Exhibit 10.63
ADDENDUM #1
TO
EXECUTIVE EMPLOYMENT AGREEMENT
BETWEEN
XXXXXXXXX.XXX, INC.
AND
XXXX XXXXXXXX
THIS Addendum amends and revises that certain Employment Agreement by and
between Xxxxxxxxx.xxx, Inc. and Xxxx Xxxxxxxx dated June 1, 2001 as follows:
Amend Section 3 by adding the following:
"3.1.1 Deferred Compensation and Bonus. For the 3-month period from June 1, 2001
to August 31, 2001, Employee agrees to take as cash compensation $25,000 per
month, with the remainder of any salary and/or bonuses due to Employee under
this Agreement being accrued on the books and records of the Company as deferred
salary and/or bonus. Both cash compensation taken as well as any deferred salary
and/or bonuses shall be payable in accordance with the Company's payroll
practices as in effect from time to time, and subject to such withholding as is
required by law and any amounts owed to the Employee but for which payment has
been deferred under this Section 3.1.1 shall be paid by the Company to the
Employee no later than December 31, 2001.
3.1.1.1 Employee may elect to terminate the deferred compensation arrangement
described in Section 3.1.1 at any time prior to August 31, 2001 and
return to the original compensation arrangement described elsewhere in
this Employment Agreement should the Company, prior to August 31, 2001:
(i) secure a credit facility with a term of greater than ninety
(90) days; or
(ii) receive an equity infusion in a cumulative amount greater than
one million dollars ($1,000,000).
3.1.1.2 Effective September 1, 2001, unless otherwise terminated in the manner
described in Section 3.1.1.1 above or by the mutual written consent of
the parties, this deferred compensation shall terminate and Employee
shall return to being paid according to the original terms of the
Employment Agreement.
3.1.1.3 The deferred compensation arrangement described in this Section 3.1.1
shall in no way alter Employee's right to car allowance, benefits, etc.
as are further described in the Employment Agreement."
All other terms and conditions of the Employment Agreement shall remain the
same.
Agreed to this 1st day of June 2001.
XXXXXXXXX.XXX, INC. XXXX XXXXXXXX
By: /s/ Xxx Xxxxxxxx /s/ Xxxx Xxxxxxxx
---------------- -----------------
Xxx Xxxxxxxx
General Counsel
