Exhibit 10.10
ADDENDUM TO EMPLOYMENT AGREEMENT
This Addendum to Employment Agreement (hereinafter "AGREEMENT") is made
by and between W. Xxxxx Xxxxx, Xx., 0000 Xxxxx 000 Xxxx, XXX X, Xxxx, XX 00000
(hereinafter "EMPLOYEE"), and Velocity Investments, LLC, on behalf of itself,
its subsidiaries, affiliates, predecessors, successors, assigns; and their
directors, officers, employees and agents (hereinafter collectively referred to
as "VELOCITY"), with its principal place of business, 0000 Xxxxx 000 Xxxx, XXX
X, Xxxx, XX 00000.
WHEREAS, VELOCITY and EMPLOYEE have entered into an Employment
Agreement, dated as of January 1, 2004 (the "Employment Agreement") and
WHEREAS, VELOCITY and the EMPLOYEE desire to amend certain provisions
of the Employment Agreement,
NOW THEREFORE, for and in consideration of the mutual and respective
covenants and agreements contained herein, VELOCITY and EMPLOYEE agree as
follows:
1. The Employee hereby confirms that no salary has been paid to
him or accrued during the period between January 1, 2004 and August 31, 2004,
and EMPLOYEE hereby waives any right to the payment of such salary. Payment of
salary at the rate stated in the Employment Agreement shall begin on September
1, 2004 and shall be paid bi-monthly less mandatory and authorized deductions.
2. Except as provided above, the Employment Agreement shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this ADDENDUM as of the
date first above written.
VELOCITY INVESTMENTS, LLC EMPLOYEE
By: /s/ XXXXX X. XXXXXXXXX /s/ W. XXXXX XXXXX, XX.
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Xxxxx X. Xxxxxxxxx, Esq. W. Xxxxx Xxxxx, Esq.
CFO & CLO
Dated: September 1, 2004 Dated: September 1, 2004
