EXHIBIT 10.11
AGREEMENT
This Agreement is effective as of May 1, 2006, and is by and between
OraLabs, Inc., a Colorado corporation (the "Company") and Xxxx Xxxxxxxxx (the
"Employee").
WHEREAS, the parties entered into an Amended and Restated Employment
Agreement effective May 1, 2003 (the "Employment Agreement"); and
WHEREAS, the Employment Agreement expires on April 30, 2006; and
WHEREAS, the parties wish to amend the Employment Agreement as described in
this instrument.
NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the adequacy and sufficiency of which is acknowledged by
the parties, the parties agree as follows:
1. The Term of the Employment Agreement is hereby extended for one
year, from April 30, 2006 to April 30, 2007.
2. The salary for the Employee's services performed under the
Employment Agreement shall be $522,610.00 for the year, which shall be
payable by the Company in equal weekly installments and reduced by
applicable withholding of federal, state and local taxes. The annual
salary represents a 10% increase over the prior year's salary.
3. Except as modified by this Agreement, all provisions of the
Employment Agreement remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this agreement on the dates
set forth below.
COMPANY: EMPLOYEE:
ORALABS, INC., a Colorado corporation /s/ Xxxx X. Xxxxxxxxx
---------------------------------
Xxxx X. Xxxxxxxxx
Date:
---------------------------
By: /s/ Xxxxxxx X. Xxxxxx
---------------------------------------
Xxxxxxx X. Xxxxxx, authorized director
Date:
-------------------------------------
