EXHIBIT 10.4
EMPLOYMENT AGREEMENT
Employment Agreement, dated as of September 12, 1997 between
Financial Intranet, Inc., a Nevada company (the "Company"), and Xxxxx
Xxxx residing at 000 Xxxx 00 Xxxxxx Xxx Xxxx, XX 00000 (the
"Executive").
WITNESSETH
WHEREAS, the Company is engaged in the business of operating a financial
information service firm (the "Business") ; and
WHEREAS, the Company desires to retain the services of the Executive in the
capacities of Senior Vice President - Sales & Marketing and the Executive
desires to provide such services in such capacities to the Company, on the terms
and subject to the conditions set forth in this Employment Agreement;
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and obligations hereinafter set forth, the parties hereto, intending
to be legally bound, hereby agree as follows:
1. Employment and Term. The Company hereby employs the Executive, and the
Executive hereby accepts employment by the Company, in the capacities and on the
terms and subject to the conditions set forth herein. Subject to the provisions
for termination as hereinafter provided, the term of this Employment Agreement
shall commence on the date hereof (the "Commencement Date") and end on December
31, 2000 (herein the "Original Term of Employment"). The term of this Employment
Agreement may be extended by the Company for an additional period, commencing on
January 1 2001, and ending on December 31, 2003 provided (a) the Company
expressly informs Executive in writing six (6) months before the third
anniversary of the Original Term Of Employment, that it intends to extend the
term of this Employment Agreement on terms equal to, or better than, the terms
of the Original Term Of Employment. The additional period, if any, together with
the initial term hereinafter collectively referred to as "Term of Employment) ;
and (b) the Executive accepts the extension and terms of this Employment
Agreement for such additional period. If the Company does not so inform the
Executive of the extension of this Employment Agreement, Executive shall assume
that this Employment Agreement will expire on December 31, 2000 unless
terminated earlier as provided herein.
2. Duties. During the Term of Employment, the Executive shall continue to
serve as the Company's Senior Vice President - Sales & Marketing. In her
capacity as Senior Vice President - Sales & Marketing, the Executive shall have
such powers, perform such duties and shall have such responsibilities with
respect to the Business of the Company usually pertaining and attributed by law,
custom or otherwise to the office, except as may be expressly limited by the
Board of Directors of the Company.
The Executive's duties shall include design, set-up, implementation of a
full sales and marketing plan, summarizing monthly written reports and
projections and actual regional activities and shall also assume other
responsibilities delegated by the Chief Operating Officer of the Company.
The Executive shall arrange her affairs and lifestyle so that she can
perform her duties from the Company's offices currently located at 0 Xxx
Xxxxxxxxxxxx Xxxxx, Xxx Xxxx, XX 00000 or at an office facility in at such other
locations approved by the Executive. The Executive shall travel as reasonably
required in connection with the performance of her duties hereunder. If elected,
the Executive may agree to serve any part of the Term of Employment as any other
officer of the Company or as an officer or director of any of the Company's
subsidiaries without any additional compensation other than as specified in this
Employment Agreement, provided no other liabilities or obligations are imposed
on Executive outside the scope of this Employment Agreement.
3. Compensation and Benefits. As compensation to the Executive for her
execution and delivery of this Employment Agreement and performance of services
required hereunder, the Company shall pay, grant or provide the Executive, and
the Executive agrees to accept, the following salary and other compensations and
benefits (all such amounts calculated in U.S. dollars):
(a) a base salary, payable in accordance with the Company's standard
payroll practices for senior executive officers, of $100,000.00 per annum ("Base
Salary").
(b) as an inducement to the Executive to agree to the
Executive's future employment with the Company under certain terms and
conditions, the Company agreed to issue an initial 500,000 shares of
common stock, par value $.00l, of the Company (the "Common Stock") in
accordance with the terms of a compensatory agreement for the
Executive's prior services to the Company during the period commencing
April 1997 and ending at the time that the Executive and Company execute a
contemplated Employment Agreement. These shares were granted at par value, which
were issued in reliance of Rule 701 and are "restricted securities" as defined
in Rule 144, as amended through the operation of Rule 701, promulgated under the
Securities Act of 1933, as amended ("The Act").
Such Common Stock were granted February 28, 1997 an required
certificates representing the granted shares of Common Stock to be
issued in the name of the Executive contemporarily with the signing of
the Employment Agreement.
(c) In addition, The Executive, upon the signing of this
Employment Agreement is hereby granted an option to purchase the
Company's Common Stock at a price per share equal to eighty percent
(80%) of the per share bid price averaged over five working days prior
to the date of this Agreement (the "Grant Date").
The option shall permit the Executive to purchase, at any time
while the Executive is employed by the Company, the number of shares of
the Company's Common Stock par value $0.00l equal to eight percent (8%)
of the Company's issued and outstanding shares of Common Stock less; (i)
500,000 shares previously issued by the Company to the Executive
hereinabove; (ii) and less any shares previously issued to the Executive
as a result of the exercise of the option granted to the Executive; and
(iii) any shares issued to the Executive in lieu of cash expenses
advanced by the Executive or accepted as previously earned consulting
fees paid to the Executive in lieu of cash.
The number of the Company's issued and outstanding Common
Stock, for the purpose for calculating the total number of shares which
may be purchased by the Executive in exercising the option granted
hereunder on the exercise date the "Exercise Date") shall be; (i) the
number of shares issued on a fully diluted basis on the later date of
the Exercise Date; or (ii) any date prior to December 31, 1998;
providing that (iii) the total number of shares issued on a fully
diluted basis utilized in the calculation of the shares available for
purchase under the Option shall not exceed the number of shares issued
and outstanding at December 31, 1998 as recorded on the Company's stock
ledger as reported by the Company's Transfer Agent.
Such options shall expire upon the last date of the Original
Employment Term or any extension thereof whether exercised in whole or
in part. The option is personal to the Executive and shall not be
encumbered or otherwise disposed of, except that in the event of the
death of Executive, her estate shall have right, within six (6) months
after her death, to exercise the options available to Executive at the
time of her death. The option shall be exercised by written notice as
called for in this Employment Agreement.
Delivery of the certificates representing the shares called for
under the within option shall be made promptly after receipt of such
notice of exercise, against the payment of the purchase price by
certified check or cashier's check.
The shares issued pursuant to the grant of the Option in
accordance with the terms of this paragraph shall be restricted shares
and may not be sold, exchanged, transferred, pledged, hypothecated, or
otherwise disposed of except as provided for under Rule 144 of the Act.
(i) Said Common Stock must be held indefinitely
unless; (i) distribution of said Common Stock has been made registered
under The Act; and (ii) a sale of said Common Stock is made in
conformity with the provisions of Rule 144 of The Act; or (iii) in the
opinion of counsel acceptable to the Company, some other exemption from
registration is available;
(ii) The Executive will not make any sale, transfer or other disposition of
said Common Stock except in compliance with The Act and Rules and Regulations
thereunder;
(iii) The Executive is familiar with all of the provisions of Rule 144
including (without limitation) the holding period thereunder;
(iv) The Company is under no obligation to register the sale, transfer or
other disposition of said Common Stock by the Executive or on her behalf or to
take any other action necessary in order to make compliance with an exemption
from registration available;
(v) there will be a restrictive legend placed on the certificates for said
Common Stock stating in substance:
"The shares represented by this certificate have not been
registered under the Securities Act of 1933 and may not be
sold, pledged, or otherwise transferred except pursuant to an
effective registration statement under said Act, SEC Rule 144
or an opinion of counsel acceptable to the Company that some
other exemption from registration is available."
(d) the right to participate in any savings and stock
option plans or programs and in any medical, hospitalization, dental,
disability, retirement, insurance, savings, vacation, holiday or other
plans as in effect from time to time for the benefit of the Company's
senior executive officers; provided that any medical, hospitalization
and dental plans provided that the Executive shall be responsible for
all fees, payments and expenses associated with any said plans for the
participation of any family member of the Executive in such plan;
(e) prompt reimbursement for all reasonable business- related expenses
incurred by the Executive in accordance with the policies and procedures of the
Company as in effect from time to time for senior executive officers. The
Executive will be furnished with a company credit card, laptop computer and
peripheral equipment and cell phone and beeper for business use purposes solely;
(f) paid vacation, in accordance with the policies and procedures of the
Company as in effect from time to time for senior executive officers, which
shall initially be three (3) weeks per annum ("Paid Vacation Time") during the
Term of Employment. Any Paid Vacation Time unused in any calendar year during
the Term of Employment may not be accrued to the following calendar year.
4. Indemnification. For service as a director or officer of the
Company and of any subsidiary of the Company, the Executive shall be
entitled to: (i) the protection of the applicable indemnification
provisions of the charter and by laws of the Company and any such
subsidiary; and (ii) the benefits of any other indemnification
provisions as may be separate and apart from the charter and by laws of
the Company and any subsidiary of the Company (as for example provisions
provided by separate agreement) Insofar as any other officer of the
Company or its subsidiaries has any separate written indemnification
protection of the type referenced in the preceding sentence, the
Executive shall be entitled to avail himself of such provisions to the
extent he so elects (just as if such provisions were set forth herein in
full). Such indemnification shall be guaranteed through a policy of
insurance to be provided by the Company for the benefit of the
Executive.
5. Key Man Term Life Insurance. Life Insurance and Disability
Insurance. If requested by the Company, the Executive shall submit to
such physical examinations and otherwise take such actions and execute
and deliver such documents as may be reasonably necessary to enable the
Company, at its expense and for its own benefit to obtain policies of
key man term life insurance, life insurance and/or disability insurance
on the life of the Executive. At all times during the Term of
Employment, the Company may maintain key man term life insurance, life
insurance and/or disability insurance on respectively, the health and
life of the Executive, with the Company as beneficiary, in an amount
which is not less than the amounts payable under subsection 6(a) hereof.
For purposes of this Section 5 only, the Executive's estate shall be
deemed a third party beneficiary hereof.
6. Termination.
a. Cause. The Company shall have the right, upon written notice to the
Executive to terminate the Executive's employment under this Employment
Agreement, and the Company shall have no further obligations hereunder, except
to pay the Executive any amounts or provide the Executive any benefits to which
the Executive may otherwise have been entitled prorated to the effective date of
termination, upon the occurrence of any of the following:
a. By Mutual agreement of the Parties to this Agreement, in writing;
b. Upon the death of the Executive;
c. Upon the Executive's inability or continued refusal to perform her
duties as provided for hereinabove for any reason whatsoever, for a
period of 3 consecutive months;
d. For Cause. For the purpose of this Employment Agreement, "Cause"
shall mean conviction of (and such conviction is sustained on appeal) or
the entry of a plea of guilty by the Executive to a felony involving
fraud, conversion, embezzlement, theft, or a type of similar felony
involving the Company's property.
7. Confidentiality. Ownership.
(a) During the Term of Employment and for a period of
twelve (12) months thereafter, so long as the Company is in business,
the Executive shall not disclose, divulge, discuss, copy or otherwise
use or suffer to be used in any manner, in competition with or contrary
to the interests of, the Company, or any of its subsidiaries, the
customer lists, market research or other trade secrets of the Company or
any of its subsidiaries, it being acknowledged by the Executive that all
such information regarding the business of the Company and its
subsidiaries complied or obtained by or furnished to Executive while
Executive shall have been employed by or associated with the Company is
confidential information and the Company's exclusive property; provided,
however, this restriction shall not apply to: (a) any information that
is considered by law, custom or otherwise to be generic to the industry
or trade of the Company; (b) any information developed by Executive
either individually or jointly with others prior to her employment with
the Company shall not be deemed confidential or proprietary information
of the Company, (c) information which is now in or hereafter enters the
public domain without any violation of this Agreement; and (d)
information disclosed in good faith to the Executive by a third party
legally entitled to disclose the same. Notwithstanding anything to the
contrary contained in this Section 7, the Executive may disclose any
confidential or proprietary information to the extent required by court
order or decree or by the rules and regulations of a governmental agency
or as otherwise required by law; provided that the Executive shall
provide the Company with prompt notice of such required disclosure in
advance thereof so that the Company may seek an appropriate protective
order in respect of such required disclosure.
9. Deduction and Withholding: Expenses. The Executive agrees
that the Company or its subsidiaries and affiliates, as applicable shall
withhold from any and all compensation paid to and required to be paid
to the Executive pursuant to this Employment Agreement, other than the
amounts paid to the Executive pursuant to Section 3 (d), all Federal,
state, local and/or other taxes which the Company determines are
required to be withheld in accordance with applicable statutes or
regulations from time to time in effect and all amounts required to be
deducted in respect of the Executive's coverage under applicable benefit
plans. for such purposes of this Employment Agreement and calculations
hereunder, all such deductions and withholdings shall be deemed to have
been paid to and received by the Executive.
10. Entire Agreement. This Employment Agreement embodies the
entire agreement of the parties with respect to the Executive's
employment and superseded and other prior oral or written agreements,
arrangements or understandings between the Executive and the Company.
This Employment Agreement may not be changed or terminated orally but
only by an agreement in writing signed by the parties hereto.
11. Waiver. The waiver by the Company of a breach of any
provision of this Employment Agreement by the Executive shall not
operate or be construed as a waiver of any subsequent breach by him. The
waiver by the Executive of a breach of any provision of this Employment
Agreement by the Company shall not operate or be construed as a waiver
of any subsequent breach by the Company.
12. Arbitration. All claims, disputes and other matters in
question between the parties to this Employment Agreement or the breach
thereof, shall be decided by Arbitration in accordance with the
commercial rules of the American Arbitration Association then in effect
unless the parties mutually agree in writing otherwise. Notice of the
demand for Arbitration shall be filed in writing with the other party to
this Employment Agreement and the American Arbitration Association. Any
Arbitration shall take place in New York, New York.
13. Assignability. The obligations of the Executive may not be
delegated and, except with respect to the designation of beneficiaries
in connection with any of the benefits payable to the Executive
hereunder, the Executive may not, without the Company's written consent
thereto, assign, transfer, convey, pledge, encumber, hypothecate or
otherwise dispose of this Employment Agreement or any interest therein.
Any such attempted delegation or disposition shall be null and void
without effect. The Company and the Executive agree that this Employment
Agreement and all of the Company's rights and obligations hereunder may
be assigned or transferred by the Company to and shall be assumed by and
binding upon any successor to the Company. The term "successor" means,
with respect to the Company or any of its subsidiaries, any corporation
or other business entity which, by merger consolidation, purchase of the
assets or otherwise, including after a Change in Control, acquires all
or a material part of the assets of the Company.
14. Severability. If any provision of this Employment Agreement
or any part thereof, including, without limitation, Section 7, as
applied to either party or to any circumstances which shall be adjudged
by a court of competent jurisdiction to void or unenforceable, the same
shall in no way affect any other provision of this Employment Agreement
or remaining part thereof, which shall be given full effect without
regard to the invalidity or unenforceability part thereof, or the
validity or enforceability to this Employment Agreement.
If any court construes any of the provisions of Section 7
or any part thereof, to be unreasonable because of the duration of such
provision or the geographic scope thereof such court may reduce the
duration or restrict or redefine the geographic scope of such provision
and enforce such provision as so reduced, restricted or redefined.
15. Notices. All notices to the Company or the Executive
permitted to be required hereunder shall be in writing and shall be
delivered personally, by telecopier or by courier service providing for
next-day delivery or sent by registered or certified mail return receipt
requested, to the following address:
The Company: Financial Intranet Inc.
0 Xxx Xxxxxxxxxxxx Xxxxx
Xxx Xxxx, XX 00000
Tel: (000) 000-0000
The Executive: Xx. Xxxxx Xxxx
000 Xxxx 00 Xxxxxx
Xxx Xxxx, XX 00000
Tel: (000)000 0000
Either party may change the address to which notices shall be sent by
sending written notice of such change of address to the other party. Any
such notice shall be deemed given if delivered personally upon receipt;
if telecopies, when telecopied; if sent by courier service; and if sent
by certified or registered mail, three (3) days after deposit (postage
prepaid) with the U.S. Postal Service.
16. No Conflicts. The Company and Executive to this Employment
Agreement hereby represent and warrant to each other that the execution,
delivery and performance of this Employment Agreement and any other
agreement to be delivered pursuant to this Employment Agreement will not
(i) require the consent, approval or action of any other person or (ii)
violate conflict with or result in breach of any of the terms of, or
constitute (or with notice of lapse of time or both constitute) a
default under, any agreement, arrangement or understanding with respect
to either the Company or the Executive are a party of or by which either
party is bound or subject. The Company and the Executive mutually agrees
to indemnify and hold harmless the other party, including the Company's
directors, officers, employees, agents representatives and affiliates
(and such affiliates, directors, officers, employees, agents and
representatives) from and against any and all losses, liabilities or
claims (including interest, penalties and reasonable attorneys' fees,
disbursements and related charges) based upon or arising out of the
Executive's of the Company's breach of any of the foregoing
representations and warranties.
17. Effective Date. This Employment Agreement shall be
effective as of the date first written above.
18. Paragraph Heading. The paragraph headings contained in this
Employment Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Employment
Agreement.
19. Representations and Warranties of the Company.
(a) The Company is a corporation duly organized, validly existing and in
good standing under the laws of Nevada and has all requisite corporation power
and authority to enter into execute and deliver this Employment Agreement,
fulfill its obligations hereunder and consummate the transactions contemplated
hereby.
(b) The execution and delivery of, performance of
obligations under and consummation of the transaction contemplated by
this Employment Agreement has been duly authorized and approved by the
Company's Board of Directors and all other requisite corporation action.
20. Counterparts. This Employment Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
taken together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have duly executed this Employment
Agreement as of the date first above written.
EXECUTIVE:
/a/Xxxxx Xxxx
Xx. Xxxxx Xxxx
FINANCIAL INTRANET, INC.
By: /s/Xxxxxxx Xxxxxxxx, President
(Name/Title)
FinanciaI
Intranet
Xx. Xxxxx Xxxx
% Financial Intranet Inc.
0 Xxx Xxxxxxxxxxxx Xxxxx
Xxx Xxxx, XX 00000
Dear Xxxxx:
Preamble of this Letter::
As you are aware, at least one major telecom group has opened
conservations with Financial Intranet Inc. ("FNTN") regarding a
merger/acquisition transaction. Needless to say, if FNTN becomes a
merger candidate for a major private/public corporation, your
current employment agreement between FNTN may need to be revised
and/or terminated. Since you have expended a great deal of your
expertise and time in developing the business of FNTN, which in
turn may make FNTN an attractive merger candidate, a plan must be
approved by FNTN's Board of Directors to properly compensate you
in the event that any merger negatively affects your employment
benefits currently in place.
l. Intent of this Letter of Agreement. FNTN is aware that upon
any occurrence that creates a change of control of FNTN, actions
may be undertaken that may result in denying you the benefits of
your current employment agreement, or deny you the full benefits
of any options you may enjoy to purchase additional shares of FNTN
in the future, or the benefits provided by this Letter of
Agreement. The above preamble, therefore is hereby included into,
and made a part off, this Letter of Agreement to act to clearly
represent the intent of this Letter of Agreement (Agreement)
2. Benefits to be made available. This Agreement, subject to the
approval of FNTN's Board of Directors will constitute an agreement
to the provision of the benefits hereinbelow and made available to
you by FNTN which shall become automatically effective, (the
"Effective Date") on the date that:
(a) Control of the business activities of FNTN is
acquired by any person or group (not including you or those
affiliated with you) through the issue of additional voting
shares, or the exchange of previously issued FNTN's voting
shares to third parties under a single control; and
(b) Not less than twenty five (25%) of the issued and
outstanding voting shares of FNTN is sold and/or exchanged
with any person or group (not including you or those
affiliated with you) in one or multiple transactions during
any concurrent 12 month period; or
(c) The occurrence of a "change of control" pursuant
to the proxy disclosure rule of the Securities and Exchange
Commission ("SEC").
(d) Change of the terms of and/or termination of your
Current Employment Agreement on or subsequent to the
Effective Date providing that:
(i) You had continued to be employed by FNTN under the terms of your
Employment Agreement, which terms remained in full operation from its initial
execution date of January 1, 1998 and up to and including the Effective Date of
this Agreement.
(ii) Upon the Effective Date there is a proposed or actual change of your
employment status with FNTN; or
(iii) Any term of your employment agreement with FNTN
is changed in any way; or
(e) You are not provided the opportunity to renew the term
of your employment agreement with FNTN as provided for in the
current Employment Agreement,
4.Benefits provided. If you are automatically entitled to the
Benefits in accordance with, and pursuant to, paragraphs 1, 2, 3
hereinabove, FNTN or the surviving entity resulting from the change
of control of FNTN upon the Effective Date agrees to pay to you,
and extend the following Benefits as the case may be:
(a) A Lump Sum amount equal to your annual employment
compensation pro-rated for the period remaining of your
current employment agreement, providing that the employment
agreement had not been previously terminated for cause by the
FNTN prior to the Effective Date; plus
(b) A lump sum of two (2) times of your annual compensation
averaged over the most recent two (2) year calendar years
ending coincident with or immediately before the Effective
Date
(c) Any Options granted to you as compensation under the
terms of paragraph 3 (c) of your current employment agreement
shall be automatically amended to provide the following
amendments of the option terms and conditions:
(i) the options granted will expire upon the one
thousand eight hundred and twenty fifth (1,825) day
following the grant date: and
(ii) the options may be encumbered, sold, transferred or other wise be
disposed of without any restrictions whatsoever and shall not be considered
being issued to you as solely for your personal exercise.
5. Enforcement of the terms of this Agreement. It is the further
the intent of FNTN that you should not be required to incur the
expenses associated with enforcing your rights under this
Agreement because such expenses would detract from the benefits
intended to be extended hereunder. Accordingly, if following the
Effective Date, it should appear that FNTN has not, or will
attempt not to, comply with any of its obligations under this
Agreement, FNTN irrevocably authorizes you to, from time to time,
retain counsel of your choice, at the expense of FNTN to represent
you in connection with the defense of any litigation or other
legal action, whether such action is by, or against, FNTN, any
director, officer, shareholder or other person affiliated with
FNTN and in any jurisdiction. The reasonable fees and expenses of
counsel selected from time to time by you as hereinabove provided
shall be paid directly by, or reimbursed to you, by FNTN on a
periodic basis upon presentation to FNTN of a statement(s)
prepared by such counsel up to a maximum in the aggregate of two
hundred and fifty thousand ($250,000) dollars.
(a) FNTN shall not take any action to seek
reimbursement for its expenses in connection with any
disputes relating to the enforceability of this
Agreement.
6. Severance Pay: Any payments made to you, or required to
be paid to you, under this Agreement shall not be treated as
damages but rather as severance compensation to which you
are entitled to by reason of your termination of your
current employment or change in the status of your current
employment terms.
(a) FNTN shall not be entitled to set off against the
amounts payable to you under the terms of this
Agreement of any amounts earned by you, or any amounts
earned by you in other employment after termination of your
employment with FNTN, or any amounts which might have been
earned by you in other employment had other such employment
been sought by you.
7. Assignment. This Agreement shall be binding upon the parties
hereto and their respective personal representatives, heirs,
successors and assigns but neither this Agreement nor any right
hereunder may be assigned or transferred to either party.
Notwithstanding the foregoing:
(a) FNTN is obligated to assign this Agreement to any
corporation or other business entity succeeding to control
FNTN and/or succeeding to substantially all of the FNTN's
business and assets by merger, consolidation, sale of assets,
or otherwise and FNTN is obligated to obtain the assumption
of this Agreement by such successor; and
(b) You may assign, transfer or other dispose of, or
encumber, any Options granted to you prior to the Effective
Date as provided for in paragraph of this Agreement.
8. Entire Agreement. This Letter Agreement contains the entire
agreement between the parties. This Agreement may be changed only
through a writing signed by both party seeking any waiver, change
modification, amendment, and/or extension of this Agreement.
9. Governing Law: This Agreement shall be governed by, and
subject to, the laws of the State of New York.
10. Severability. The invalidity or enforceability of any
particular provision of this Agreement shall not affect any other
provision(s) and this Agreement and shall be construed in all
respects as if such invalid or unenforceable provision had not been
contained herein.
11. Notices. Notices hereunder shall be in writing and shall be
deemed to have been duly given if delivered in person or
sent by certified mail, return receipt requested, postage prepaid,
addressed as set forth above, or at such address as shall be
furnished in writing by any party to the other.
Please signify your agreement with the above terms of this
Agreement by signing and returning to FNTN the enclosed copy
of this Agreement.
Cordially,
Financial Intranet Inc.
By /s/Xxxxxxx Xxxxxxxx (title) President)
Accepted and Agreed
/s/Xxxxx Xxxx
Xx. Xxxxx Xxxx
Financial Intranet
Xxx X. Xxxxx
Director
Financial Intranet, Inc.
4 June 1998
MEMO
This memo shall serve to confirm that Xxxxxxx Xxxxxxxx, President and COO,
and Xxxxx Xxxxx, Director, of Financial Intranet, Inc., have agreed to amend
Xxxxx Xxxx'x employment agreement with Financial Intranet, Inc. Since the
Company has moved its corporate offices from New York City to the Ardsley, NY,
Financial Intranet, Inc. will increase Xx. Xxxx' monthly allowance for the
balance of her agreement to $500.00 towards the lease/payment/insurance of a
service car.
Agreed to this 4th day of June, 1998
By:
/s/by Xxxxxxx Xxxxxxxx, President /s/X. X. Xxxxx, Secy.
Xxxxxxx Xxxxxxxx Xxxxx Xxxxx
