AMENDMENT TO AGREEMENT
EXHIBIT
10.1
AMENDMENT
TO AGREEMENT
THIS
AMENDMENT TO AGREEMENT (hereinafter, “this Agreement”) is made and entered into
on this 30th
day of
August 2007 (the “Effective Date”), by and between CrossPoint Energy Company, a
Nevada corporation, with its principal executive offices in Frisco, Texas (the
“Company”), and Xxxxxx X. Xxxxxxx, an individual currently residing in Plano,
Texas (“Employee”).
Background
A.
The
Company and Employee entered into an Employment Agreement (the “Employment
Agreement”) effective November 27, 2006.
B. The
Company and Employee entered into an Agreement dated June 21, 2007, which
rescinded in its entirety the Employment Agreement, and thereafter governed
Employee’s employment relationship with the Company (“June 21, 2007 Agreement”).
C. The
Company and Employee desire to agree and amend the June 21, 2007 Agreement
insofar and only insofar as to the certain provisions, below.
Terms
and Conditions
In
consideration of the covenants and agreements herein contained and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
Separation
Benefit.
As of
this date, neither Employee nor the Board has provided notice of termination
for
Employee’s Employment. In consideration for Employee fulfilling the directives
of the Board, and remaining as Employee until an undetermined future Termination
Date beyond September 1, 2007, Employee shall be paid the Severance Pay on
September 4, 2007. The Severance Pay shall be three (3) month’s base salary at
Employee’s current salary less normal deductions for withholding, plus unused
vacation pay. On the Termination Date, the Company shall transfer all ownership
and rights of the Company’s Employee’s Key Man Life Insurance Policy for
Employee, to Employee and Employee shall execute and deliver to the Company,
the
Release attached as Exhibit A.
Entirety
and Amendments.
The
June 21, 2007 Agreement is amended only as to the above Terms and Conditions
and
all other provisions remain unchanged.
This
Agreement is dated and effective as of the Effective Date.
CROSSPOINT
ENERGY COMPANY
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By:
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/s/RossWelgehausen
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/s/
Xxxxxx X. Xxxxxxx
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|
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Xxxx
Xxxxxxxxxxx
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Xxxxxx
X. Xxxxxxx
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||
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Authorized
Member of the
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|||
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Board
of Directors
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Exhibit
A
RELEASE
In
consideration of the severance pay provided by CROSSPOINT ENERGY COMPANY (the
"Company") to Xxxxxx X. Xxxxxxx ("Employee") upon Employee's execution of this
Release, Employee releases, discharges, and forever holds the Company, and
any
of its parents, predecessors, successors, subsidiaries, affiliates or related
companies, officers, directors,
partners,
employees, agents and/or
representatives harmless from any and all claims, demands or suits, whether
civil or criminal, at law or in equity, known or unknown, fixed or contingent,
liquidated or unliquidated, arising or existing on or at any time prior to
the
execution of this Release. Such released claims include claims relating to
or
arising out of (i) Employee’s recruitment, hiring or employment with the
Company, (ii) Employee’s separation from employment with the Company, and (iii)
all claims, whether based in contract, tort or alleged violations of any
statute, known or unknown, that have been asserted, or that could be asserted,
by Employee against the Company, including but not limited to claims under
any
federal, state or local laws such as Title VII of the Civil Rights Act of 1964,
as amended, the Texas Commission on Human Rights Act, age discrimination claims
under the Age Discrimination in Employment Act, the Americans with Disabilities
Act, and the Family Medical Leave Act.
________________________________________
Xxxxxx
X.
Xxxxxxx
_________________________
Date:____________________
