AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Amendment to the Amended and Restated Employment Agreement (the
"Amendment"), is made as of June 1, 2003, by and between m-Wise, Inc., a company
organized under the laws of the State of Delaware, USA (hereinafter, the
"Company") and Shay Xxx Xxxxxx, I.D. No. 023844087, residing at 00 Xxxxx Xxxxxx,
Xxx Xxxx, Xxxxxx (the "Employee").
WHEREAS The Company and the Employee are parties to a certain Employment
Agreement dated April 1, 2000, as amended and restated on January 8, 2001 (the
"Employment Agreement"); and
WHEREAS The Company and the Employee desire to amend certain terms of the
Employment Agreement, by entering into this Amendment.
NOW, THEREFORE, in consideration of the mutual promises and undertakings of the
parties, it is hereby agreed:
1. Effective as of June 1, 2001, Section 1.1 of the Employment
Agreement shall be deleted in its entirety and replaced by the
following:
"1.1. The Employee shall serve as the Secretary of the
Company and Chairman of the Board of Directors of the Company (the
"Board"), and shall be directly subject thereto"
2. Effective as of October 1, 2001, Section 4.1 of the Employment
Agreement shall be deleted in its entirety and replaced by the
following:
"4.1. The Company shall pay the Employee as compensation
for the employment services provided by him pursuant to this
Agreement a monthly gross salary of $9,166 (the "Salary") payable
in accordance with the Company's payroll practices. For avoidance
of doubt, the Salary is gross and such amount is prior to the
deduction of any taxes that may be imposed on such Salary by law."
3. 3.1. Effective as of July 1, 2002, Section 4.3 of the
Employment Agreement shall be deleted in its entirety and replaced
by the following:
"4.3. The Company shall reimburse the Employee for residence
expenses incurred by the Employee up to an amount of $2,000 per
month."
3.2. Effective as of October 1, 2002, the first paragraph of
Section 4.3 of the Employment Agreement, as amended hereinabove,
shall be deleted in its entirety.
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IN WITNESS WHEREOF, the parties have executed this Amendment to the
Amended and Restated Employment Agreement, effective as of the day and year
first above written:
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M-WISE, INC. SHAY XXX XXXXXX
By : ___________________
Title: ___________________
