Amendment to Employment Agreement between Omega Worldwide Inc. and Ronald Sharp Elder (July 1, 2002)

Summary

Omega Worldwide Inc. and Ronald Sharp Elder have agreed to amend their original employment agreement dated May 1, 2002. The amendment extends the period for Mr. Elder's eligibility for an initial bonus from ending June 30, 2002, to July 31, 2002. This change is made by replacing the relevant date in the specified paragraphs of the original agreement. Both parties have signed to confirm their understanding and acceptance of this amendment.

EX-10.1 5 k71136exv10w1.txt AMENDMENT TO EMPLOYMENT AGREEMENT July 1, 2002 EXHIBIT 10.1 Mr. Ronald Sharp Elder [OMEGA Chestnuts WORLDWIDE 8 Courtney Place INC. Cobham LOGO] Surrey KT11 2BE Dear Ron: You and Omega Worldwide Inc. entered into an employment agreement dated May 1, 2002. Paragraph 2(b) of that agreement provides that you will be eligible for an "initial bonus" for the period January 1, 2002 through June 30, 2002. This letter confirms our prior agreement that this period will be extended, so that it covers the period January 1, 2002 through July 31, 2002. To reflect this revision, the employment agreement is amended by replacing the phrase "June 30, 2002" with the phrase "July 31, 2002" where the former phrase appears in paragraph 2(b) and paragraph 2(b)(i) of the employment agreement. If the foregoing reflects your understanding of our agreement, please sign one copy of this letter and return it to me. Very truly yours, Omega Worldwide, Inc. By: /s/ James Eden ------------------ Its Chairman The foregoing letter reflects my understanding of my agreement with the Company: /s/ Ronald Sharp Elder ---------------------- Ronald Sharp Elder 900 Victors Way Date: 10th June, 2002 Suite 345 ---------- Ann Arbor, MI 48108 Phone: 734 ###-###-#### Fax: 734 ###-###-####