AMENDMENT NUMBER ONE TO THE 1st AMENDED AND RESTATED EMPLOYMENT AGREEMENT
AMENDMENT
NUMBER ONE
TO
THE
1st
AMENDED
AND RESTATED EMPLOYMENT AGREEMENT
This
amendment number one (“Amendment
1”),
effective as of July 15, 2008 (the “Amendment
1 Effective
Date”),
amends the 1st
Amended
and Restated Employment Agreement dated April 16, 2008 between Green Screen
Interactive Software, Inc. (f/k/a “Green Screen Interactive Software, LLC”)
(“Green
Screen”)
and
Xxxx Xxxxxxx (“Xxxxxxx”),
in
full force and effect as of the date hereof (the “Employment
Agreement”).
This
Amendment 1, when fully executed, shall constitute the further understanding
between the parties with respect to the Employment Agreement, as
follows:
Section
4
of the Employment Agreement (Bonus)
is
hereby deleted and replaced with: “For each year during the Employment Term,
Executive shall be eligible to receive a bonus based on performance milestones,
as determined by the compensation committee of the Board of Directors of the
Company.” As of the date of this Amendment 1, no such bonus has been
set.
Green
Screen acknowledges that Xxxxxxx has earned $25,000 pursuant to the now deleted
Section 4. This amount shall be converted to Green Screen equity. Upon the
signing hereof, Green Screen shall deliver to Xxxxxxx a certificate for 2347
shares of common stock of Green Screen (the “Shares”)
valued
at a price of $10.65 per share, having a total value of approximately $25,000.
Green Screen represents that the Shares are duly authorized, validly issued,
fully paid and nonassessable.
Except
as
expressly or by necessary implication modified or amended by this Amendment
1,
the terms of the Employment Agreement are hereby ratified and confirmed without
limitation or exception. Capitalized terms used in this Amendment 1 and not
otherwise defined shall have the same meaning ascribed to them as set forth
in
the Employment Agreement.
The
parties hereto have executed this Amendment 1, which shall be effective as
of
the Amendment 1 Effective Date.
|
Xxxx
Xxxxxxx
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|
By:
|
/s/
Xxxx Xxxxx
|
/s/
Xxxx Xxxxxxx
|
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| Name: |
Xxxx
Xxxxx
|
|
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| Title: | Chief Operating Officer and General Counsel | |||
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