Exhibit 10.72
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This amendment shall change and amend that certain Employment Agreement between
FutureOne, Inc., a Nevada corporation, OPEC CORP., a Colorado Corporation and
Xxxxx Xxxxx, dated January 14, 2000 and effective December 6, 1999 (the
"Original Agreement).
1) The parties agree that Section 1 of the Employment Agreement shall be
changed as the follows, effective immediately
EMPLOYMENT DUTIES. The Company hereby employs Employee to perform the
following duties as Chief Financial Officer and Treasurer.
a. Perform all duties as Chief Financial Officer and Treasurer of the
Company, to supervise the management of the day to day financial
affairs of the Company and all of its subsidiaries, including
preparation of financial statements, payment of invoices, billing and
collections, payroll preparation and preparation of other financial
reports, and to carry out any other duties assigned to him by the
President of the Company. Coordinate audits of the Company's books, by
the Company's auditors, filings with the SEC and other government
agencies, and preparation and filing of tax returns.
2) The parties agree that Section 4a of the Employment Agreement shall be
deleted in its entirety and changed to read as follows, effective as of
December 6, 1999.
a. "ANNUAL SALARY. Annual salary shall be One Hundred Twenty
Thousand ($120,000.00), effective January 1, 2000, $100,000 of
which shall be payable in equal installments based on the
Company's normal pay periods and $20,000 shall be paid in
quarterly payments of Five Thousand ($5,000.00), which shall be
paid 75 days after the end of each fiscal quarter starting March
15, 2001. Company will provide Employee with a $600 per month
auto allowance effective February 2001"
4) The parties agree that section 4c of the Employment Agreement shall be
changed as the follows, effective immediately:
Management bonus provision at the end of each fiscal year effective
September 30, 2001 based upon meeting certain defined objectives,
which shall be mutually agreed upon by the Employee and the President.
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Page 2 Second Amendment to Executive Employment Agreement
4) The parties agree that section 7d of the Employment Agreement shall be
changed as the follows, effective immediately:
d. "WITHOUT CAUSE. The Company may terminate without cause and for any
reason Employee's employment upon ninety (90) days written notice to
Employee. The notice shall increase to two hundred ten (210) days
after Employee's relocation to Colorado. If Employee is terminated
without cause he shall be entitled to be paid, his compensation up to
the actual date of termination and benefits actually due Employee up
to the date of termination.
5) The only current and future change to existing employee options and
warrants is that 333,000 of the warrants issued on October 1, 2000 vest on
the earlier of October 1, 2001 or date of employee termination.
6) Company continues to provide reasonable housing expenses through date of
employee relocation. Company to pay employee relocation expenses as
mutually agreed upon by the Employee, and the President.
These are the only changes to the Employment Agreement and all other terms and
conditions of the Employment Agreement shall remain in full force and effect.
Agreed as of the 24th day of January 2001.
FutureOne, Inc. Employee
By
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President
OPEC CORP.
By
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President
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