Amendment No. 1 to Executive Employment Agreement between Fortress International Group, Inc. and Gerard J. Gallagher
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Summary
This amendment updates the employment agreement between Fortress International Group, Inc. and Gerard J. Gallagher. Effective August 26, 2008, Mr. Gallagher's base salary is set at $300,000 per year, paid bi-weekly. All other terms of the original agreement remain unchanged. Both parties have agreed to this amendment by signing the document.
EX-10.2 3 v132045_ex10-2.htm Unassociated Document
[Fortress International Group, Inc. Letterhead]
AMENDMENT NO. 1 TO EXECUTIVE EMPLOYMENT AGREEMENT
August 26, 2008
Gerard J. Gallagher
c/o Fortress International Group, Inc.
7226 Lee DeForest Drive, Suite 203
Columbia, MD 21046
Dear Mr. Gallagher:
Reference is hereby made to the Executive Employment Agreement, dated January 19, 2007 (the “Agreement”), entered into between you (the “Executive”) and Fortress International Group, Inc. (formerly Fortress America Acquisition Corporation), (the “Company”).
The parties hereto, in consideration of the mutual promises herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, hereby agree to amend the Agreement as follows:
1. | Section 3.1 is hereby deleted in its entirety and replaced with the following: |
3.1 | Base Salary. During the Employment Period, the Company shall pay the Executive a base salary of Three Hundred Thousand Dollars ($300,000) per year (“Base Salary”) paid in approximately equal installments bi-weekly. |
The Amendment is effective as of August 26, 2008. Except as otherwise set forth herein, the Agreement shall remain in full force and effect.
Please confirm your agreement with this Amendment by signing in the space provided below.
Yours Sincerely, | |
Fortress International Group, Inc. | |
By: /s/ Timothy C. Dec | |
Name: Timothy Dec | |
Title: Chief Financial Officer |
Accepted and Agreed
By: /s/ Gerard Gallagher
Name: Gerard Gallagher