Exhibit 10.2
Amendment dated August 18, 2000 to the Agreement entered into on the first day
of April, 1998 (the "Agreement"), by and between XxxxXxXxxxxx.xxx, Zinc. F/k/a
United Buyers Advantage, Inc. (EMPLOYER) and Xxxxxxx X. Xxxxxx (EMPLOYEE):
WHEREAS, EMPLOYER and EMPLOYEE desire to amend the Agreement to clarify
that the percentage of revenues portion of his compensation is to be based
solely upon revenues derived from the conduct of business by EMPLOYER with
unaffiliated third parties,
It is agreed, as follows:
1. Paragraph 2 of the Agreement is here by deemed to have been deleted and
replaced in its entirety with the following:
"2. As fair and deserved compensation for the services provided by
EMPLOYEE, EMPLOYER shall provide a base salary of two hundred fifty
thousand ($250,000) dollars per year, plus five (5%) percent of the gross
revenue of the EMPLOYER. If there is not enough revenue to provide the
compensation described above, the money due to the EMPLOYEE will accrue
until it is available. The base salary and gross revenue shall be paid on
a weekly basis to EMPLOYEE. For purposes of this paragraph, the term
"gross revenue" shall not include any revenue derived by the EMPLOYER as a
result of business conducted by it with any subsidiary of EMPLOYER, its
parent corporation, or any other subsidiary of its parent corporation.
Furthermore, the maximum amount payable by the EMPLOYER in any calendar
year during the term of this Agreement and any renewal term hereof shall
not exceed $5,250,000."
2. Continuation of Agreement. The Agreement, as amended pursuant to this
Amendment thereto, shall continue in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment to the
Agreement on the date first above written.
XxxxXxXxxxxx.xxx, Inc.
By:___________________________ ________________________________
Name:_________________________ Xxxxxxx X. Xxxxxx
Title:________________________
