AMENDMENT NO. 2 TO FORTUNET, INC. EXEMPT EMPLOYMENT AGREEMENT
AMENDMENT
NO. 2 TO
EXEMPT
This
Amendment No. 2 to FortuNet, Inc. Exempt Employment Agreement (the “Amendment”)
is
entered into on April 1, 2007 (the “Effective
Date”)
by and
between FortuNet, Inc., a Nevada corporation (the “Company”),
and
Xxxxxxx X. Xxxxxxx, Xx. (“Employee”).
R
E C I T A L S
WHEREAS,
the Company and Employee have entered into that certain Exempt Employment
Agreement, dated as of January 10, 2005, as amended by Amendment No. 1 thereto
dated July 6, 2006 (the “Agreement”);
and
WHEREAS,
the Company and Employee desire to amend the Agreement in accordance with the
terms of this Amendment.
NOW,
THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Company and Employee hereby agree to amend the Agreement
as
follows:
A
M E N D M E N T
1. Definitions;
References; Interpretation.
Except
as otherwise provided herein, capitalized terms used in this Amendment shall
have the definitions set forth in the Agreement. Each reference to “this
Agreement,” “hereof,” “hereunder,” “herein” and “hereby” and each other similar
reference contained in the Agreement shall from and after the date hereof refer
to the Agreement, as amended hereby.
2. Amendment.
Section
3 of the Agreement is hereby amended to provide that, effective as of April
1,
2007, Employee’s annual salary will be One Hundred Twenty Five Thousand dollars
($125,000).
3. Terms
of Agreement.
Except
as expressly modified hereby, all terms, conditions and provisions of the
Agreement shall continue in full force and effect.
4. Conflicting
Terms.
In the
event of any inconsistency or conflict between the Agreement and this Amendment,
the terms, conditions and provisions of this Amendment shall govern and
control.
5. Entire
Agreement.
This
Amendment and the Agreement constitute the entire and exclusive agreement
between the parties with respect to the subject matter hereof. All previous
discussions and agreements with respect to this subject matter are superseded
by
the Agreement and this Amendment. This Amendment may be executed in one or
more
counterparts, each of which shall be an original and all of which taken together
shall constitute one and the same instrument.
IN
WITNESS WHEREOF, each of the undersigned has executed this Amendment as of
the
date first set forth above, to be effective upon the Effective
Date.
| FORTUNET, INC. | XXXXXXX X. XXXXXXX, XX. | |
| By | /s/ Xxxx Xxxxx | /s/ Xxxxxxx X. Xxxxxxx, Xx. |
| Xxxx Xxxxx, | Xxxxxxx X. Xxxxxxx, Xx. | |
|
Chief
Executive Officer
|
||
