January 25, 2007
EXHIBIT 10.12
January
25, 2007
Xxx
Xxxxxxx
0000 Xxx
xxxx Xxxxx
Xxxx,
XX 00000
Re: Amendment
to Executive Employment Agreement
Dear
Xxxx:
This
document is intended to memorialize the amendment of your Employment
Agreement, dated July 10, 2006.
Our
signatures below confirm that we have agreed to modify the Employment
Agreement in Sections 1 and 4 (a) and 4(b) only as described below as
follows:
1. EMPLOYMENT;
DUTIES.
The
provision, as originally written has been deleted in its entirety and is amended
to read as follows:
The
Company shall employ Executive as President and Chief Technological Officer, and
Executive accepts such employment under the terms and conditions set forth in
this Agreement. Executive’s duties shall be consistent with those of such a
position as defined from time to time by the Company’s board of directors (the
“Board”) and the Chief Executive Officer.
|
4.
|
COMPENSATION
AND BENEFITS
|
|
(a)
|
Base
Salary
|
The
provision, as originally written has been deleted in its entirety and is amended
to read as follows:
Executive’s
Base Salary shall be, effective January 1, 2007, in the amount of $150,000 per
year. Executive’s base salary shall be reviewed annually in conjunction with
Executive’s annual performance review and may be adjusted as appropriate in
light of Executive’s performance. Executive’s annual base salary shall be paid
in accordance with the standard payroll practices of the Company.
|
(b)
|
Incentive
compensation.
|
The
provision, as originally written has been deleted in its entirety and is amended
to read as follows:
|
i.
|
The
Company shall pay the executive a one time signing bonus of sixty thousand
dollars ($60,000) plus two million shares of the common stock of the
Company.
|
|
ii.
|
A
quarterly payment of five hundred thousand (500,000) shares of restricted
common stock of the company.
|
Executive
acknowledges that the signing bonus in Section 4(b) (i) was paid in full during
2006.
(signature
page follows)
| APPROVED AND AGREED: | Xxx Xxxxxxx | ||
|
DATE:
|
|
||
| Sun Energy Solar, Inc. | |||
|
DATE:
|
By:
|
/s/ | |
| Xxxx X. Xxxxx | |||
| Chairman and Chief Executive Officer | |||
