AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.29
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT (the “Amendment”) is entered into as of the date set forth below, by and among WhiteSmoke Inc., a Delaware Corporation ("Parent"), WhiteSmoke Israel Ltd., a wholly owned subsidiary of Parent, private company organized under the Laws of the State of Israel, whose principal office is located at 11 Kehilat Saloniki Street, Tel-Aviv (the "Company", and together with Parent, the "Group") and Xxxx Xxxxx, I.D. no. 024606485 whose address is [___________] Givatyim, Israel (the “Employee”).
WHEREAS, the Group and the Employee entered into an Employment Agreement, dated March 31, 2011 (together with any exhibits and schedules thereto, the “Employment Agreement”); and
WHEREAS, the Group and the Employee desire to amend the Employment Agreement on the terms and conditions set forth herein;
NOW, THEREFORE, it is hereby agreed as follows:
|
|
1.
|
Unless otherwise defined herein, all capitalized terms in this Amendment shall have the same meaning ascribed to them in the Employment Agreement.
|
|
|
2.
|
Section 2.3 of the Employment Agreement is hereby amended by its entire deletion and replacement with a new Section 2.3 as set forth below:
|
|
|
“2.3
|
In the event of an initial public offering of the Parent securities, occurring no later than March 31, 2012 (the “IPO”) the Salary shall be increased to $11,111 (eleven thousand one hundred and eleven U.S. dollars). All amounts shall be paid in NIS in accordance with the representative rate of exchange of the U.S. dollar last published by the Bank of Israel prior to the date of payment, but in no event at an exchange rate of less than NIS 3.60: $1.00.”
|
|
|
3.
|
Section 4 of the Employment Agreement is hereby amended by its entire deletion and replacement with a new Section 4 as set forth below:
|
|
|
“4.
|
Bonus
|
Subject to the closing of an IPO, sale of the Parent or significant financing event, as applicable, by no later than March 31, 2012, the Employee will be entitled to a one time gross bonus in the amount of $75,000 (Seventy Five Thousand Dollars) to be paid as follows: (i) $50,000 within ninety days following the closing of an IPO, sale of the Parent or significant financing event and (ii) the remaining $25,000 one hundred and twenty days thereafter. For the avoidance of doubt, no disbursements shall be made to any fund with respect to any bonus payments, and bonus payments shall not be deemed a portion of the Employee’s Salary for any purpose.”
|
|
4.
|
Except as set forth herein, the provisions of the Employment Agreement shall remain unchanged and in full force and effect.
|
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year set forth below.
|
WhiteSmoke Israel Ltd.
|
Employee
|
|||
|
By:
|
Name:
|
Xxxx Xxxxx
|
||
|
Name:
|
Xxxxx Xxxx-Xxxxxxx
|
ID#:
|
024606485
|
|
|
Title:
|
CEO
|
Signature:
|
/s/ Xxxx Xxxxx
|
|
|
Signature:
|
/s/ Xxxxx Xxxx-Xxxxxxx
|
Dated:
|
10/10/2011 | |
|
Dated:
|
10/10/2011 | |||
| WhiteSmoke Inc. | ||||
|
By:
|
||||
|
By:
|
||||
|
Name:
|
Xxxxx Xxxx-Xxxxxxx
|
|||
|
Title:
|
CEO
|
|||
|
Signature:
|
/s/ Xxxxx Xxxx-Xxxxxxx
|
|||
|
Dated:
|
10/10/2011
|
|||
[Signature Page to the Amendment]
