EXHIBIT 10.4 1999 AMENDMENT TO EMPLOYMENT AGREEMENT OF XXXXXX X. XXXXXX
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT AGREEMENT is made and entered into effective the 1st day of
September 1999 by and between Conectisys, Inc., a Colorado corporation
("CONECTISYS"), ("Employer"), and Xxxxxx X. Xxxxxx ("Employee").
The following amendments to the language of the paragraphs as noted herein are
hereby amended to the initial signing of the Employment Agreement, dated
October 2, 1995, as follows: The amendments are effective September 1, 1999:
1.Employment and term. Employer hereby employs Employee and Employee hereby
accepts employment from Employer to perform the duties set forth below, for a
term of Five (5) years, subject to the provisions of this Agreement, and
thereafter shall be automatically extended for subsequent five (5) year terms
unless terminated as provided herein. Employee's employment hereunder shall be
continued thereafter from term to term until either party shall give Sixty (60)
days prior written notice of termination. Notwithstanding the foregoing, this
Agreement may be sooner terminated as provided in Paragraph 8 hereof.
2. Duties. Employee shall devote his full time and efforts to the business
of Employer, and shall be an officer of Conectisys holding the title of
President / CEO.
3.Compensation. During the term of this Agreement, Employee shall receive as
compensation for his services, an annual base salary of One Hundred Sixty
Thousand Dollars ($160,000). During the subsequent terms of employment under
this agreement, Employer shall negotiate Employee's annual base salary in good
faith; provided, however, that Employer shall pay Employee an annual base
salary in such subsequent terms of employment in an amount no less than the
annual base salary paid Employee during the term hereunder. Employee shall
further receive a bonus, paid at year end, equal to fifty percent (50%) of
employee's salary for compensation to the employee's continuing employment to
the Company ("Staying Bonus"). Staying Bonus shall be compensated for, with
Conectisys Corp. restricted common stock under rule 144 ("The Stock"). The
calculation for the value of the Stock will be, fifty percent (50%) of the
average bid and ask price for the stock for the 30 days prior to the issuance.
Employee shall have an option to purchase up to 2,000,000 shares of Conectisys
Corporation restricted stock under rule 144, at a cost of Fifty (50%) of the
average market value during the prior 30 days of trading; this option shall
remain open for Three (3) years with an option to renew said option for an
additional Three (3) years.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the day and year first above written.
Employee: /s/ Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx
Employer: /s/ Xxxxxxxx Xxxxxxxx
Xxxxxxxx Xxxxxxxx
Conectisys Corp.
Chief Technical Officer
Employer:___________________________________
Xxxxxxxx X. Xxxxxx
Conectisys Corp.
Secretary & Treasurer
