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AMERICAN ETHANOL, INC.
AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT
This
Amendment to Executive Employment Agreement (the
“
Amendment ”)
is made by and between American Ethanol, Inc., a Nevada corporation
(the “
Company ”),
and Surendra Ajjarapu (“Executive”) as of June 1, 2007
(the “
Effective Date ”).
WHEREAS ,
Executive and American Ethanol, LLC, the predecessor-in-interest to
the Company, entered into an Executive Employment Agreement dated
January 12, 2006 (the “
Employment Agreement ”);
WHEREAS ,
effective March 2006, American Ethanol, LLC and the Company merged,
with the Company being the surviving corporation and the Company
assumed all of American Ethanol, LLC’s rights and obligations
to and under the Employment Agreement;
WHEREAS ,
the parties now desire to amend the Employment Agreement as set
forth herein;
NOW THEREFORE ,
in consideration of the mutual covenants and other agreements
contained in this Amendment, the Company and the Executive hereby
agree as follows:
1.
Executive’s Title .
Executive’s title shall be President, effective as of the
date of this Amendment.
2.
Base Salary .
While employed by the Company, the Company shall pay the Executive
as compensation for his services a base salary at the annualized
rate of Two Hundred Thousand ($200,000) per year (the “Base
Salary”). Such salary shall be paid periodically in
accordance with normal Company payroll practices and subject to
required withholding.
3.
2006 Bonus .
Executive shall be entitled to receive an annual bonus for the 2006
calendar year of $80,000 payable as se
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