Exhibit 10.6
ADDENDUM TO EMPLOYMENT AGREEMENT
--------------------------------
This Addendum to Employment Agreement (hereinafter "AGREEMENT") is made
by and between Xxxx X. Xxxxxxxx, 00 Xxxxx Xxxxxxxx Xxxxxxxx, Xxxxxx, XX 00000
(hereinafter "EMPLOYEE"), and Velocity Asset Management, Inc. on behalf of
itself, its subsidiaries, affiliates, predecessors, successors, assigns; and
their directors, officers, employees and agents (hereinafter collectively
referred to as "VAMI"), with its principal place of business, 0000 Xxxxx 000
Xxxx, XXX X, Xxxx, XX 00000.
WHEREAS, VAMI and EMPLOYEE have entered into an Employment Agreement,
dated as of January 1, 2004 (the "Employment Agreement") and
WHEREAS, VAMI and the EMPLOYEE desire to amend certain provisions of
the Employment Agreement,
NOW THEREFORE, for and in consideration of the mutual and respective
covenants and agreements contained herein, VAMI and EMPLOYEE agree as follows:
1. The Employee hereby confirms that no salary has been
paid to him or accrued during the period between January 1, 2004 and August 31,
2004, and EMPLOYEE hereby waives any right to the payment of such salary.
Payment of salary at the rate stated in the Employment Agreement shall begin on
September 1, 2004 and shall be paid bi-monthly less mandatory and authorized
deductions.
2. Except as provided above, the Employment Agreement
shall remain in full force and effect.
IN WITNESS WHREOF, the parties have executed this ADDENDUM as of the
date first above written.
VELOCITY ASSET MANAGEMENT, INC. EMPLOYEE;
By: /s/ XXXXX X. XXXXXXXXX /s/ XXXX X. XXXXXXXX
----------------------------------- ---------------------------------
Xxxxx X. Xxxxxxxxx, Esq. Xxxx X. Xxxxxxxx
CFO & CLO
Dated: September 1, 2004 Dated: September 1, 2004
