EXHIBIT 10.10 -- AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN INCOMNET, INC.
AND XXXXXXX X. XXXXXXX
INCOMNET, INC.
0000 Xxxx Xxxxxx
Xxxxxx, XX 00000
October 29, 1998
Xx. Xxxxxxx X. Xxxxxxx
0000 Xxxxxxxxx Xxxxxx
Xxxx Xxxxxx, Xxxxxxxxxx 00000
Dear Xx. Xxxxxxx:
This letter, when executed by you, will constitute our agreement as to the
amended terms of your employment arrangements with Incomnet, Inc. (the
"Company").
1. In lieu of amounts otherwise due and owing to you under Sections 6 and 7 of
your Employment Agreement dated June 5, 1997 (the "Employment Agreement"),
the Company shall pay to you a salary of $10,000 per month and continue
your existing benefits through April 30, 1999. All stock options currently
outstanding shall be cancelled as of the date hereof.
2. Your office will be located at home. You agree however to work out of
Incomnet's Irvine office at least three days per week. The Company will
reimburse you for reasonable expenses including housing near it's
headquarters, if for any reason (such as weather, work load, timing of
deliverables, etc.) it becomes impractical (in the reasonable opinion of
both the Company and yourself) for you to travel to Irvine or if it becomes
necessary for you to spend more than three days a week at the headquarters.
We will require your approval (not to be unreasonably withheld) to extend
beyond three days per week your presence at the headquarters.
3. In lieu of the severance and termination rights and obligations under
Sections 13 and 14 of the Employment Agreement, by notice on or before
April 20, 1999 the Company may elect to extend your employment arrangements
for an additional six months with a salary of $10,000 per month. At the
end of such six month period, all salary, bonus and benefit payments and
obligations shall cease and no severance payment shall be owed to you. If,
however, as of April 20, 1999, the Company has not extended your employment
for an additional six months, then the Company shall pay to you severance
in the amount of $10,000 per month for the months of May, June and
July 1999. Upon receipt of such payments, no further amounts of salary,
bonus, severance or benefits shall be due and owing to you.
4. If, for any reason, you desire to terminate your employment arrangement
with the Company, no severance or compensation payments will be due and
owing by the Company other than accrued salary and vacation payments
through the date of termination by you.
5. If the Company defaults on its payment obligations set forth in this
letter, you shall be entitled to all payments set fort under Sections 6, 7,
13 and 14 of your Employment Agreement.
If the terms of this arrangement as outlined above are acceptable, please
sign in the space provided below. This offer terminates at 5:00 p.m. on October
30, 1998.
Very truly yours,
/s/ Xxxxx Xxxxxxx
-----------------
President and Chief Executive Officer
AGREED AND ACCEPTED
Xxxxxxx X. Xxxxxxx
October 29, 1998
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/s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
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