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shall be paid as follows:
(a) Entertainment Expenses. Employee shall receive a stipend of
$45,000 per year payable in no less than twelve (12) monthly
payments for entertainment expenses incurred by Employee in
connection with the promotion of the Company.
(b) Travel and Other Expenses. The Company shall reimburse
Employee for all reasonable travel and other expenses related to
his employment by of the Company. Employee shall provide a
written accounting and explanation of all expenses for which
reimbursement is sought on a monthly basis and the Company shall
reimburse all such expenses within ten (10) days following
receipt of each written accounting."
3. The heading of Section 2.03 of Article II of the Employment Agreement is
hereby amended to read "Other Bonuses."
4. This Amendment and the provisions set forth herein are effective
immediately and are merged into and a part of the Employment Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement on the day and
date herein first set forth.
IDM ENVIRONMENTAL CORP.
By:/s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx Chairman
and Chief Operating Officer
EMPLOYEE:
/s/ Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx
amendemp.agr
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