EXHIBIT 10.2
ADDENDUM TO EMPLOYMENT AGREEMENT
This addendum is in reference to the Agreement between UMDN, Inc. and Xxxx
Xxxxx, dated August 29,2000.
Beginning November 1, 2001, the terms of Compensation shall be amended as
following:
The monthly salary outlined in above referenced agreement shall be deferred for
an undetermined period of time. At such time as Xx. Xxxxx requests, the total
amount due him will be paid by UMDN, Inc. upon demand or upon his termination
for any reason whatsoever. Xx. Xxxxx, at his sole discretion may take the amount
due in lawful money and immediately available funds, or opt to receive all or
part of the amount due in company stock or options at the current established
value. Mr. Xxxxx xxx cancel this deferral at any time with 30 days written
notice.
It is to be noted that the above referenced agreement sets Xx. Xxxxx'x
compensation at $10,000 monthly. To date he been compensated in the amount of
$7,300 monthly. Xx. Xxxxx has waived any and all rights to the unpaid amount and
for the period of this deferral hereby agrees to a monthly salary of $7,000. At
such time as this deferral arrangement ceases Xx. Xxxxx will revert to the
salary as stated in the original employment agreement.
EMPLOYER:
UMDN, Inc.
By: /s/
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EMPLOYEE:
/s/
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