Exhibit 10.12
ADDENDUM TO
CONSULTING AGREEMENT
This Addendum to Consulting Agreement (the "Addendum") dated as of October 8,
2004 is entered into by and between Y-Tel International, LLC, a Florida limited
liability company (hereinafter referred to as the "Company") and Xxx XxXxxxxx
for Gin Creek, Inc., a sole proprietorship (hereinafter referred to as the
"Consultant").
RECITALS
A. The Company and Consultant are parties to a Consultant Agreement (the
"Agreement") dated September 27, 2004.
B. Due to changes of circumstances the parties hereto desire to amend
the Agreement as set forth below.
NOW THEREFORE, in consideration of the above premises, the covenants and
agreements set forth herein and other good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged, the parties hereby
amend the Agreement and agree as follows:
1. Paragraph 4 of the "Exhibit B Terms of Compensation" is hereby
amended and shall read as follows:
"4. Upon the close of the Agreement and Plan of
Reorganization between the Company and Consolidated
Pictures Corp. ("CPC"), the Company shall grant a
nonqualified stock option to consultant to purchase
500,000 shares of CPC's common stock at an exercise
price of $.55 per share. The options can be exercised
at any time after grant and expire at 5:00 p.m. PST
September 30, 2007."
Other than as set forth in Paragraph 1 above the remaining terms and conditions
of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF the parties hereto have executed this Addendum this 8th day
of October 2004.
Y-Tel International, LLC Xxx XxXxxxxx for Gin Creek, Inc.
By: By:
---------------------------- -----------------------------------
Xxxxx Xxxxxx Xxx XxXxxxxx for Gin Creek, Inc.
Its: President Its: Owner
