Employment Agreement Amendment
The
Employment Agreement Dated April 1, 2007, between Surge Solutions Group, Inc.
and Xxxx Xxxxxx is hereby amended as of August 1, 2008, as follows:
Section
1.3 (a) is amended as follows:
Base
salary is adjusted to $190,000 annually effective 8/1/2008 through
6/30/09. Effective 7/1/09 and through the end of the employment
agreement, the base salary is adjusted to $240,000 annually, provided that
company has reached and is maintaining profitability.
Section
1.3 (b) is amended as follows:
The
auto allowance is removed. The employee will be provided a company
vehicle.
Section
1.3 (c) is replaced with the following:
Effective
for year 2009, Executive shall also receive up to 500,000 warrants annually,
exercisable at Company’s valuation at the time of issuance less a 15% discount
and a 5 (five) year exercise period. Number of warrants to be issued
will be calculated by multiplying actual annual net income before income tax
times 8%. Warrants will be issued for the calendar year within 30 days of
completion of the annual audit. Executive shall receive 500,000
warrants in February 2010 provided the company had positive net income for
2009. Executive shall also be entitled to a cash bonus quarterly up
to 100% of the executive’s quarterly base salary. Cash bonus shall be
calculated as quarterly net income before income tax less $250,000, times
3%.
Section
1.3 (d) is amended as follows:
Executive
is also allowed reasonable reimbursement for home office expenses.
Section
1.6 (a) is replaced with the following:
Executive
shall be entitled to receive the benefits provided by the Company for executives
at the highest level within the Company.
Section
1.6 (a) is amended as follows:
Company
will not pay out unused vacation time.
