First Amendment to Employment Agreement
Exhibit
10.16
This First Amendment (“First
Amendment”), to the Employment Agreement (the "Agreement") dated February 27,
2007 between Payment Data Systems, Inc. ("PDS") and Xxxxx X. Xxxx (“Executive")
is entered into this 12th day of November, 2009 and is made part of the Agreement which is
hereby amended as follows:
1. Definitions. All
capitalized terms used herein and not expressly defined herein shall have the
respective meanings given to such terms in the Agreement.
2. Entire
Agreement. Except as expressly modified by this First
Amendment, the Agreement shall be and remain in full force and effect in
accordance with its terms and shall constitute the legal, valid, binding and
enforceable obligations of PDS and Executive.
3. Successors and
Assigns. This First Amendment shall be binding upon and inure
to the benefit of the successors and permitted assigns of the parties
hereto.
4. Section
References. Section titles and references used in this First
Amendment shall be without substantive meaning or content of any kind whatsoever
and are not a part of the agreements among the parties hereto evidenced
hereby.
5. Now,
therefore, in consideration of the mutual covenants set forth herein and for
other good and valuable consideration, the adequacy, receipt and sufficiency of
which are hereby acknowledged:
a. The Base Salary as set forth in
Schedule 4(a)(i) of Schedule 1 to the Agreement is hereby amended to be $175,000
per annum in year 2009.
This
First Amendment amends the Agreement as set forth herein. All previously
existing obligations under the Agreement are hereby reaffirmed in all
respects.
In
witness thereof, the parties
hereto have caused this First Amendment to the Agreement to be executed on the day and
year first above written.
Payment Data Systems, Inc.
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Executive
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By:
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/s/ Xxxxxxx X. Xxxx
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By:
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/s/ Xxxxx X. Xxxx
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Name: Xxxxxxx X. Xxxx
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Name: Xxxxx X. Xxxx
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Title: CEO & CFO
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