AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT 10.13
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT is made and entered into this 17th day of December, 2003, by and between Xxxxxx Roswell, as “Employee ,” and i2 TELECOM INTERNATIONAL, INC., as “Employee.”
WHEREAS, the parties have heretofore entered into that certain Employment Agreement dated June 1, 2002; and
WHEREAS, the senior executives have determined that a third phase reduction (Phase III Reduction) is appropriate, whereby effective January 1, 2004, the Employees’ base Compensation shall be at the rate of seventy-five percent (75%) of the amount provided for under the Employment Agreement, and the remaining twenty-five percent (25%) thereof shall be paid to the Employee in the form of further participation in the SARs Plan; and
WHEREAS, the parties are desirous of effecting a written amendment to the Employment Agreement to acknowledge such above-described matters.
1. All of the above recitals are true and correct and agreed upon between the parties.
2. The Employee hereby ratifies, acknowledges, and agrees that the Employment Agreement has been amended to provide that the base salary provided for in said Employment Agreement was reduced by twenty-five percent (25%) from October 1, 2002, until
December 31, 2003, as the Phase I Reduction. The Employee further acknowledges that he has accepted participation in the SARs Plan in consideration for the said salary reduction.
3. The Employee hereby ratifies, acknowledges, and agrees that the Employment Agreement has been amended to provide that the base salary provided for in said Employment Agreement was reduced to Thirteen Thousand Dollars ($13,000.00) per annum, in accordance with the terms described in the recitals above, as the Phase II Reduction.
4. The Employee agrees that the Employment Agreement shall be amended to provide for the Phase III Reduction as described in the recitals above.
EMPLOYEE: |
EMPLOYER: | |||||||
i2 TELECOM INTERNATIONAL, INC. | ||||||||
/s/ Xxxxxx X. Roswell | By: | /s/ Xxxxxxx Xxxxxxxx | ||||||
Xxxxxx X. Roswell | Name: |
Xxxxxxx Xxxxxxxx | ||||||
Title: |
President |