Exhibit 10.14
Second Addendum to the Employment Agreement of Xxxx "JT" Thatch
dated February 3, 2004.
SECOND ADDENDUM TO
THE
EMPLOYMENT AGREEMENT
This SECOND ADDEND TO THE EMPLOYMENT AGREEMENT is made and entered into as
of this 3rd day of February, 2004, by and between New Millennium Media
International, Inc., a Colorado Corporation (the "Corporation") and Xx. Xxxx
Xxxxxx, an individual residing in Clearwater, Florida (the "Executive").
WITNESSETH THAT:
WHEREAS, the Corporation and the Executive (collectively, the "Parties")
entered into an Employment Agreement (the "Employment Agreement") on November 2,
1999 for a term of three years (the "Employment Period");
WHEREAS, the Parties entered into an Extension/Renewal of the Employment
Agreement on November 18, 2002 for an additional three year term effective from
January 1, 2003 through December 31, 2005 (the "Renewal Period"); and
WHEREAS, after discussion and negotiation it is determined that the
Parties desire to change an element of the Executive's compensation as stated in
the Employment Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein, it is hereby covenanted and agreed by the Corporation and the
Executive as follows:
1. Paragraph 3 (b) of the Employment Agreement between the parties
hereto is deleted in its entirety and substituted therefore shall be the
following:
"3. Compensation. Subject to the terms and conditions of this
Agreement, during the Employment Period, the Executive shall be compensated by
the Corporation for his services as follows:
(b) He shall receive a total of three million (3,000,000) shares of
common stock in the Corporation, which does not include the conversion of any
preferred stock into common stock. He shall also receive one percent (1%) of all
revenue derived from any licensing fees received by the Corporation in
connection with the commercialization of the OnScreen Large Scale Video Display
("OSD").
2. In all other respects the Employment Agreement shall remain
unchanged and is hereby ratified and affirmed as modified herein.
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The effectiveness of this Second Amendment to the Employment Agreement is
conditioned on dosing and funding in fall the October 16, 2003 offering for
seven million two hundred thousand dollars ($7,200,000) within the terms and
conditions as stated in the Memorandum of Terms, 1,600 Units that designates the
specific terms and conditions for the offering (hereafter referred to as the
"Offering"). Should the Offering fail to close and be fully funded for the said
seven million two hundred thousand dollars ($7,200,000), then this Second
Amendment to the Employment Agreement shall be void and have no effect.
IN WITNESS WHEREOF, the Executive and the Corporation have executed this
Second Addendum to the Employment Agreement as of the date first above written.
THE EXECUTIVE:
/s/ Xxxx Xxxxxx
--------------------------------------------
Name: Xxxx Xxxxxx
THE CORPORATION:
/s/ Xxxx X. Xxxxxxxx
--------------------------------------------
Name: Xxxx X. Xxxxxxxx
Its: Chief Financial Officer
For: New Millennium Media International, Inc.
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