EXHIBIT 10.11
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment made to that certain employment agreement between
Xxxxxxxx Golden Phoenix Enterprises, Inc., a Florida corporation with offices at
0000 X.X. Xxxx Xxxx, X.X. Xxx 000, Xxxx Xxxx, XX 00000 (the "Employer") and
Xxxxxx X. Xxxxxx, residing at 0000 Xxxxxx Xxxxxx Xxxxx, Xxxxxxx Xxxxx, XX 00000
(the "Employee") dated August 1, 2000 (the "Agreement").
WHEREFORE, Employee was to receive a signing bonus of 200,000 shares of
Employer's Restricted Common Stock pursuant to Section 2 "Compensation" of the
Agreement (the "Stock"); and
WHEREFORE,Employee was issued the Stock pursuant to such provision; and
WHEREFORE, Employer has since conducted two (2) forward splits of its
Common Stock resulting in the issuance of 600,000 additional shares to Employee
(the "Additional Stock")
WHEREFORE, both Employee and Employer have agreed that the Agreement
was incorrect, in that the Employee was not to receive the Stock or the
Additional Stock as a signing bonus and instead was to earn warrants to purchase
shares of Employer's Common Stock upon being gainfully employed by Employer for
a period of six (6) months.
NOW THEREFORE, for valuable consideration paid in hand, the receipt and
sufficiency of which is hereby acknowledged, Employer and Employee agree as
follows:
1. Employee shall immediately tender to Employer certificates
representing eight hundred thousand (800,000) shares of Employer's
Common Stock (the Stock and the Additional Stock) for cancellation and
return to Employer's authorized but unissued Common Stock.
2. Employer shall provide Employee with a Warrant Agreement dated
February 1, 2001, enabling Employee to purchase eight hundred thousand
shares of Employer's Restricted Common Stock, subject to adjustment in
the event of any merger, share exchange, forward stock split, reverse
stock split, reorganization or similar transaction.
3. All remaining sections of the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement effective as of the date first above written.
EMPLOYER: EMPLOYEE:
Xxxxxxxx Golden Phoenix Enterprises, Inc.
By: /s/ Xxxxxx X. Xxxxxxx /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxxx Xxxxxx X. Xxxxxx
Chairman & Chief Operating Officer
