EXECUTIVE EMPLOYMENT AGREEMENT – AMENDMENT 1
EXHIBIT
10.3
EXECUTIVE
EMPLOYMENT AGREEMENT – AMENDMENT 1
THIS
AMENDMENT (the “Amendment”) TO THE EXECUTIVE EMPLOYMENT AGREEMENT (the
“Agreement”) is made and entered into by and between COMMERCE PLANET,
INC., a Utah corporation (hereafter “Company”) and XXXXXXX
XXXXXXXXX, with all rights assigned to his consulting company
Olive Tree Holdings, LLC (hereafter “Consultant”) and is
effective as of November 5, 2007.
Now,
THEREFORE, and for valuable and sufficient consideration dully recognized by
both Parties agree as follows –
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1.
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Conversion
of Existing Employment Agreement to Consulting
Agreement. The provisions of the original
Agreement will remain in effect and accelerated where applicable
except
for those specific modifications stated
herein.
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1A. Employment
Status. Employee’s position of President will convert into a
consulting role effective November 5, 2007. Employee will consult
full time until January 1, 2008. After January 1, 2008 employee will
reduce consulting hours at board’s discretion. Consistent with
provision 4.3(i) and (ii) of the Agreement Xxxxxxxxx will offer not less than
ten (10) hours of service per month.
1B. Job
Duties. Consultant’s responsibilities will include supporting
Company’s Chief Executive Officer and President. Primary focuses will
include capital funding, investor relations and strategic planning.
1C. Term
& Termination. Employee’s consulting relationship may be
terminated after the January 1, 2008 for any reason with thirty (30) days
written notice by Company. Upon termination by Company for any reason all
ownership interests associated with this Agreement will immediately cease to
divest, with ownership transferred in full. Effective January 1, 2008
Consultant forfeits any rights to the severance payment
identified under Section 4.5 of the original
Agreement. Consultant must offer a minimum of ten (10) hours a month,
consistent with his divesting schedule and terms of the original Agreement.
If
Company does not accept these minimum hours of service they will not incur
any
hourly costs, however the offering of service will fulfill Consultants
requirement under this Agreement regarding his divesting of ownership provision.
Consultant may terminate this Agreement for any reason with thirty (30) days
written notice. Upon voluntary termination Employee would forfeit ownership
rights to all unvested shares.
1D.
Compensation. Effective November 5, 2007 Consultant will be paid as
a Consultant in accordance with his current “Employment” base and bonus
structure with the original Agreement. Effective January 1, 2008
employee will be paid at a rate of three hundred fifty ($350.00) dollars per
hour, with a minimum monthly payment of twenty-thousand ($20,000) dollars per
month. Consultant will provide bi-monthly invoices accounting for
billed hours in excess of the base minimum monthly commitment.
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1E. Vacation.
Effective November 5, 2007 Consultant will be paid for all accrued and unused
vacation he is entitled to. Effective January 1, 2007 Employee will
not be entitled to paid vacation in association with his Consultancy
position.
1F. Sick
Leave. Effective November 5, 2007 Employee will not be entitled to
paid sick time in association with his Consultancy position.
1G. Health
Insurance. As long as Consultant continues services under this
Agreement, Company will reimburse him for his monthly health insurance premiums
not to exceed fifteen hundred ($1,500) dollars per month.
1H. Housing
Allowance. Effective December 1, 2007 and consistent with his
change in capacity, Consultant’s housing allowance will be
terminated.
1I. Vehicle
& Related Expenses. As long as Consultant continues services
under this Agreement, Company will reimburse him for his monthly vehicle and
vehicle related expenses as consistent with section 9 of the original
Agreement.
1J. Work
Related Expenses. Consultant will be provided a credit card on
behalf of Company to be utilized for work-related expenses incurred by
Consultant in promoting the business of Company, including expenditures for
entertainment and travel.
1K. Other
Benefits. As part of the original Agreement and in exchange for the
extension of Consultant’s divesting schedule, Consultant will continue to be
entitled to payments for his Executive MBA Program identified under Section
4.3
(iii) of the original Agreement.
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2.
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Miscellaneous
Provisions. In the event of a conflict the terms of this
Amendment will prevail over the original Agreement. All other
provisions of the original Agreement, unless expressly stated otherwise
within this Amendment shall remain in
effect.
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| Commerce Planet, Inc. | Olive Tree Holdings, LLC | ||
| Xxxxxxx Xxxx, CEO & Chairman | Xxxxxxx Xxxxxxxxx, Manager | ||
| /s/ Xxxxxxx Xxxx | /s/ Xxxxxxx Xxxxxxxxx | ||
| Date October 24, 2007 | Date October 24, 2007 | ||
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