ADDENDUM TO EMPLOYMENT AGREEMENT
This AGREEMENT (the "Agreement"), dated as of January 18, 2008, by and between
Document Capture Technologies, Inc., a Delaware corporation with principal
executive offices at 0000 Xxxxxxxxxx Xxxxx, Xxx Xxxx, Xxxxxxxxxx 00000
(hereinafter referred to as the "Company"), and Xxxxx Xxxxx, an individual
residing at 00000 Xxxxxxxxxxx Xxxx, Xxxxxxxxxx, Xxxxxxx 00000 (hereinafter
referred to as "Employee").
W I T N E S S E T H:
WHEREAS, the Company and the Employee are parties to an Employment Agreement,
dated April 26, 2005 (the "Original Agreement"); and
WHEREAS, the Company desires to continue to employ the Employee as its Chief
Investment Officer, and the Employee desires to serve the Company in that
capacity, upon the terms and subject to the conditions contained in the Original
Agreement, as amended by this Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein
contained, the parties hereto hereby agree as follows:
1. Capitalized terms used herein but not otherwise defined herein have the
meanings ascribed to them in the Original Agreement.
2. The Employee agrees to continue to execute his duties and responsibilities in
accordance with the terms and provisions of the Original Agreement, subject to
the following terms and conditions as agreed upon:
(a) The first sentence of Section 2.a shall be replaced in its entirety
by: "Subject to Section 9 and Section 10 below, the term of this
Agreement shall be for a period of forty-two (42) months commencing
on April 26th, 2005 (the Term)."
(b) Effective January 1, 2008, Employee shall be paid a base pay of
$175,000 per year during the Term.
(c) The Company shall employ Employee as Chief Investment Officer.
All other terms and conditions of the Original Agreement not affected hereby
shall remain in effect as originally drafted.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written.
DOCUMENT CAPTURE
TECHNOLOGIES, INC. EMPLOYEE
By: /S/ XXXXXX XX /S/ XXXXX XXXXX
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Xxxxxx Xx Xxxxx Xxxxx
Chief Executive Officer
