February 4, 1999
Xx. Xxxxx Xxxxxx, CEO
MAGNITUDE INFORMATION SYSTEMS, INC.
00 Xxxxxxx Xxxx
Xxxxxxxxxx, Xxx Xxxxxx 00000
Re: Additional Compensation Agreement Modification
Dear Xx. Xxxxxx:
This letter will set forth our agreement regarding the modification of my
existing employment agreement with Magnitude Information Systems, Inc. formerly
known as Proformix Systems, Inc. (the "Company") for service rendered during
1998 and the provision for additional compensation to be paid to the undersigned
arising thereunder.
In consideration of the services heretofore rendered by the undersigned to
the Company during 1998, the undersigned shall receive 150,000 shares of the
Company's common shares of stock and shall additionally receive vested options
to purchase from the Company 535,000 shares of the Company's common shares of
stock at purchase price of $.50 per share payable in cash or in kind upon option
exercise. The foregoing options shall be exercisable for a period of five (5)
years from the date hereof. Except for the foregoing, the existing employment
agreement shall remain unchanged.
If the forgoing properly reflects our understanding, please so indicate
and date this agreement in the space provided below and return one fully execute
copy for my files. After the counter-execution of this Agreement, kindly issue
and forward the necessary Company stock certificates and options as recited
above.
An additional copy of this agreement is enclosed for your convenience.
Very truly yours,
BY: /s/ Xxxxxxx X. Xxxxxx
-----------------------------
Xxxxxxx X. Xxxxxx
AGREED AND ACCEPTED BY:
MAGNITUDE INFORMATION SYSTEMS, INC.
BY: /s/ Xxxxx Xxxxxx, CEO
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Xxxxx Xxxxxx, CEO
Dated: 2/5/99
