EXHIBIT 10.11
AMENDMENTS TO EMPLOYMENT AGREEMENT
Amendments to the Employment Agreement, entered into on August 1, 2002
(the "Employment Date"), between Genesis Technology Group, Inc., a Florida
Corporation ("Company") and Xxxxxxx Xxxxxxx ("Xxxxxxx").
The Company desires to continue employing Xx. Xxxxxxx Xxxxxxx as Chief
Operating Officer of the Company, and wishes to provide Clinton with certain
compensation and benefits in return for his services.
As provided in Provision 7.8: This Agreement may not be amended,
modified, altered or supplemented other than by means of a written instrument
duly executed and delivered on behalf of all of the parties hereto. This
Amendment, dated August 1, 2003, complies with this provision and has been duly
executed among parties.
Amendments to the Agreement refer to the provisions of the original
document. Only amended, modified, altered or supplemented provisions are listed
below; those not listed remain en force as written in the original
1.1 TERM OF EMPLOYMENT. Subject to the provisions of Section 4,
the term of Clinton's employment under this Agreement will be
from August 1, 2003 to July 31, 2005 (the "Term"). This
contract may be renewable upon mutual consent of parties.
2.2 OPTIONS IN GENESIS TECHNOLOGY GROUP. Upon execution of this
Agreement, Clinton will receive 1.25 million Genesis
Technology Group stock options at a price equal to the closing
price on the date of issue. These options may be issued to
Clinton or his designee, as long as such transfer does not
violate any SEC rule or regulation. These options cover the
employment period through July 31, 2004. Pending board
approval, an additional 2 million options will be granted for
the year August 1, 2004 through July 31, 2005, under the same
conditions.
2.5 ALLOWANCES. a. An automobile allowance of $500 per month. b.
Cellular telephone allowance of $150 per month.
2.9 CHANGE OF CONTROL. In the event Company is acquired, or is the
non-surviving party in a merger or sells all or substantially
all of its assets, this Agreement shall remain en force,
except with the position or title of Clinton, which may change
with such an event. Otherwise, the benefits and compensation
as described in the Agreement and amended in this document
remain in place for the term of the contract.
1
2.10 OTHER BENEFITS TO EMPLOYEE (NEW PROVISION). Company shall
maintain a health insurance program and dental plan for
employees, at its expense.
7.2 NOTICES.
Genesis Technology Group, Inc. Xxxxxxx Xxxxxxx
000 Xxxxxx Xxxx, Xxxxx 000 office address
Xxxx Xxxxx, Xxxxxxx 00000
7.10 ENTIRE AGREEMENT. This Agreement, the Exhibits, amendments,
and other agreements referred to herein set forth the entire
understanding of the parties hereto relating to the subject
matter hereof and thereof and supersede all prior agreements
and understandings among or between any of the parties
relating to the subject matter.
IN WITNESS WHEREOF, THE PARTIES HAVE EXECUTED THIS AGREEMENT EFFECTIVE ON THE
DAY AND YEAR BELOW.
Xxxxxxx Xxxxxxx Genesis Technology Group, Inc.
/s/ Xxxxxxx Xxxxxxx /s/ Xxxxx Xxxx
------------------- ---------------
By: Xxxxx Xxxx
Chairman of the Board
Date: August 1, 2003 Date: August 1, 2003
2
