EXHIBIT 10.2 1996 AMENDMENT TO EMPLOYMENT AGREEMENT OF XXXXXX X. XXXXXX
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT AGREEMENT is made and entered into effective the 24th day of
July 1996, by and between Conectisys, Inc., a Colorado corporation
("CONECTISYS"), ("Employer"), and Xxxxxx X. Xxxxxx ("Employee").
The following amendment to the language of paragraph 2 regarding duties and
paragraph 3 regarding bonus compensation are hereby amended as follows and are
effective retroactively to the initial signing of the Employment Agreement
dated October 2, 1995.
2. Duties. Employee shall devote his full time and efforts to the business
of Employer, and shall be a an officer of Conectisys, holding the titles of
President and Chief Executive Officer, performing the duties of such offices
for Employer.
3.Compensation. Employee shall further receive a bonus, paid at year end, equal
to fifteen percent (15%) of all net profits earned by Conectisys. Employee
shall receive said compensation through an option to purchase up to a maximum
of 500,000 shares of Conectisys Corporation restricted stock under rule 144 at
a cost of Sixty (60%) of the average market value during the prior 180 days of
trading; this option shall remain open for five (5) years with an option to
renew said option for an additional five (5) years.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the day and year first above written.
Employee: /s/ Xxxxxx X. Xxxxxx
XXXXXX X. XXXXXX
Employer: /s/ Xxxxxxx Xxxxxx
XXXXXXX XXXXXX
CFO
