EXECUTIVE EMPLOYMENT AGREEMENT – AMENDMENT 1
EXHIBIT
10.2
EXECUTIVE
EMPLOYMENT AGREEMENT – AMENDMENT 1
THIS
AMENDMENT (the “Amendment”) to the Executive Employment Agreement of Xxxxxxx
Xxxx dated September 1, 2006 (the “Agreement”) is made and entered into by and
between COMMERCE PLANET, INC., a Utah corporation (hereafter
“Company”) and Xxxxxxx Xxxx, (hereafter
“Employee”). This Amendment shall modify and amend the
terms of the
Agreement. The effective date of this Amendment is November 5,
2007. All capitalized terms used herein shall have the same meaning
as in the Agreement, unless stated otherwise.
Now,
THEREFORE, and for valuable and sufficient consideration duly recognized by
both
Parties, the Parties agree as follows:
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1.
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Assignment
of New position within Commerce Planet,
Inc.
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A. Employment
Status. Employee will resign his position as Chief
Executive Officer effective November 5, 2007. Effective November 5,
2007, Employee will be employed by Company as Chief Strategic
Officer.
B. Job
Duties. Employee’s responsibilities as Chief Strategic
Officer will include supporting Company’s Chief Executive Officer and
President. Employee’s primary focus will include business
development, product development, integration and strategic
planning.
C. Compensation. Employee
will continue to be paid his current Annual Salary of
$350,000.00. However, as of November 5, 2007, the Cash Bonus
compensation detailed in Section 4.2 the Agreement shall no longer be paid
to
Employee, except that any Cash Bonus which has accrued through November 4,
2007
shall be paid to Employee on a pro rata basis on the relevant Payment
Due Date per Section 4.2 (ii) of the Agreement.
D. Term. It
is expressly agreed by the parties that the Term of the Agreement, as amended
hereby, shall be extended to December 31, 2007 (notwithstanding the expiration
of the Initial Term or the failure of the parties to enter into written
extensions of the Term before the date of this Amendment). After
December 31, 2007, the Employee’s employment with Company shall be strictly
“at-will” and may be terminated by either party at any time, with or without
cause, and without any Company liability for the Severance Payments described
in
Sections 4.4 or 4.5 of the Agreement.
E. Miscellaneous
Provisions. Each party voluntarily enters this Amendment and has
been given the opportunity to have this Amendment reviewed by counsel of its
choice. This amendment has been freely negotiated between the parties
and shall not be construed against either party as its drafter. This
Amendment shall not be construed to be termination of employment under the
Agreement triggering any right to severance payment of any kind. The
parties hereby agree that to the extent that the terms of this Amendment
conflict with the terms of the Agreement, the terms of this Amendment shall
supersede and prevail over the Agreement. Unless expressly stated
otherwise within this Amendment, all other provisions of the Agreement shall
remain in full force and effect.
IN
WITNESS HEREOF, the parties hereto have executed this Agreement as of
the date and year written below.
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COMMERCE
PLANET, INC.
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XXXXXXX
XXXX
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| /s/ Xxxxxxx Xxxxxxxxx | /s/ Xxxxxxx Xxxx |
| By: Xxxxxxx Xxxxxxxxx/President | By: Xxxxxxx Xxxx |
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Date: October
24, 2007
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Date:
October 24,
2007
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