AMENDMENT NO. 2
TO EMPLOYMENT AGREEMENT
Effective January 30, 2001, the Agreement entered into as of February 20, 2000
between Insynq, Inc. a Delaware corporation (formerly Xcel Management, Inc.)
and M. Xxxxxxx Xxxxxx, a resident of the state of Washington (the "Employee"),
shall be amended as follows:
1. EMPLOYMENT. The Company agrees to employ Executive and Executive
hereby accepts such employment from the Company upon the terms and
conditions set forth in the this Agreement for the period beginning
on the date hereof and continuing for a period of four years
("Initial Term"), unless earlier terminated as provided in this
Agreement. This Agreement shall be automatically renewed for a
one-year period ("Renewal Term"), unless this Agreement is terminated
by either party at least 30 days prior to the end of the Initial Term
(the Initial Term and any Renewal Term shall be referred to as the
"Employment Period"). The Renewal Term will continue from
year-to-year unless either party terminates the Agreement at least
30 days prior to the expiration of any Renewal Term.
Exhibit 1:
Reference Section 4, part a.
A. Salary to be $135,000 per annum for year one of the Employment
Period. (refer to prior amendments)
B. Salary to be $125,000 per annum for year two of the Employment
Period. An option for 300,000 shares of common stock granted at
the end of calendar year 2001 if the Company's stock trades at
or over $3.00 per share in a 30-day trading period.
C. Salary to be $140,000 per annum for year three of the Employment
Period. An option for 300,000 shares of common stock granted at
the end of calendar year 2002 if the Company's stock trades at
or over $6.00 per share in a 30-day trading period.
D. Salary to be $165,000 per annum for year four of the Employment
Period. An option for 300,000 shares of common stock granted at
the end of calendar year 2003 if the Company's stock trades at
or over $12.00 per share in a 30-day trading period.
INSYNQ, INC. EMPLOYEE
/s/ Xxxx X. Xxxxx /s/ M. Xxxxxxx Xxxxxx
_______________________ _______________________
Xxxx X. Xxxxx M. Xxxxxxx Xxxxxx
Chief Executive Officer Chief Administrative Officer
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