Amendment to Employment Agreement of William J. McMorrow
This amendment extends William J. McMorrow's employment agreement through December 31, 1997, with an annual salary of $300,000 and a salary advance of $100,000 per year, payable against any bonus earned. The bonus structure is based on company profits, with specific percentages and caps, and is paid semi-annually based on first and second quarter profits, with a final adjustment at year-end. Any overpayment of bonus must be refunded or offset against salary. The amendment is approved and signed by company representatives.
Exhibit 10.35
AMENDMENT TO EMPLOYMENT AGREEMENT
OF WILLIAM J. MCMORROW
1. Term: Extended from 8/15/97 to 12/31/97.
2. Salary: $300,000 per annum
3. Salary Advance payable against bonus earned; $100,000 per annum.
4. Bonus payable as follows:
BONUS
| PROFIT (MM) |
| BONUS |
|
| 0 to 1 |
| 0 |
|
| 1 to 3 |
| 10% (Max. $100 K) |
|
| 3 to 3.75 |
| 20% |
|
CAP — $7.5MM Profit
5. Bonus paid at S months based on 1st and 2nd Quarter profits. At year end, additional bonus paid on year end profits or excess bonus payout to be refunded by check and/or offset excess bonus payout by 1997 Salary.
APPROVED:
| /s/ William E. Elliot |
| 2/29/96 |
|
| /s/ Donald B. Prell |
| 3/2/96 |
|
| /s/ Kent Y. Mouton |
| 3/5/96 |
|
