AMENDMENT TO STOCK OPTION AGREEMENT
AMENDMENT TO STOCK OPTION AGREEMENT, made and entered into as of March
23, 1995, by and between Xxxx X. Xxxxxxx ("Xxxxxxx") and H.E.R.C. Products
Incorporated ("HERC").
WHEREAS, Xxxxxxx and HERC entered into a Stock Option Agreement dated
as of January 1, 1994 ("Stock Option Agreement"); and
WHEREAS, Xxxxxxx and HERC wish to amend the Stock Option Agreement on
the terms and conditions set forth herein.
IT IS AGREED:
1. Paragraph 2 (a) of the Stock Option Agreement is hereby amended by
deleting the phrase "$5.00 per share" therefrom and by substitute the phrase
"$2.50 per share" in lieu thereof.
2. Paragraph 2 (b) of the Stock Option Agreement is hereby amended by
deleting the phrase "$6.25 per share" therefrom and by substituting the phrase
"$3.125 per share" in lieu thereof.
3. Paragraph 2 (c) of the Stock Option Agreement is herby amended by
deleting the phrase "$7.50 per share" therefrom and by substituting the phrase
"$3.75 per share" in lieu thereof.
The undersigned have executed this Agreement as of the 23rd day of
March 1995.
H.E.R.C. Product Incorporated
By: /s/ Xxxxxx X. Xxxx
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XXXXXX X. XXXX
Chairman of the Board and
Chief Executive officer
/s/ Xxxx X. Xxxxxxx
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XXXX X. XXXXXXX
