EXHIBIT 10.3 1997 AMENDMENT TO EMPLOYMENT AGREEMENT OF XXXXXX X. XXXXXX
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT AGREEMENT is made and entered into effective the 11th day of
August 1997, 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, 1997:
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 six percent (6%) of all net
profits before taxes earned by Conectisys. 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 500,000 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/ Xxxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx
Employer: /s/ Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxx
CFO
