FIRST AMENDMENT TO THE THREE FORKS, INC. XXXXXX WALFOR EMPLOYMENT AGREEMENT
This First Amendment to the Xxxxxx Xxxxxxx Employment Agreement by and between
Three Forks, Inc. and Xxxxxx Xxxxxxx made as of the 1st day of March 2013.
WHEREAS the parties did on the 1st day of September 2012 entered into an
Employment Agreement, and;
WHERAS the parties desire to amend the Employment Agreement.
NOW THEREFORE in consideration of the undertakings the Employment Agreement is
hereby amended as follows:
Section 4 Compensation is hereby amended to read as follows:
3. COMPENSATION.
Company agrees to pay Executive Base Salary of $192,000.00 per year. In
addition to the Base Salary, Consultant shall be paid a monthly car allowance of
six hundred dollars. Consultant shall be paid a bonus of one half of one percent
of the net asset increases as reflected in the Company balance sheet from time
to time. The basis of the calculation shall be the net assets as listed in the
company financials and shall at least be paid every six months within 30 days
after the accounting for the applicable period has been completed. The first
payment period will be for the period of September 1, 2012 through February
2013.
IN WITNESS WHEREOF the Parties have duly executed this amendment to the original
Consulting Agreement as of the date first above written.
Three Forks, Inc. Employee
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W. Xxxxxx Xxxxxxx Xxxxxx Xxxxxxx
Executive Chairman
