Exhibit 10.03
ADDENDUM 2 TO THE SIMON EMPLOYMENT AGREEMENT OF 8-01-02
The following articles of the Xxxxx Xxxxx Employment Agreement effective
8-01-2002 as amended on 7-28-2003, are hereby amended as of May 1, 2004:
1. Under paragraph III. F. 4. Stock, Stock Options and Bonuses : The
company will expense the exercise price, and all applicable taxes and
withholding thereon, of five (.05) cents per stock share option for each of the
twelve million (12,000,000) stock option shares that were already granted under
the original contract agreement, as long as the company has the available
financial resources to expense the options and pay all applicable taxes and
withholding thereon, if any, in the following manner; four million (4,000,000)
share options annually, beginning six (6) months from the first anniversary date
of the employment agreement addendum (dated 8-01-03) on May 1, 2004: then four
million (4,000,000) on January 1,2005; and the final four million (4,000,000) on
January 1, 2006 or anytime thereafter as soon as the company has the available
resources for this expense. Employee will have to be continually employed by the
company when these options are expensed by the company.
2. Under paragraph III. F. 4. Stock, Stock Options and Bonuses :
Employee will be compensated annually with a performance bonus based on the net
profit of the Company, before deducting prior accrued losses, based on the
following schedule:
a. Five percent (5%) of the first one million dollars profit for
that year
b. Four percent (4%) of the second million dollars profit for that
year
c. Three percent (3%) of the third one million dollars profit for
that year
d. Two percent (2%) of the fourth million dollars profit for that
year
e. One percent (1%) of the remaining profit for that year
IN WITNESS WHEREOF, the undersigned parties hereto have executed this
Addendum Agreement on May 1, 2004.
Schimatic Cash Transactions Xxxxxxx.xxx, Employee: Xxxxx Xxxxx
Inc.
000 X. Xxxx Xxxxxxx R 0000 X. Xxxxxxx Xxxx.
Las Vegas, NV., 8911 Xxxxx, Xxxx, 00000
By: /s/ Xxxxxxx X. XxXxxx By: /s/ Xxxxx Xxxxx
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Xxxxxxx X. XxXxxx, CFO/Director Xxxxx Xxxxx, CEO/Director
