Exhibit 10.09
ADDENDUM 4 TO THE BEAVON EMPLOYMENT AGREEMENT OF 8-01-02
The following are amendments to the Xxxxxx Xxxxxx Employment Agreement
with SCHIMATIC Cash Transactions Xxxxxxx.xxx, Inc. dba Smart Chip Technologies
("Company", "SCTN" or "Employer") effective 8-01-02 as amended by Addendums on
7-28-03, 5-05-2004 and July 7, 2004.
This Addendum to the employment agreement is to be effective as of July
1, 2004.
For the purpose of cleaning up the "financial and stock overhang" of
the Company, as dictated by the Board of Directors, the Company and Beavon agree
to the following regarding Salary and Expenses:
1. Under her employment agreement Xxxxxx Xxxxxx earned a salary
of $7,000 per month, payable 60% per month and 40% deferred
until the Company was able to pay. Beavon hereby gives up her
right to the 40% deferred portion of that salary, reducing her
monthly salary to $4,200, until the Company is financially
liquid enough to permit a reasonable salary consistent with
industry standards.
2. Beavon and the Company hereby agree that expense reimbursement
payments made to Beavon through this date will be considered
settlement in full of any and all business expenses paid by
Beavon through June 30, 2004. Expenses incurred by Beavon from
July 1, 2004 and thereafter will be reimbursed by the Company
within 30 days from the date submitted, providing the Company
is financially able to make the payment.
I HAVE READ THIS AGREEMENT IN ITS ENTIRETY, I UNDERSTAND ITS TERMS, AND AGREE TO
BE BOUND BY ALL OF ITS TERMS. I ALSO UNDERSTAND I HAVE THE RIGHT TO HAVE THIS
AGREEMENT REVIEWED BY INDEPENDENT COUNSEL.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on October
6, 2004.
Employer: Employee:
SCTN Xxxxxx Xxxxxx
000 X. Xxxx Xxxxxxx Xx. 0000 X. Xxxxxxx Xxxx.
Xxx Xxxxx, XX 00000 Xxxxx, XX 00000
By: /s/ Xxxxxxx XxXxxx By:/s/ Xxxxxx Xxxxxx
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Xxxxxxx XxXxxx, Director Xxxxxx Xxxxxx
By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx, Vice President and Director
