FIRST AMENDMENT TO EMPLOYMENT AGREEMENT OF STEPHEN FERRONE
Exhibit
10.1
FIRST
AMENDMENT TO
EMPLOYMENT
AGREEMENT OF XXXXXXX XXXXXXX
FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”), effective as of November
15, 2007, is made by and between IMMUNOSYN CORPORATION, a
Delaware corporation (the “Company”), and XXXXXXX XXXXXXX (the
“Executive”).
WHEREAS,
the parties hereto entered into an Employment Agreement, dated as of October
15,
2007 (the “Agreement”);
WHEREAS,
capitalized terms used and not otherwise defined herein shall have the meanings
ascribed thereto in the Agreement;
WHEREAS,
the parties desire to amend the Agreement as provided herein; and
WHEREAS,
the parties desire the terms of this Amendment to be retroactive to the date
of
the Agreement.
NOW,
THEREFORE, the parties, intending to be legally bound, agree as
follows.
1. Section 3(a)
of the Agreement is hereby deleted and restated in its entirety, as
follows:
“3. (a) Base
Salary. During the Term, the Company shall pay the Executive a
base salary (“Base Salary”). The Base Salary shall be Three Thousand
Dollars ($3,000 USD) per month (or pro rata portion thereof) payable
semi-monthly (less applicable taxes and withholdings) (if calculated on an
annualized basis, such Base Salary would result in an annual salary of Thirty
Six Thousand Dollars ($36,000.00 USD)). The Base Salary shall be
subject to annual review by the Board or the Compensation Committee thereof
for
discretionary periodic increases but not decreases.”
2. Except
as amended hereby, all of the terms and provisions of the Agreement shall remain
in full force and effect.
3. This
Amendment may be executed in one or more counterparts and via facsimile, each
of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.
IN
WITNESS WHEREOF, the undersigned have duly executed this Amendment as
of the day and year first above written.
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IMMUNOSYN
CORPORATION
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| By: | /s/ Xxxxxxx XxXxxxx, Xx. | ||
| Name:
Xxxxxxx XxXxxxx, Xx. Title: Chairman of the Board |
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|
/s/
Xxxxxxx Xxxxxxx
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| XXXXXXX XXXXXXX | |||
