Amendment No. 1 to Employment Agreement between Vincent J. Truant and EarthShell Corporation
This amendment updates the employment agreement between Vincent J. Truant and EarthShell Corporation, effective May 15, 2002. Mr. Truant's annual base salary is increased to $350,000, with eligibility for a bonus up to 100% of his salary, subject to the Compensation Committee's discretion and achievement of annual milestones. He is also granted 350,000 fully vested stock options at an exercise price of $3.00 per share for five years. Mr. Truant's title is President and Chief Operating Officer, reporting to the CEO.
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Exhibit 10.52
CONFIDENTIAL
AMENDMENT #1
This is the first amendment to the attached employment agreement (the "Agreement) dated April 15, 1998 between Vincent J. Truant and EarthShell Corporation, and is effective May 15, 2002.
Agreement
I. Compensation
1. Beginning May 16, 2002, Mr. Truant's annual base salary will be adjusted to $350,000.00 per annum payable in semi-monthly installments.
2. Mr. Truant will be eligible to earn up to 100% of his base salary in bonus compensation. Bonuses will be granted at the discretion of the Compensation Committee, guided by accomplishment of critical milestones agreed to by management on annual basis.
3. Mr. Truant will be granted 350,000 options of EarthShell common stock. These options are fully vested at $3.00 per share exercise price, for five years.
II. Job Title, Duties and Responsibilities
Mr. Truant's job title is President and Chief Operating Officer. He will report to the Chief Executive Officer.
If this Amendment accurately sets forth our understandings, please sign a copy of this Amendment and return to the Undersigned.
| EARTHSHELL CORPORATION | ||||||||
By | /s/ SCOTT HOUSTON Scott Houston | Date | ||||||
/s/ VINCENT J. TRUANT Vincent J. Truant | Date | |||||||
Company Copy
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