AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
EXHIBIT
10.18
AMENDMENT
TO EXECUTIVE
EMPLOYMENT
AGREEMENT
This
Amendment to Executive Employment Agreement is made as of May 28, 2007 between
True North Energy Corp., a Nevada corporation (the “Company”) and Xxxx Folnovic
(the “Executive”).
WITNESSETH:
WHEREAS,
the Company and the Executive entered into an Executive Employment Agreement
(the “Employment Agreement”) effective as of June 1, 2006 pursuant to which the
Executive is serving as the Company’s president and chief executive officer;
and
WHEREAS,
the Company and the Executive wish to extend the term of the Employment
Agreement for an additional 12 month period in accordance with the terms
of the
Employment Agreement; and
WHEREAS,
in recognition of a Stock Purchase Agreement dated as of May 28, 2007 between
the Executive and Massimiliano Pozzoni, the Company’s principal shareholder,
pursuant to which Massimiliano Pozzoni has sold 15,500,000 shares of the
Company’s common stock to the Executive, the Executive and the Company have
agreed to amend the Employment Agreement to delete Section 3(b) thereof and
the
Executive has agreed to waive all other rights granted to him under the
Employment Agreement to receive compensation in the form of restricted shares
of
the Company’s common stock.
NOW,
THEREFORE,
in
consideration of the premises, the agreements herein contained and other
good
and valuable consideration, receipt of which is hereby acknowledged, the
parties
hereto agree as of the date hereof as follows:
1. Term.
Effective June 1, 2007 the Effective Date of the Employment Agreement is
hereby
changed to June 1, 2007 and Executive is to serve under the Employment Agreement
for a term of one year, subject to further renewal.
2. Compensation.
Section
3(b) of the Employment Agreement is hereby deleted from the Employment Agreement
and the parties agree that the Company has no obligation, now or hereafter,
to
issue any restricted shares of the Company’s common stock to the Executive by
reason of the Employment Agreement.
3. No
Further Changes.
Except
as provided herein, the Employment Agreement is to continue with full force
and
effect.
IN
WITNESS WHEREOF, the undersigned have executed this Amendment to Executive
Employment Agreement as of the date first above written.
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TRUE
NORTH ENERGY CORPORATION
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By: /s/
Massimiliano Pozzoni
Name: Massimiliano
Pozzoni
Title: Secretary
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| EXECUTIVE | |||
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/s/
Xxxx Folnovic
Xxxx
Folnovic
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