Exhibit 10.10
ADDENDUM 4 TO THE SIMON EMPLOYMENT AGREEMENT OF 8-01-02
The following are amendments to the Xxxxx Xxxxx Employment Agreement
with SCHIMATIC Cash Transactions Xxxxxxx.xxx, Inc. dba Smart Chip Technologies
("Company", "SCTN" or "Employer") effective 8-01-02 as amended by Addendums on
7-28-03, 5-05-2004 and July 7, 2004.
This Addendum to the employment agreement is to be effective as of July
1, 2004.
For the purpose of cleaning up the "financial and stock overhang" of
the Company, as dictated by the Board of Directors, the Company and Simon agree
to the following regarding Salary and Expenses:
1. Under his employment agreement Xxxxx Xxxxx earned a salary of
$12,500 per month, payable 60% per month and 40% deferred
until the Company was able to pay. Simon hereby gives up his
right to the 40% deferred portion of that salary, reducing his
monthly salary to $7,500, until the Company is financially
liquid enough to permit a reasonable salary consistent with
industry standards.
2. Simon and the Company hereby agree that expense reimbursement
payments made to Simon through this date will be considered
settlement in full of any and all business expenses paid by
Simon through June 30, 2004. Expenses incurred by Simon from
July 1, 2004 and thereafter will be reimbursed by the Company
within 30 days from the date submitted, providing the Company
is financially able to make the payment.
I HAVE READ THIS AGREEMENT IN ITS ENTIRETY, I UNDERSTAND ITS TERMS, AND AGREE TO
BE BOUND BY ALL OF ITS TERMS. I ALSO UNDERSTAND I HAVE THE RIGHT TO HAVE THIS
AGREEMENT REVIEWED BY INDEPENDENT COUNSEL.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on October
6, 2004.
Employer: Employee:
SCTN Xxxxx Xxxxx
000 X. Xxxx Xxxxxxx Xx. 0000 X. Xxxxxxx Xxxx.
Xxx Xxxxx, XX 00000 Xxxxx, XX 00000
By: /s/ Xxxxxxx XxXxxx By:/s/ Xxxxx Xxxxx
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Xxxxxxx XxXxxx, Director Xxxxx Xxxxx
By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx, Vice President and Director
