Amended Service Agreement
Exhibit 10.2 Amended Employment Agreement of Xxxxxx Xxxxx
Amended Service Agreement
This Amended Service Agreement is intended to modify that certain “Service Agreement” dated October 5, 2009, between Xxxx Global Resources Inc., Xxxxxx X. Xxxxx and Crown Financial LLC.
Whereas the parties wish to add to and/or modify certain terms contained in the Service Agreement with additional and/or modified terms that are to be effective beginning January 1, 2012 and continuing through December 31, 2012, the Parties hereby agree to the following:
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Xx. Xxxxx agrees to accept the responsibility and additional duties of Chairman of the Board.
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Xx. Xxxxx agrees to reduce his monthly compensation by $15,000.00 per month for the duration of his contract.
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Crown Financial LLC agrees to accept the responsibility of providing all benefits to Xx. Xxxxx, such as; family health insurance, disability, life insurance and other executive benefits, not to be paid by Xxxx Global Resources, Inc.
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Xxxx Global Resources will pay the following on behalf of Xx. Xxxxx and Crown Financial LLC during the term of the contract for business purposes:
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Business Travel:
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Travel (with spouse when extended past three-days).
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Business Expenses:
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All travel entertainment, cell phone, home office, etc.
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Automobile(s)
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Continuation of lease on one automobile with a purchase option at the end of the lease term, plus a $1,000.00 purchase option on the company vehicle he is using now, including insurance for both.
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Contract Termination Fee:
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Beginning January 1, 2013 and continuing for twelve consecutive months through December 31, 2013, Xx. Xxxxx shall receive $35,000.00 per month, as a contract termination fee.
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Final Issuance of Warrants:
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Warrants that failed to be issued in 2011 to be issued, as approved by the Board of Directors in February 2012.
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Signed this 7th day of February, 2012 and effective as of January 1, 2012.
/s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx
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Agreed by: Xxxx Global Resources, Inc. Board of Directors
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/s/ Xxxxx X. Xxxx, Director
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/s/ Xxxxxxx X. Xxxxx
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Xxxxx X. Xxxx, Director
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Xxxxxxx X. Xxxxx
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/s/ Xxxx X. Xxxx
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Xxxx X. Xxxx, Director
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