EXHIBIT 10.5
On SmartServ Letterhead
Xx. Xxxxxxx X. Xxxxxxx
0000 Xxxx Xxxx
Xxxxxxxxxxxx, XX 00000
Dear Xxx:
The purpose of this letter agreement is to confirm the amendment to
your Employment Agreement of March 12, 2004. (Capitalized terms not defined
herein shall have the meanings set forth in the Employment Agreement.)
Your Base Salary for the 2005 fiscal year will be $195,500 per
annum.
Your Bonus Compensation for the 2005 fiscal year will be based on
the following:
Successful integration of KPCCD - 15% of Base Salary; Successful
introduction of Uphonia "brand" and equipment - 15% of Base Salary;
and Attainment of cash flow break even or better - 35% of Base
Salary
The determination of the first two bonus items will be based on
specific parameters to be determined by the Compensation Committee
and the third item will be based on the actual results for fiscal
year 2005.
Please sign below to signify your agreement.
Sincerely,
/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
Chairman of the Board
Agreed and accepted:
/s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
