EXHIBIT 10.40
AMENDMENT TO CONTRACT
Amendment to Employment Contract dated May 6. 1999, between XXXXX ONLINE,
INC., hereinafter ("Company") and XXXX XXXXXXXXXX ("Employee").
WHEREAS, Company and Employee wish to continue Employee's employment with
the Company; and
WHEREAS, in consideration for Employee's continued employment and change
in responsibilities, the parties wish to modify certain provisions of the
Employment Contract,
NOW THEREFORE, in consideration for $10.00 and other good and valuable
consideration, the parties hereby agree as follows:
1. That Employee's compensation pursuant to paragraph 4(a) of that certain
Employment Contract dated May 6, 1999, is hereby modified and amended so as to
decrease Employee's annual compensation, as of March 17, 2003, from $150,000 to
$100,000 per annum; and
2. For purposes of Paragraph 7(c)of that certain Employment Contract dated
May 6, 1999, the Employee's then applicable annual base salary shall remain at
the March 16, 2003 rate of $150,000.
3. Section 7(c) is further modified to include continuation of the
Employee's medical benefits at Company cost for the severance period or until
Employee obtains full time employment with an employer that provides comparable
health coverage
4. Effective June 1,2003, the Company will provide the Employee with a
Commutation Allowance of $1750 per month. Such Commutation Allowance will
be given in lieu of the Company providing an automobile and insurance to
the Employee. For purposes of Section 7 (c), this Allowance shall continue
to be provided to the Employee through the Severance period.
In all other respects the Employment Contract dated May 6, 1999 shall
remain in full force and effect and unaltered.
XXXXX Online, Inc.
By: /s/ Xxxx Xxxxx
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Xxxx Xxxxx
Chief Financial Officer and
Chief Operating Officer
/s/ Xxxx Xxxxxxxxxx
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XXXX XXXXXXXXXX
March 17, 2003
