EXHIBIT 10.7
AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT
Amendment dated December 7, 2005 to Executive Employment Agreement dated
April 30, 2001 between Hosting Site Network, Inc., a Delaware corporation (the
"Company") and Xxxxx Xxxxxx (the "Executive").
WHEREAS, the Company and the Executive entered into an Executive
Employment Agreement dated April 30, 2001, as amended December 2, 2002, December
10, 2003 and December 3, 2004 (the "Employment Agreement") pursuant to which
3,000,000 shares of the Company's common stock (the "Shares") were issued to the
Executive; and
WHEREAS, the Shares were issued subject to forfeiture based upon the term
of Executive's employment with the Company; and
WHEREAS, the Company has not commenced material operations and the parties
deem it fair to increase the term which Executive must serve to earn the Shares.
NOW, THEREFORE, the parties hereto agree as follows:
1. Conflict Resolution. In the event of any conflict between the
provisions of this Amendment and the provisions of the Employment Agreement the
provisions of this Amendment shall control. Except as otherwise provided herein,
the provisions of the Employment Agreement shall continue with full force and
effect.
2. Employment. Section 1 of the Employment Agreement is amended to read as
follows:
"1. Employment. The Company hereby agrees to employ the Executive
for a term beginning on the date of this Agreement and ending April 30,
2009 as its President, CEO and Treasurer, and the Executive hereby accepts
such employment in accordance with the terms of this Agreement."
3. Compensation. Section 3 of the Employment Agreement is amended to read
as follows:
"3. Compensation. The Executive will be paid compensation during
this Agreement as follows:
(a) No base salary.
(b) The Executive will be granted a total of 3,000,000 shares of
common stock of the Company. However, if his employment with the Company
is terminated prior to December 31, 2006 he forfeits the entire 3,000,000
shares of the Company's common stock. If his employment with the Company
is terminated after December 31, 2006 but prior to December 31, 2007 he
forfeits 2,000,000 shares of the Company's stock. If his employment with
the Company is terminated after December 31, 2007 but prior to December
31, 2008 he forfeits the remaining 1,000,000 shares of the Company's
stock."
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4. Execution. This Amendment may be executed in separate counterparts,
each of which shall be deemed to be a fully executed original as to all parties
that have executed any one or more of those counterparts. The execution of this
Amendment and the transmission thereof by facsimile shall be binding on the
party signing and transmitting same by facsimile fully and to the same extent as
if a counterpart of this Amendment bearing such party's original signature had
been delivered.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written.
HOSTING SITE NETWORK, INC.
By: /s/ Xxxxxxx Xxxxx
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Name: Xxxxxxx Xxxxx
Title:Secretary
/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx
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