Contract
Exhibit 10.7
Xxxxxx
00, 0000
Xxxxx,
Inc.
000
Xxxxxx Xxxxxx, Xxxxx 000
Xxxxx, XX
00000
Attention:
Board of Directors
Dear
Ladies/Gentlemen:
This letter will memorialize and
confirm the agreement of Octus, Inc. (the “Company”)
and the undersigned (“Officer”)
relating to the employment agreement dated February 24, 2009, between the
Company and Officer (the “Employment
Agreement”). The Employment Agreement provides that Officer
will receive compensation at a base salary rate set forth in the Employment
Agreement. In consideration of the Company’s current state of
operations and cash position, the Company and Officer have agreed that some or
all (with the amount determined by the board of directors of the Company, with
Officer not participating in such decision) of the base compensation amounts
payable to Officer pursuant to the Employment Agreement will be deferred [until
such time as the Company, in the good faith judgment of the board of directors
(with Officer not participating in such decision), has sufficient cash resources
(in light of its other obligations and commitments) to pay the deferred
amounts. In all events, however, any deferred amounts with respect to
the 2009 year will be paid no later than March 15, 2010.
Very
truly yours,
OCTUS,
INC.
By: /s/ Xxxxxxxxx
Xxxxxxxxxx
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Xxxxxxxxx
Xxxxxxxxxx
Its:
Chief Financial Officer
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OFFICER
/s/ Xxxxxx
Xxxxx
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Xxxxxx
Xxxxx
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