Exhibit 10.1
Amendment to Agreement between the Registrant and Dain L. Schult.
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AMENDMENT
THIS AMENDMENT is made and entered into this 6th day of October, 2000, by
and between American Communications Enterprises, Inc., a Nevada corporation (the
"Company"), and Dain L. Schult (the "Employee").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, the parties have executed an employment agreement dated October
1, 1998, as amended on January 3, 2000 (the "Agreement"); and
WHEREAS, the parties desire to amend the Agreement in certain respects.
NOW, THEREFORE, notwithstanding any provision of the Agreement, the
Employee hereby agrees that the Agreement is hereby terminated and that
hereafter, he shall be an employee at will of the Company. Simultaneously
herewith, the Employee has executed a general release, releasing the Company
from any liability accruing prior to the date hereof. In consideration of the
agreement of the Employee to this Amendment, the aforementioned release and the
cancellation of certain indebtedness of the Company to the Employee, the Company
hereby grants to the Employee 3,617,300 shares of the Company's common stock,
which the parties agree shall be valued for this purpose at $0.11 per share. The
Employee agrees that after the date hereof, he will continue to provide such
assistance as the Company may reasonably request for purposes of compliance with
the securities laws and other laws applicable to the Company.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the day
and date first above written.
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Dain L. Schult
American Communications
Enterprises, Inc.
By:____________________________
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