EMPLOYMENT AGREEMENT EXTENSION
| Exhibit 10.1 |
EMPLOYMENT AGREEMENT EXTENSION
This EMPLOYMENT AGREEMENT EXTENSION is entered to this 1st day of March, 2010, to be effective as of April 1, 2010 by and between ASPEN EXPLORATION CORPORATION, a public Delaware corporation, Suite 208, 0000 X. Xxxxxx Xxxxxx, Xxxxxx, XX 00000, (000) 000-0000 (“ASPEN”), and X. X. XXXXXX, P.O. Box 1420 (current office is located at 000 Xxxxx Xx. but no mail is delivered to this address), Xxxxxx Xxxx, XX 00000, (000) 000-0000 (“XXXXXX”), sometimes collectively referred to as the “Parties.”
| WITNESSETH |
WHEREAS, ASPEN entered into an employment agreement with XXXXXX effective as of January 1, 2009 which agreement was extended and, as extended will expire March 31, 2010 unless extended; and
WHEREAS, ASPEN wishes to extend the existing Employment Agreement through June 30, 2010.
NOW, THEREFORE, in consideration of the conditions and covenants set forth, it is agreed that the employment agreement with XXXXXX effective as of January 1, 2009 be and hereby is amended, effective as of April 1, 2010, so that:
A. Paragraph 1 (“EMPLOYMENT”) reads as follows:
1. EMPLOYMENT: Effective as of April 1, 2010 ASPEN hereby continues to employ XXXXXX, and XXXXXX hereby agrees to continue to be employed by ASPEN in the capacity of Chief Executive Officer in accordance with the terms of this Agreement. XXXXXX and ASPEN hereby agree that XXXXXX shall be employed by ASPEN for a period from January 1, 2009 through June 30, 2010 (the “EMPLOYMENT PERIOD”) unless such employment is terminated at an earlier date as described in Section 6 of the existing Employment Agreement.
B. Paragraph 4(b) (“LOCATION”) reads as follows:
(b) As provided in prior amendments, XXXXXX has purchased office equipment (including computer equipment and accessories) that ASPEN owned, which equipment is located at XXXXXX’X office in Castle Rock, Colorado. XXXXXX will continue to use such equipment in his work for ASPEN hereunder without further charge to ASPEN.
C. Except as specifically amended hereby the existing Employment Agreement remains in full force and effect.
| Employment Agreement X. X. XXXXXX | Page 1 |
IN WITNESS WHEREOF, the Board of Directors of ASPEN has approved this Agreement by resolutions dated March 1, 2010, and the Parties have executed this Agreement to be effective as of the first day of April 2010.
ASPEN EXPLORATION CORPORATION
| By: _/s/ Xxxxx Hensman__________________ Xxxxx Xxxxxxx, Chief Financial Officer Date: March 1, 2010 |
| EMPLOYEE |
| By: _/s/ R.V. Bailey______________________ X. X. Xxxxxx, Employee Date: March 5, 2010 |
| Employment Agreement X. X. XXXXXX | Page 2 |
