Exhibit 10.5
XxxxxXxx Technologies, Inc.
Addendum to Employment Agreement
WHEREAS, the Company and Xxxx Xxxxxx entered an Employment Agreement on April
12, 2006;
WHEREAS, the Company desires to make certain changes to the Employment
Agreement;
WHEREAS, Xxxx Xxxxxx will consider certain changes to the Employment Agreement;
WHEREAS, Paragraph 11.2 of the Employment Agreement provides for amending said
Employment Agreement if both parties concur and sign in writing;
NOWTHEREFORE, the following changes have been mutually agreed to:
1. Paragraph 5.2 Base Salary
The base salary will change to $ 20,833.33 per month or $250,000.00 per
year starting October 1, 2007. The amount of any salary in arrears will be
paid in the next regularly scheduled pay-period following the date below.
2. Paragraph 5.4 a) Annual Financial Performance Incentive
The body of Paragraph 5.4 a) is deleted in its entirety and replaced with
the following:
a) Annual Financial Performance Incentive: The Employee shall be
eligible to receive financial performance incentive compensation
("financial performance compensation") equal to twenty percent (
20%) of the audited annual profit after tax as reported in the
Company's 10K filing. The Financial Performance Compensation will be
limited to a maximum of One Hundred Fifty Thousand Dollars ($
150,000.00)in any given fiscal year period.
There being no other changes, the balance of the Employment Agreement
remains unchanged.
BY SIGNATURE BELOW, the Parties hereby mutually agree to the amendment as
described herein,
Employee Company
/s/ Xxxx X. Xxxxxx /s/ Xxx Xxxx
------------------- ------------
Xxxx X. Xxxxxx Xxx Xxxx
CEO Chairman of the Compensation Committee
Date: January 30, 2008
