EXHIBIT 10.129
AMENDMENT TO EMPLOYMENT AGREEMENT
AMENDMENT to Agreement dated December 5, 1996, by and between INFORMATION
MANAGEMENT TECHNOLOGIES CORPORATION (hereinafter referred to as "EMPLOYER"
and/or "IMTECH") and XXXXX XXX, residing at 000 Xxxxxxx Xxxxxx, Xxx. 00-X, Xxx
Xxxx, Xxx Xxxx 00000 (hereinafter referred to as "EMPLOYEE").
WITNESSETH:
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WHEREAS, the parties have entered into and Employment Agreement dated
October 28, 1996; and
WHEREAS, the parties are desirous of amending and supplementing the
Agreement; and
WHEREAS, the Amendment has been ratified by the Board of Directors of
EMPLOYER; and
WHEREAS, the parties are further desirous of expressing their rights and
responsibilities with respect to said Amendment.
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL
COVENANTS AND CONDITIONS HEREINAFTER SET
FORTH, THE PARTIES AGREE AS FOLLOWS:
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FIRST: It is understood and agreed that the Agreement dated
December 5, 1996, annexed hereto and made a part hereof, is ratified, and that
the within Amendment has been approved by the Board of Directors of EMPLOYER.
SECOND: The term of the above-mentioned Employment Agreement is
extended from December 5, 1997 until December 5, 1999, or for an additional
period of two (2) years.
THIRD: In the event that the Employment Agreement and/or Amendment is
terminated prior to December 5, 1999, as a result of a change in job title
and/or job description from EMPLOYEE's current position as Chief Executive
Officer of EMPLOYER or, in the further event that EMPLOYEE is terminated,
directly or indirectly, without cause by EMPLOYER, then in that event, it is
understood and agreed that EMPLOYEE will be entitled to be paid a minimum of
one year's salary compensation, or the sum of $200,000. Additionally, EMPLOYEE
reserves the right to put to EMPLOYER all vested but unexercised stock options
granted and issued to EMPLOYEE at $.33 per option with the condition that the
five day trading market average price of the Company's stock as traded on
NASDAQ is a minimum of $.33 higher than that of the exercise price of the
EMPLOYEE's option.
In the event that EMPLOYEE elects to utilize the put option
granted to him, EMPLOYEE will be provided to afford ten days' written notice to
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EMPLOYER on his right to put the options to EMPLOYER. EMPLOYER agrees to make
payment within 60 days from the date that the put option is exercise by
EMPLOYEE.
FOURTH: EMPLOYER acknowledges that the EMPLOYEE's services are
valuable to EMPLOYER, and that EMPLOYER will take the necessary action to
report the within Amendment to EMPLOYEE's contract by a filing of said
information with the Securities and Exchange Commission on a Form 8-K Report.
FIFTH: Additionally, EMPLOYER agrees to pay to, or for EMPLOYEE,
all medical and life insurance benefits currently paid to and/or on behalf of
EMPLOYEE for a period of 18 months from the date of EMPLOYEE's termination or
severance from EMPLOYER. Employer further agrees to pay to employee,] the
housing allowance currently paid to employer for a period of one (1) year
from termination.
SIXTH: In the event of any dispute concerning the within Amendment,
then and in that event, EMPLOYER and EMPLOYEE agree that each will abide by
the rules, regulations and decisions as made by a single arbitrator at the
American Arbitration Association in the City, State and County of New York.
SEVENTH: The within Amendment may not be changed, modified or
altered, without being executed by the parties, and the parties agree that
the within will be governed by the Laws of the State of New York.
EIGHTH: The parties acknowledge that counsel for EMPLOYER has been
requested to prepare the within Amendment, and that EMPLOYEE has consulted
with counsel of his own choice prior to entering into the within Amendment.
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In the event of notice is required, it shall be made as follows:
If to EMPLOYER, at
Information Management Technologies Corporation
000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000
If to EMPLOYEE, at
000 Xxxxxxx Xxxxxx, Xxx. 00-X
Xxx Xxxx, Xxx Xxxx 00000
IN WITNESS WHEREOF, the parties have set their hands and seals on
the day, month and year first above written:
INFORMATION MANAGEMENT
TECHNOLOGIES CORPORATION
By: /s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx
/s/ Xxxxx Xxx
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XXXXX XXX
The within Amendment has been approved by the Board of Directors of
EMPLOYER.
/s/ Xxxxxx Xxxxx
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XXXXXX XXXXX
/s/ Xxxxx Xxxxxxxxx
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XXXXX XXXXXXXXX
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