Exhibit 10.3(a)
AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
XXXXXX XXXXXX
EFFECTIVE SEPTEMBER 20, 1999
SECTION 3. COMPENSATION
Effective September 20, 1999 Executive's base salary will be $120,000 per year.
Due to the staging of Executive's prior salary, the increase of $36,000 per year
will be added to the current bi-weekly rate until January 14, 2000 at which time
the bi-weekly payroll will be adjusted to $4,615.00. Until then, the bi-weekly
rate will be $4,965.00
Further, until the earlier of:
Company raising $2 million or,
March 17, 2000
Employee will be paid at the rate of $105,600 per year or $4,062.00 bi-weekly
plus the adjustment for a total of $4,412.00. The difference between $4,615 and
$4,062 or $553.00 per bi-weekly pay period will be accrued and repaid at the
earlier of the two events listed above.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.
Intraco Systems, Inc.
By: /s/ XXXX XXXXXXXX
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Xxxx Xxxxxxxx, CEO
By: /s/ XXXXXX XXXXXX
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Xxxxxx Xxxxxx, CFO
XXXXXX XXXXXX
0000 Xxx Xxxxxxx Xxxxx
Xxxxxx Xxxxx, XX 00000
(000) 000-0000 fax (000) 000-0000
XXX00@xxx.xxx
December 29, 1999
Xxxx Xxxxxx
Xxxx Xxxxxxxx
Intraco Systems, Inc.
0000 XXX Xxxxxxxxx
Xxxx Xxxxx, XX 00000
Xxxx & Xxxx:
As agreed, below are the revisions to my Employment Agreement. Please sign where
indicated.
3. Compensation.
Base salary is increased to $145,000 per year effective with the
payroll period beginning January 17, 2000. Any agreed temporary
reduction will be accrued and paid upon the terms of any such separate
agreement. Further increases will be at the discretion of the board of
directors.
4. Benefits. I will be entitled to all benefits according to the
regular policies of the Company except as follows:
A. Vacation. I will be entitled to at least 4 weeks vacation each year.
B. Medical, dental, disability and other group insurance provided by
the Company to any other employee(s), will be provided to me at no
cost. This includes any coverage of dependents.
5. Term and Termination. The current term is three years ending January
19, 2002. The new term adds two years and ends January 19, 2004.
In addition to the above there will be a bonus of $12,000.00 paid per my
instructions. This bonus is contingent on GKM raising at least $3 million for
Intraco.
Xxxx Xxxxxx, President /s/ XXXX XXXXXX Date: 1/4/00
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Xxxx Xxxxxxxx, CEO /s/ XXXX XXXXXXXX Date: 1/4/00
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Xxxxxx Xxxxxx /s/ XXXXXX XXXXXX Date: 1/4/00
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