from 10KSB
1 page
March 29, 1998 Board of Directors LEAK-X Environmental Corporation 790 East Market Street, Suite 270 West Chester, Pa 19382 Re: Salary Waiver as Per Employment Agreement, September 29, 1995 James G. Warburton 1.during the Period of January 1, 1997 and Through September 30, 1997, I Hereby Waive and Forego All Interest in and to $52,005.00 in Salary and Expense Payments to Which I Am Entitled Pursuant to My Employment Agreement. in Consideration of This Waiver, LEAK-X Environmental Corporation (The Company) Agrees to Make Payments of Principal and Interest on My Note Payable Outstanding During This Period as Follows: <table> <caption> <s> <c> <c> Principal Interest 3/31/97 $ 4,412.15 $2,022.13 4/30/97 4,412.14 5/31/97 4,412.14 6/30/97 4,412.14 1,801.52 7/31/97 4,412.14 8/31/97 4,412.14 9/30/97 4,412.14 1,470.61 Totals $30,884.99 $5,294.26 </Table> 2.A.THE Company Will Grant 15,000 Stock Options From the LEAK-X Environmental Corporation (Leak-X) Employee Stock Option Plan on the Date of Signing of This Agreement. the Vesting Schedule for the Options Will Be One-Third Vested Twelve Months After Grant, Two-Thirds Vested Twenty Four Months After Grant and 100% Vested Thirty Six Months After Grant. B.IF the Total Annual Net Income After Tax After Audit of Grs Meets Its Budgeted Goal of $165,213.00 for the Year Ended December 31, 1997, an Additional 5,000 Stock Options Will Be Granted From the LEAK-X Employee Stock Option Plan. the Date of Grant Will Be Determined by the LEAK-X Board of Directors at the First Meeting Scheduled After Completion of the Audit for the Year Ended December 31, 1997. the Vesting Schedule for the Options Will Be One-Third Vested Twelve Months After Grant, Two-Thirds Vested Twenty Four Months After Grant and 100% Vested at September 1, 2000. Agreed To: Agreed To: /S/ James G. Warburton 5-12-97 /S/ Joyce A. Rizzo 5/12/97 James G. Warburton Date Joyce A. Rizzo, CEO Date LEAK-X Environmental Corporation
