EXHIBIT 10.2
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made on
the 5th day of October 2004 between Intermost Corporation, a corporation duly
organized, validly existing and in good standing under the laws of the State of
Wyoming (the "Company" or "Intermost") and Andy Xxxxxxx Xxx, an individual
resident in Shenzhen, China (the "Executive"), based upon the following:
1. The Company and the Executive executed that certain Employment
Agreement dated March 12, 2004.
2. The Company and the Executive agree that paragraph 6.1 of the
Employment Agreement included a mistake.
3. The Company and the Executive agree that paragraph 6.1 of the
Employment Agreement shall be corrected to read as follows:
6.1 The Board of Directors may, in its sole and absolute discretion, grant
to the Executive an option to purchase shares of the Company's common
stock. If the Board of Directors grants such an option, the Executive
shall be entitled to purchase 1,000,000 shares of the Company's common
stock on the date of grant, and 1,000,000 shares of the Company's common
stock for each complete year that the Executive renders service under the
Agreement. (Collectively, these options shall be referred to herein as the
"Options".) The exercise price ("Option Price") of the Options shall be
computed as the average of the closing price of the common stock for the
five trading days prior to the date of grant, as to the initial 1,000,000
shares, and the average of the closing price of the common stock for the
five trading days immediately preceding the last day of the Executive's
service year for the remaining Options.
4. In all other respects, the terms and conditions of the Employment
Agreement shall remain the same.
WHEREFORE, this Amendment has been executed by the parties first named
above.
INTERMOST CORPORATION
By:/s/ Shim Yang
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/s/ Andy Xxxxxxx Xxx
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Andy Xxxxxxx Xxx
