AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.6
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT (the “Amendment”), effective this 22nd day of June 2006, is by and between
Caneum, Inc. (the “Company”) and Xxxx Xxxxxxxx (the “Employee”).
Recitals:
WHEREAS, the parties hereto entered into an Employment Agreement dated March 17, 2004, (the
“Employment Agreement”) for a duration through March 29, 2007, and under which the Employee agreed
to act as Executive Vice-President of the Company; and
WHEREAS, the Company desires to appoint, and the Employee is willing to assume, the position
of Chief Operating Officer of the Company subject to the terms and conditions of this amendment.
NOW, THEREFORE, in consideration of the mutual terms and conditions of this Amendment, the
parties hereto agree as follows:
1. Section 1 of the Employment Agreement is hereby amended to extend the initial term of the
Employment Agreement through March 29, 2008.
2. Section 2 of the Employment Agreement is hereby amended to include the office of Chief
Operating Officer to the duties of the Employee. In addition, the Employee hereby accepts the
designation of Principal Financial Officer and Principal Accounting Officer of the Company.
3. As consideration for Employee entering into this Amendment, the Company shall grant to him
250,000 options under the Company’s 2002 Stock Option/Stock Issuance Plan, which options shall vest
as follows: (i) one-sixteenth (1/16th) of the total options will vest at the
end of each three month period beginning on the date of grant so long as the Employee is employed
by the Company under his employment agreement, subject to early exercise; and (ii) immediately in
the event of a Corporate Transaction, as defined in the Plan.
4. Except as amended hereby, the Employment Agreement shall continue to be, and shall remain,
in full force and effect. Except as provided herein, this Amendment shall not be deemed (i) to be
a waiver of, or consent to, or a modification or amendment of, any other term or condition of the
Employment Agreement or (ii) to prejudice any right or rights which Caneum may now have or may have
in the future under or in connection with the Employment Agreement or any of the instruments or
agreements referred to therein, as the same may be amended, restated, supplemented or otherwise
modified from time to time.
5. The terms of the Employment Agreement are incorporated herein by reference and shall form a
part of this Amendment as if set forth herein in their entirety.
IN WITNESS WHEREOF, each of the parties has executed this Amendment the respective day and
year set forth below:
Caneum, Inc. |
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Date: June 22, 2006 | By | /s/ Xxxx Xxxx | ||
Xxxx Xxxx, Chairman Compensation Committee | ||||
Date: June 19, 2006 | /s/ Xxxx Xxxxxxxx | |||
Xxxx Xxxxxxxx, Individually | ||||