Exhibit 10.3(b)
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
XXXXXXX X. XXXXXX AND IPORUSSIA, INC.
AMENDMENT NO. 1 dated as of November 29, 2002, to EMPLOYMENT AGREEMENT
("Agreement") dated as of April 1, 2002, by and between IPORUSSIA, INC., a
Delaware corporation, having a place of business at 00 Xxxxxxxx Xxxxxx, Xxxxxxx,
XX 00000 (hereinafter designated and referred to as "Company"), and Xxxxxxx X.
Xxxxxx (hereinafter designated and referred to as "Employee").
WHEREAS, the Company and Employee desire to amend the Agreement.
NOW THEREFORE, in consideration of the promises and mutual covenants herein
contained, the parties hereto agree as follows:
1. AMENDMENT. Section 2 of the Agreement is restated in its entirety to
read as follows:
2. EFFECTIVE DATE: The effective date (the "Effective Date") of this
Agreement shall commence two weeks after the Company obtains funding in the
amount of at least Two Hundred and Fifty Thousand Dollars (USD$250,000). If the
Effective Date does not commence before April 15, 2003 either party may
terminate this Agreement on ten (10) days written notice, unless mutually
extended.
2. MISCELLANEOUS. All terms used, but not defined, herein
shall have the respective meanings set forth in the
Agreement. Except as otherwise expressly modified by
this Amendment, the Agreement shall remain in full
force and effect in accordance with its terms. This
Amendment may be executed in two or more counterparts,
each of which shall be deemed an original, but all of
which together shall constitute one and the same
instrument.
IN WITNESS WHEREOF, the parties have duly executed this Amendment as of the
day and year first above written.
IPORUSSIA, INC.
By: /s/ Xxxxxxxx X. Xxxxxxxxx
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Xxxxxxxx X. Xxxxxxxxx
President and Chief Executive Officer
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Employee
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