AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN VOIP INC. AND ROBERT STAATS
Exhibit
10.4
AMENDMENT
TO EMPLOYMENT AGREEMENT
BETWEEN
VOIP INC. AND XXXXXX XXXXXX
The
within is an Amendment to the Employment Agreement executed on May 17, 2006
between
VOIP INC.
, a
Texas corporation (the “Company”) and
XXXXXX XXXXXX
(the
“Executive”).
WHEREAS,
the
Company and the Executive entered into an employment agreement executed on
May
17, 2006 (“Prior Agreement”); and
WHEREAS,
the
Company and the Executive desire to reaffirm and amend the Prior
Agreement.
NOW,
THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES AND OTHER
GOOD
AND VALUABLE CONSIDERATION, THE RECEIPT OF WHICH IS HEREBY ACKNOWLEDGED, IT
IS
MUTUALLY AGREED AS FOLLOWS:
1. Amendments
Valid and Subsisting.
The
Company and Executive agree that the Prior Agreement is valid, subsisting and
binding. Annexed hereto and made a part hereof and marked EXHIBIT A is a true
copy of the Prior Agreement as executed.
2. Stock
Compensation.
The
Company and Executive agree that Section 2.3 of the Prior Agreement is
revised as follows:
The
Company, upon execution of the within Amendment, agrees to issue to Executive
2,000,000 shares of Common Stock of the Company, par value $0.001 (the “Common
Stock”) of the Company. The Company further agrees to use its best efforts to
register these shares in the next registration statement filed by
Company.
3. Performance
Bonus.
The
Company and Executive agree that the last sentence of Section 2.1 of the
Prior Agreement is revised as follows:
Executive
shall have the opportunity to earn a performance bonus in accordance with the
Company's Performance Bonus Plan; as such plan may be modified over time.
Pursuant to the Performance Bonus Plan, Executive will have a target bonus
for
meeting established performance objectives. The Bonus shall consist of
performance-based stock options which and shall be included in the Company's
Employee Stock Option Plan. In the event the performance criteria and formal
Bonus Plan is not in effect at any time during the term of this Agreement,
then
during said time that the Bonus Plan is not in effect, the Company will pay
a
$7,500 cash bonus per quarter to Executive until the Performance Bonus Plan
is
in place, effective October 1, 2006.
4.
Other
Benefits.
The
Company and Executive agree that Section 3.2 of the Prior Agreement is
revised to add the following:
Executive
will also be entitled to a monthly vehicle allowance of
$750.00.
5. Board
Approval.
The
Company warrants and represents to Executive that the Board of Directors of
the
Company has ratified, adopted and approved the within Agreement, and that the
Company will take the necessary action to file the appropriate Disclosure Report
with the Securities and Exchange Commission.
IN
WITNESS WHEREOF,
the
undersigned have set their hands and seals this 4th day of May,
2007.
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| By: | /s/ Xxxxxxx Xxxxxxx | |
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Xxxxxxx Xxxxxxx, CEO |
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| By: | /s/ Xxxxxx Xxxxxx | |
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Xxxxxx
Xxxxxx
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