AMENDMENTTO EMPLOYMENT AGREEMENT
EX-10.35 28 a2194546zex-10_35.htm EXHIBIT 10.35
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 |
|
