AMENDMENT TO EMPLOYMENT AGREEMENT
AMENDMENT
TO EMPLOYMENT AGREEMENT
WHEREAS,
InfoSearch Media, Inc., a Delaware corporation, with its principal place of
business located at 0000 Xxx Xxx Xxxxxx, Xxxxxx Xxx Xxx, Xxxxxxxxxx 00000,
its
affiliates, subsidiaries, successors and assigns (the “Company”),
and
Xxxxxx Xxxxxxx, an individual residing at 000 Xxxxx Xxxxxxx Xxxxx, Xxxxxxx
Xxxxx, Xxxxxxxxxx 00000 (the “Executive”)
are
parties to an Employment Agreement dated January 4, 2006 and effective as of
August 23, 2005 (the “Agreement”),
which
is incorporated herein by reference, and a copy of which is attached hereto
as
Exhibit
A.
WHEREAS,
it is the desire of the Company and the Executive to amend Section 6(a) of
the
Agreement to increase the Executive’s base salary; and
WHEREAS,
the Company and the Executive have agreed to memorialize this written amendment
to the Agreement (the “Amendment”).
NOW,
THEREFORE, in consideration of the premises and the mutual covenants and
agreements hereinafter set forth, and other good and valuable consideration,
the
receipt and sufficiency of which the parties hereby acknowledge, the parties
hereby agree to amend the Agreement as follows:
1. Definitions.
Unless
otherwise defined herein, all capitalized terms and phrases used in this
Amendment shall have their meanings as defined in the Agreement.
2. Effective
Date.
The
parties intend that this Amendment shall apply retroactively to July 1, 2006
(the “Effective
Date”),
such
that the above language shall be deemed to have been included in the Agreement
as of that date.
3. Amended
Section 6(a) of Agreement.
(a) Section
6(a) of the Agreement is hereby replaced in its entirety as
follows:
6.
Compensation
(a)
Base
Salary.
During
the Term of this Agreement, the Company shall pay and the Executive agrees
to
accept, in consideration for the Executive’s services hereunder, pro rata
bi-weekly payments of the annual salary of $250,000, less all applicable taxes
and other appropriate deductions. In addition, the Board shall review the
Executive’s base salary annually and shall determine whether upward adjustment
is appropriate given the Company’s operating performance over the relevant
Term.
4. Other
Sections of Agreement Reaffirmed.
All of
the other sections of the Agreement remain unchanged and are hereby ratified
and
reaffirmed as of the date hereof and shall remain in full force and
effect.
5. Severability.
Should
any term or provision of this Amendment be finally determined by a court of
competent jurisdiction to be void, invalid, unenforceable or contrary to law
or
equity, the offending term shall be modified and limited (or if strictly
necessary, deleted) only to the extent required to conform to the requirements
of law and the remainder of this Amendment (or, as the case may be, the
application of provisions to other circumstances) shall not be affected thereby
but rather shall be enforced to the greatest extent permitted by
law.
[SIGNATURE
PAGE FOLLOWS]
BY
HIS EXEUCTION BELOW, THE EXECUTIVE ACKNOWLEDGES AND STATES THAT HE HAS FREELY
AND VOLUNTARILY ENTERED INTO THIS AMENDMENT AND THAT HE HAS READ AND UNDERSTOOD
EACH AND EVERY PROVISION THEREOF.
UNDERSTOOD,
AGREED, AND ACCEPTED:
| EXECUTIVE | COMPANY | |
| Xxxxxx Xxxxxxx | InfoSearch Media, Inc. | |
|
/s/
Xxxxxx
Xxxxxxx
|
By: /s/ Xxxxx Xxxxxxxx,
XX
|
|
| Date: 11/3/06 | Name: Xxxxx Xxxxxxxx, XX | |
| Title: CFO | ||
| Date: 11/3/06 |
