AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
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This Amendment to the Executive Employment Agreement is entered into
and made effective as of this 1st day of April, 2004 by and between STONEPATH
LOGISTICS INTERNATIONAL SERVICES, INC., a Washington corporation (formerly named
Global Transportation Services, Inc.), with a place of business at 0000 Xxxxx
Xxxxxx Xxxxx, 0xx Xxxxx, Xxxxxxx, Xxxxxxxxxx, 00000 (the "COMPANY"), and XXXXX
X. XXXXX, an individual residing at 0000 X. Xxxxxxxxxxx Xxxxx X.X., Xxxxxxx, XX
00000 (the "EXECUTIVE").
RECITALS
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WHEREAS, the Company and the Executive are parties to the Executive
Employment Agreement dated April 4, 2002 (the "Executive Employment Agreement");
and
WHEREAS, the parties wish to extend the term of the Executive
Employment Agreement.
NOW, THEREFORE, the parties hereto, intending to be legally bound,
hereby agree as follows:
1. All capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Executive Employment Agreement.
2. Section 1.3 of the Executive Employment Agreement is hereby amended
to read in its entirety as follows:
"1.3 Term. This Agreement shall commence on the Effective Date and
shall continue until April 1, 2009, unless (a) extended pursuant to the
terms hereof, or (b) earlier terminated as provided in Article 6. The
initial term through April 1, 2009 and any renewal terms are
collectively referred to as the "TERM."
3. Except as expressly modified herein, all of the remaining terms and
conditions of the Executive Employment Agreement shall continue in full force
and effect and are hereby ratified and confirmed.
[Execution Page Follows]
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
the Executive Employment Agreement as of the date first set forth above.
Attest: COMPANY:
Name: ____________________ STONEPATH LOGISTICS
Title: INTERNATIONAL SERVICES, INC.
By: ________________________________
Name:
Title:
EXECUTIVE:
Witness:
By: ________________________________
__________________________ Xxxxx X. Xxxxx
