10.1 Addendum to xxxxxxxxxxxxxx.xxx consulting agreement.
ADDENDUM TO CONSULTING AGREEMENT
This Addendum is made effective as of May 21, 2001 by and between
xxxxxxxx.xxx Inc, of 0000 Xxxxx 000, Xxxxxxxxxxx, Xxxxxxxxxxxx 00000, and the
XxxxxxXxxxx.xxx, Inc, of 00 Xxxxxxx Xxxx Xxxx, Xxxxxxxxxxx, Xxxxxxxxxxxx,
00000.
In this Addendum to the Agreement, the party who is contracting to receive
services shall be referred to as "THAT", and the party who will be providing
the services:" shall be referred to as "TGG".
WHEREAS the parties hereto are also parties to a Consulting Agreement with
an effective date of November 26, 2000; and
WHEREAS the parties are desirous of modifying the nature of their
relationship in accordance with the provisions of this Addendum;
NOW THEREFORE, in consideration of the premises and promises herein, and
intending to be legally bound, the parties agree as follows;
1. Payment.
a. THAT will pay a fee to TGG for the Services in the amount of
$264,000.00. These fees will be payable in 52 equal bi-weekly
installments of $5,076.92. Should the relationship be severed for
any reason by either party TGG will receive a liquidated damages fee
in the amount of $50,000 due and payable within 10 days of contract
termination. Further, all sums due and owing under this agreement
will be accelerated and paid at that time.
b. THAT will increase the bi-weekly fee payment based on the following
categories and Company criteria;
Categories Cash Receipts Bi-Weekly installment
--------------------------------------------------------
Category 1 $ 833,000 per month $ 6,346.15
Category 2 $1,666,667 per month $10,576.92
Category 3 $2,500,000 per month $13,461.54
Category 4 $3,333,000 per month $15,384.62
Category 5 $4,166,667 per month $17,307.69
Once we hit these categories for one month the next month the pay
goes up and if the category is not maintained salary will be paid
based on the category we are in.
In order for TGG to qualify for this pay increase the following must
occur.
The Company must be cash break even or better. What this means is a
total of all the receipts collected operationally, meaning credit
cards and checks, minus all of the Company expenses with the
exception of noncash charges.
2. Effect on Consulting Agreement.
a. Unless otherwise expressly provided in this Addendum, the provisions
of the Consulting Agreement remain in full force and effect and are
to be read in conjunction with this Addendum to the extent possible.
The terms of the commission payment as described in the Consulting
Agreement remain in effect and is in addition to the above described
payment increase plan.
IN WITNESS WHEREOF, the parties have executed this Addendum on the date first
written above.
Party receiving services:
xxxxxxxx.xxx, Inc.
By:/s/Xxxxxx X. Xxxxxxx
Xxxxxx Xxxxxxx,
Chief Financial Officer
Party providing services:
The XxxxxxXxxxx.xxx, I
By:/s/Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx
President
