Delaware | 87-0361799 | |
(State or other jurisdiction of | (IRS Employer | |
incorporation) | Identification No.) |
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
The compensation package for Mr. Norris provides for a base salary of $80,000 per year in a part-time role toward conduct of the Company's business. Mr. Norris continues to be entitled to particpate in and receive benefits under the Company's medical insurance benefit plans, but is no longer eligible for any paid vacation or any automobile benefits.
Mr. Norris' Assignment of Technology agreement, dated March 2, 1992, has also been amended such that Mr. Norris is no longer entitled to the royalty provisions of that agreement.
The term of the agreement is through March 31, 2009 and will be automatically renewed for additional six month periods unless written notice to the contrary is provided not less than 30 days prior to the end of the initial or any renewal terms.
All other terms and conditions remain the same as his prior agreement.
American Technology Corporation | ||||||||
Date: November 07, 2008 | By: | /s/ Thomas R. Brown | ||||||
Thomas R. Brown | ||||||||
Chief Executive Officer | ||||||||