Document:

Amendment to the Service/Consulting Agreement Jaime Olmo-Rivas

    AMENDMENT
      TO THE SERVICE/CONSULTING

    AND

    EMPLOYMENT
      AGREEMENTS

    

    

    March
      18,
      2007

    

    Board
      of
      Directors

    American
      Surgical Holdings, Inc.

    10039
      Bissonnet #250

    Houston,
      Texas 77036

    

    Dear
      Board of Directors:

    

    In
      reference to those certain Service/Consulting and Employment Agreements between
      ASA, Inc. and Zak Elgamal, Jaime Olmo-Rivas, Bland Chamberlain, and Jose Chapa,
      and their respective individual corporations (“Agreements”), these Agreements
      are hereby modified to confirm the understanding amongst the parties and the
      Company that the $3,000,000 termination payment set forth in the
      Service/Consulting Agreements shall only become due and payable in the
      circumstance where the Company, upon written unanimous resolution of all
      directors, terminated the Service/Consulting Agreements with the Company for
      reasons other than cause. In the event that any of the named parties (other
      than
      the Company) terminate such Agreement for any reason prior to the maturity
      of
      the Agreement or should the Agreements reach maturity of the then current term,
      the termination penalty is neither due nor payable by the Company. For purposes
      of these Agreements, Cause shall be defined as the conviction of the person
      for
      any felony criminal act. All other benefits, compensations, and terms set forth
      in such agreements shall remain in full force and effect.

    

    It
      is
      also hereby agreed that the Employment Agreements between the Company and Zak
      Elgamal and Jaime Olmo-Rivas, shall remain in force, in accordance with their
      individual terms and are not in any manner related to the Agreements set forth
      above. We also agree that effective January 1, 2007, Zak Elgamal and Jaime
      Olmo-Rivas shall each be entitled to an annual bonus equal to two (2%) percent
      of the increase in Gross Annual Revenue of the prior year, payable by the end
      of
      the first quarter of the current fiscal year. In addition, both Mr. Elgamal
      and
      Mr. Olmo-Rivas shall each receive 500,000 stock options, vested over three
      years, distributed quarterly, with a strike price equal to the average of the
      closing price of the last five business days prior to execution of this letter
      Agreement. Both Zak Elgamal and Jaime Olmo-Rivas shall have a non-compete clause
      for three years and such clause shall be extended to five years in the event
      that either Zak Elgamal and Jaime Olmo-Rivas sell more than 250,000 shares
      of
      the option within any calendar year during the term of their Employment
      Agreements. The non-compete clause does not apply to the ability of Zak Elgamal
      and Jaime Olmo-Rivas to practice their profession individually as surgical
      assistants.

    

    The
      laws
      of the State of Texas govern this amendment and the Service/Consulting and
      the
      Employment Agreements mentioned herein.

    

    ACCEPTED
      AND AGREED TO BY:

    

    AMERICAN
      SURGICAL HOLDINGS INC.

    

    By:/s/
      Zak Elgamal 

    

    ASH
      INC.

    

    /s/
      Zak Elgamal 

    ZAK
      ELGAMAL

    

    /s/
      Jaime Olmo-Rivas

    JAIME
      OLMO-RIVAS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]