ADDENDUM TO EMPLOYMENT AGREEMENT
This AGREEMENT (the "Agreement"), dated as of February 26, 2008, by and between
Document Capture Technologies, Inc., a Delaware corporation with principal
executive offices at 0000 Xxxxxxxxxx Xxxxx, Xxx Xxxx, Xxxxxxxxxx 00000
(hereinafter referred to as the "Company"), and Xxxxxx Xx, an individual
residing at 000 Xxxxx Xxxx, Xxx Xxxx, Xxxxxxxxxx 00000 (hereinafter referred to
as "Employee").
W I T N E S S E T H:
WHEREAS, the Company and the Employee are parties to an Employment Agreement,
dated April 26, 2005 (the "Original Agreement") and an Addendum to Employment
Agreement dated January 18, 2008 (the "Addendum" and together with the Original
Agreement, the "Employment Agreement"); and
WHEREAS, the Employee has tendered his resignation as President and Chief
Executive Officer of the Company effective March 1, 2008 and the Company has
accepted his resignation in such capacities;
WHEREAS, the Company desires that Employee continue to serve as its Chairman of
the Board of Directors, and the Employee desires to serve the Company in that
capacity, upon the terms and subject to the conditions contained in the
Employment Agreement, as amended by this Agreement; NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained, the
parties hereto hereby agree as follows: 1. Capitalized terms used herein but not
otherwise defined herein have the meanings ascribed to them in the Employment
Agreement.
2. The Employee agrees to continue to execute his duties and
responsibilities in accordance with the terms and provisions of the
Employment Agreement, subject to the following terms and conditions as
agreed upon:
(a) Effective June 1, 2008, unless the Company appoints Employee to an
executive officer position of the Company, Employee shall be paid a
base pay of $112,500 per year during the Term.
(b) Employee shall continue to serve as Chairman of the Board of Directors.
All other terms and conditions of the Employment Agreement not affected hereby
shall remain in effect as originally drafted.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written.
DOCUMENT CAPTURE
TECHNOLOGIES, INC. EMPLOYEE
By: /s/ Xxxxx Xxxxx /s/ Xxxxxx Xx
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Xxxxx Xxxxx Xxxxxx Xx
Chief Executive Officer
