AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
Exhibit
10.2
AMENDMENT
NO. 1 TO EMPLOYMENT AGREEMENT
This
Amendment No. 1 to Employment Agreement, dated as of July 1, 2007, shall serve
to amend the Employment Agreement, dated as of September 1, 2006, by and among
Monarch Staffing, Inc., a Nevada corporation with its headquarters located
at
00000 Xxxxxx Xxxxx Xx #000, Xxx Xxxx Xxxxxxxxxx, XX 00000, and Xxxx
Xxxxxxxx (the “Agreement”). Capitalized terms used, but not defined,
herein have the respective meanings set forth in the Agreement.
1. Section
2 of the Employment Agreement is hereby amended and restated in its entirety
to
read as follows:
“2. Responsibilities
and Reporting. The Executive shall devote the Executive's
time, efforts, attention and skill to, and shall perform faithfully, loyally
and
efficiently the Executive's duties as the Chief Executive Officer of the Company
(for the period through August 31, 2007) and as the Vice Chairman of the Company
(from and after September 1, 2007), pursuant to the reduced schedule previously
discussed with the Company’s Chairman. Executive shall have such
responsibilities and duties as may, from time to time, be designated by the
Company’s Chairman. The Executive shall report
to the
Company’s Board of Directors. Further, the Executive will punctually
and faithfully perform and observe all rules and regulations which the Company
may now or shall hereafter reasonably establish governing the Executive's
conduct and the conduct of the Company's business which are consistent with
this
Agreement.”
2. Section
3(a)(i) of the Employment Agreement is hereby amended and restated in its
entirety as follows:
“
(i)
The
Company will pay the Executive a salary at the annual rate of $160,000 (the
“Salary”); provided that if the Executive accepts an offer of full-time
employment with or to provide consulting or similar services, on a full-time
basis to, any other person or organization (in any such case,
“Full-Time Employment”), the Salary will be reduced to an annual rate of
$120,000 effective upon commencement of such Full-Time Employment.”
3. Section
3(b) of the Employment Agreement is hereby deleted in its entirety.
4.
The Company and the Executive agree that the Company’s obligations under Section
3(d)(iii) of the Employment Agreement shall terminate effective upon the
Executive’s
commencement of Full-Time Employment, and Executive shall promptly thereafter
return to the Company in good working condition all property of the Company
in his
possession except Executive shall retain as his own property the Apple laptop
computer.
5. Section
4(i) of the Employment Agreement is hereby amended and restated in its entirety
as follows:
“(i)
the
close of business on the earlier of (x) the date that is two years after the
effective date of this Agreement and (y) December 31, 2007, as long as the
Company shall have performed its obligation to pay Executive the Salary due
hereunder through such date (such earlier date referred to herein as the
“Expiration Date”).
6. Concurrently
herewith the Company and the Executive are entering into a Release Agreement
in
the form of Exhibit A hereto, which is incorporated herein and made a
part
of
the Employment Agreement dated as of September 1, 2006, as hereby
amended.
7. Section
4(v)(i) is amended to insert the following words immediately following the
words
“ … this Agreement”: “(but only if Executive has failed to cure any such
material
breach within 5 (five) days after he receives written notice of such
breach)”.8.Section 15 is hereby amended and restated in its entirety to state as
follows:
“This
Agreement, Amendment No. 1 to Employment Agreement, dated as of July 1, 2007,
and the Release Agreement attached thereto as Exhibit A, constitute the entire
agreement
between the parties and supersede any and all prior agreements, understandings
or arrangements, either written or oral, between the parties with respect to
the
subject
matter hereof, and shall, as of the date hereof, constitute the only employment
agreement between the parties.
9. All
other provisions of the Agreement shall remain in full force and
effect.
ACCEPTED
AND AGREED:
By:_____________________________________
Name:
Xxxxx Xxxxxxx
Title: Chairman
EXECUTIVE
By:_____________________________________
Xxxx
Xxxxxxxx
