EXHIBIT 10.7
AMENDMENTS TO EMPLOYMENT AGREEMENT
Amendments to the Employment Agreement, entered into on August 1, 2002
(the "Employment Date"), between Genesis Technology Group, Inc., a Florida
Corporation ("Company") and Xxxxx Xxxx ("Xxxx").
The Company desires to continue employing Dr. Xxxxx Xxxx as President
of the Company, and wishes to provide Wang with certain compensation and
benefits in return for his services.
As provided in Provision 7.8: This Agreement may not be amended,
modified, altered or supplemented other than by means of a written instrument
duly executed and delivered on behalf of all of the parties hereto. This
Amendment, dated August 1, 2003, complies with this provision and has been duly
executed among parties.
Amendments to the Agreement refer to the provisions of the original
document. Only amended, modified, altered or supplemented provisions are listed
below; those not listed remain en force as written in the original
1.1 TERM OF EMPLOYMENT. Subject to the provisions of Section 4,
the term of Wang's employment under this Agreement will be
from August 1, 2003 to July 31, 2005 (the "Term"). This
contract may be renewable upon mutual consent of parties.
2.2 OPTIONS IN GENESIS TECHNOLOGY GROUP. Upon execution of this
Agreement, Wang will receive 1.25 million Genesis Technology
Group stock options at a price equal to the closing price on
the date of issue. These options may be issued to Wang or his
designee, as long as such transfer does not violate any SEC
rule or regulation. These options cover the employment period
through July 31, 2004. Pending board approval, an additional 2
million options will be granted for the year August 1, 2004
through July 31, 2005, under the same conditions.
2.5 ALLOWANCES. a. An automobile allowance of $500 per month. b.
Cellular telephone allowance of $150 per month.
2.9 CHANGE OF CONTROL. In the event Company is acquired, or is the
non-surviving party in a merger or sells all or substantially
all of its assets, this Agreement shall remain en force,
except with the position or title of Wang, which may change
with such an event. Otherwise, the benefits and compensation
as described in the Agreement and amended in this document
remain in place for the term of the contract.
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2.10 OTHER BENEFITS TO EMPLOYEE (NEW PROVISION). Company shall
maintain a health insurance program and dental plan for
employees, at its expense.
7.2 NOTICES.
Genesis Technology Group, Inc. Xxxx Xxxx
000 Xxxxxx Xxxx, Xxxxx 000 00000 Xxxxxxxxxx Xxxxxx
Xxxx Xxxxx, Xxxxxxx 00000 Xxxx Xxxxx, Xxxxxxx 00000
7.10 ENTIRE AGREEMENT. This Agreement, the Exhibits, amendments,
and other agreements referred to herein set forth the entire
understanding of the parties hereto relating to the subject
matter hereof and thereof and supersede all prior agreements
and understandings among or between any of the parties
relating to the subject matter.
IN WITNESS WHEREOF, THE PARTIES HAVE EXECUTED THIS AGREEMENT EFFECTIVE ON THE
DAY AND YEAR BELOW.
Xxxxx Xxxx Genesis Technology Group, Inc.
/s/ Xxxxx Xxxx /s/ Xxxx X. Xxxxxxx
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By: Xxxx X. Xxxxxxx
Chief Executive Officer
Date: August 1, 2003 Date: August 1, 2003
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