FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.2
FIRST
AMENDMENT TO
THIS
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the “First Amendment”) is made and
entered into as of this 14th
day of
March, 2007, by and between Rancher Energy Corp., a Nevada corporation (the
“Company”),
and
Xxxx Works (the “Employee”).
A. The
Company and the Employee entered into an Employment Agreement, dated June 1,
2006 (the “Employment
Agreement”).
B. The
Company and the Employee desire to amend the Employment Agreement to increase
the Employee’s annual base salary as described in Section 3.01 of the Employment
Agreement.
C. Section
10.01 of the Employment Agreement provides that an instrument signed by the
Company and the Employee is necessary to amend the Employment
Agreement.
NOW,
THEREFORE, the Company and the Employee hereby agree:
1. Section
3.01 of the Employment Agreement is hereby amended by inserting the following
two sentences after the second sentence of Section 3.01:
“Notwithstanding
the foregoing two sentences, beginning on March 1, 2007, Employee’s Fee shall be
Eighteen Thousand, Seven Hundred Fifty Dollars ($18,750) per month, payable
in
accordance with the Company’s normal payroll practices. During the Term,
additional increases may be made to the Fee as determined in the discretion
of
the Company’s Board of Directors.”
2. Except
as
modified by this First Amendment, all terms of the Employment Agreement shall
remain in full force and effect without modification.
3. This
First Amendment may be executed in any number of counterparts, each of which
when so executed and delivered will be deemed an original, and all of which
together shall constitute one and the same agreement. A facsimile signature
shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original
and
not a facsimile signature.
4. Capitalized
terms not otherwise defined herein have the respective meanings ascribed to
them
in the Employment Agreement.
IN
WITNESS WHEREOF, the parties have executed this First Amendment effective as
of
the day first above written.
|
COMPANY
|
EMPLOYEE
|
|
|
By: /s/
Xxxxxx X.
Xxxxx
|
By:
|
/s/ Xxxx Works |
| Name: Xxxxxx X. Xxxxx | Name: Xxxx Works | |
|
Title: Chief
Financial Officer
|
Title:
President & Chief Executive
|
|
|
Officer
|
||
2
