Exhibit 10.10
ADDENDUM TO
EMPLOYMENT AGREEMENT
This Addendum to Employment Agreement (the "Addendum") dated as of October 8,
2004 is entered into by and between Y-Tel International, Inc, a Delaware
corporation (hereinafter referred to as the "Employer") and Xxxx Xxxxxx, an
individual (hereinafter referred to as the "Employee").
RECITALS
A. The Employer and Employee are parties to an Employment Agreement (the
"Agreement") dated September 27, 2004.
B. Due to changes of circumstances the parties hereto desire to amend the
Agreement as set forth below.
NOW THEREFORE, in consideration of the above premises, the covenants and
agreements set forth herein and other good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged, the parties hereby
amend the Agreement and agree as follows:
1. Section 5.03(b) is hereby amended and shall read as follows:
"Section 5.03(b) Upon approval of a stock option plan
by Employer, Employee shall be granted 500,000 stock
options, exercisable at $0.55 per share. The options
can be exercised at any time after grant and expire
at 5:00 p.m. PST on September 30, 2014."
Other than as set forth in Paragraph 1 above the remaining terms and conditions
of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF the parties hereto have executed this Addendum this 8th day
of October 2004.
Y-Tel International, Inc. Xxxx Xxxxxx
By: By:
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Xxxxx Xxxxxx Xxxx Xxxxxx
Its: Chief Executive Officer
