to Form 10-Q for the Quarterly Period Ended March 31, 2012 WAIVER OF NOTICE DATE
Exhibit 10.24
to Form 10-Q for the Quarterly Period Ended March 31, 2012
This Waiver of Notice Date is dated and effective this April 3, 2012 (“Effective Date”), by and between Xxxx X. Xxxxxxxxx, an individual whose address is 000 Xxxxxx Xxxxx Xxxxx, Xxxx Xxxxxxx, Xxxxxxxxxxxx 00000 (“Novinskie”) and Daleco Resources Corporation (“Daleco”) (collectively the “Parties”) with respect to the Employment Agreement between Daleco, as the employer, and Xxxxxxxxx, as the employee, originally dated November 30, 2001 (but effective October 1, 2001) (“Employment Agreement”) as such Employment Agreement has been modified, extended, and amended from time to time.
Exclusively for the purposes of the renewal date of the Employment Agreement which would occur automatically on October 1, 2012, Xxxxxxxxx and Daleco hereby absolutely waive and relinquish the following 180 day prior written notice provision of the second sentence of Paragraph 3(a) of the Employment Agreement:
“After the expiration of the Initial Term and subject to the termination provisions set forth herein, this Agreement will automatically be extended for successive two (2) year terms, provided that neither party has given written notice to the other of his/its intent not to renew not less than 180 days prior to the respective renewal date.”
In lieu of such 180 day prior written notice provision, the parties agree that the Employment Agreement will be automatically renewed on October 1, 2012, unless either of the Parties, i.e., Daleco or Xxxxxxxxx, gives written notice to the other not later than July 31, 2012, of his/its intent not to renew the Employment Agreement.
IN WITNESS WHEREOF, the Parties have placed their hands and seals as of the Effective Date.
| EMPLOYER: | DALECO RESOURCES CORPORATION | |
| /s/ Xxxxxxx X. Xxxxxxxxxx | /s/ Xxxx X. Xxxxxxxxx | |
| Xxxxxxx X. Xxxxxxxxxx, VP & Assistant Secretary | Xxxx X. Xxxxxxxxx, President | |
| EMPLOYEE: | /s/ Xxxx X. Xxxxxxxxx | |
| Xxxx X. Xxxxxxxxx, Individually |
