Contract
Exhibit
10.15
Amendment
No. 1
to
THIS
AMENDMENT NO. 1 is made and entered into effective as of the 9th
day of
November, 2005 (“Amendment”) to the EMPLOYMENT AGREEMENT dated April 1, 2004
(“Agreement”) by and between Xxxxxx Xxxx and Smart Online, Inc. (“Smart
Online”).
WHEREAS,
the parties to the Agreement desire to amend paragraphs 2. (a) and 3. (a)
to the
Agreement.
NOW
THEREFORE, in consideration of the mutual promises and covenants set forth
in
this Amendment, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:
| 1. |
Section
2. (a) of the Agreement shall be deleted in its entirety and replaced
by
the following paragraph:
|
(a)
During the Employment Period, the Employee shall serve as a full-time employee
of the Company as Chief Operating Officer with such duties and responsibilities
as are customarily assigned to such position and such other duties and
responsibilities not inconsistent therewith as may from time to time be assigned
to him by the President, Chief Executive Officer or Board of
Directors.
| 2. |
Section
3. (a) of the Agreement shall be deleted in its entirety and replaced
by
the following paragraph:
|
(a)
Base
Salary. The Employee’s base salary shall be $136,800 per annum, payable monthly,
which salary shall be reevaluated annually and is subject to such increases
as
the Board of Directors approves. The term “Annual Base Salary” shall refer to
the base salary prevailing during the applicable period until such time of
any
increase in base salary whereupon it shall thereafter refer to such increased
amount.
| 3. |
All
other terms and conditions of the Agreement shall remain in full
force and
effect.
|
IN
WITNESS WHEREOF, the parties hereto have duly executed and delivered this
Amendment No. 1, effective as of the date set forth above.
|
SMART
ONLINE, INC.
|
XXXXXX
XXXX
|
|
By:
/s/
Xxxxxxx
Xxxxx
|
By:
/s/
Xxxxxx
Xxxx
|
|
Name:
Xxxxxxx Xxxxx
|
|
|
Title:
CEO
|
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