AMENDMENT TO EMPLOYMENT AGREEMENT
AMENDMENT TO
THIS AMENDMENT is made as of August 22, 2014 by and between WOWIO, Inc., a Texas corporation with its principal place of business at 000 X. Xxxxxx Xxxxx, Xxxx Xxxxxxxxx, XX 00000 (the “Company”), and Xxxxx Xxxxxxxxx (the “Executive”).
WHEREAS the Company entered into an Employment Agreement with Executive on March 15, 2012, and extended automatically for an additional two-year term on March 15, 2014, (“Prior Employment Agreement”), attached hereto as Exhibit A;
WHEREAS the parties wish to amend the Prior Employment Agreement as provided herein.
NOW, THEREFORE, effective September 1, 2014, all terms and conditions of Prior Employment Agreement shall remain in full force and effect except where amended and noted herein.
Section 1. Employment. No Change.
Section 2. Position and Duties. No Change.
Section 3. Base Salary and Benefits.
(a) During the Employment Period, the Executive’s base salary shall be Three Hundred Thousand Dollars ($300,000.00) per annum (the “Base Salary”), such Base Salary shall be payable in regular installments in accordance with the Company’s general payroll practices and subject to withholding and other payroll taxes. The Base Salary shall be reviewed by the Board on an annual basis, in order to implement any cost of living adjustments that it deems appropriate. In addition, during the Employment Period, the Executive shall be entitled to participate in all employee benefit programs from time to time for which senior executive employees of the Company and its Affiliates are generally eligible. The Executive shall be eligible to participate in all insurance plans available generally from time to time to executives of the Company, their families and its Affiliates.
(b) Bonuses. No Change.
(c) No Change.
(d) No Change.
(e) No Change.
Section 4. Term. No Change.
Section 5. Nondisclosure and Nonuse of Confidential Information. No Change.
Section 6. Inventions and Patents. No Change.
Section 7. Non-Solicitation. No Change.
Section 8. Insurance. No Change.
Section 9. Severance Payments. No Change.
Section 10. Representations and Warranties of the Executive. No Change.
Section 11. [MODIFIED WHERE INDICATED] Notices.
If to the Company, to:
000 X. Xxxxxx Xxxxx
Xxxx Xxxxxxxxx, XX 00000
Phone: (000) 000-0000
Attention: Xxxxx Xxxxxx, Secretary
Email: xxxxxxx@xxxxx.xxx
With a copy to:
Legal Representative:
Sichenzia Xxxx Xxxxxxxx Xxxxxxx LLP
00 Xxxxxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Phone: (000) 000-0000
Attention: Xxxxxxxx X. Xxxxxxxx, Esq
Email: xxxxxxxxx@xxxx.xxx
Section 12. General Provisions. No Change.
[SIGNATURE PAGE TO FOLLOW]
IN WITNESS WHEREOF, the parties hereto have executed this AMENDMENT as of the date first set forth above.
Company: WOWIO, Inc.
| By: | /s/ Xxxxx Xxxxxx | |
| Name: | Xxxxx Xxxxxx | |
| Title: | Secretary |
Executive: Xxxxx Xxxxxxxxx
| By: | /s/ Xxxxx Xxxxxxxxx | |
| Name: | Xxxxx Xxxxxxxxx | |
| Title: | Chief Executive Officer |
| Address: | ||
| xxxxxxxxxx@xxxxx.xxx |
