Exhibit 10.31
ADDENDUM TO EMPLOYMENT AGREEMENT
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This Addendum to Employment Agreement (hereinafter "AGREEMENT") is made
by and between W. Xxxxx Xxxxx, Xx., c/x Xxxxx & Xxxxx, P.C., 0000 Xxxxx 000
Xxxx, Xxxx, XX 00000 (hereinafter "EMPLOYEE"), and VELOCITY INVESTMENTS, LLC on
behalf of itself, its subsidiaries, affiliates, predecessors, successors,
assigns; and their directors, officers, employees and agents (hereinafter
collectively referred to as "VIM"), with its principal place of business, 0000
Xxxxx 000 Xxxx, XXX X, Xxxx, XX 00000.
WHEREAS, VIM and EMPLOYEE entered into an Employment Agreement, dated as
of January 1, 2004 (the "Initial Employment Agreement") and
WHEREAS, VIM and EMPLOYEE have entered into an Addendum to the
Employment Agreement, dated as of September 1, 2004 (the "Addendum No. 1 to the
Employment Agreement", together with the Initial Employment Agreement, the
"Employment Agreement") and
WHEREAS, VIM and the EMPLOYEE desire to amend certain provisions of the
Employment Agreement,
NOW THEREFORE, for and in consideration of the mutual and respective
covenants and agreements contained herein, VIM and EMPLOYEE agree as follows:
1. Article "1" of the Employment Agreement, is hereby deleted and the
following is substituted in its place and stead:
ARTICLE 1
EMPLOYMENT
1.1 VIM shall employ EMPLOYEE in the position of President for a period of
four (4) years commencing on January 1, 2004 and continuing until terminated as
provided in Article 4 of this AGREEMENT.
2. Except as provided above, the Employment Agreement shall remain in full
force and effect.
IN WITNESS WHREOF, the parties have executed this ADDENDUM as of the date first
above written.
VELOCITY INVESTMENTS, LLC EMPLOYEE;
By: /s/ XXXXX X. XXXXXXXXX /s/ W.XXXXX XXXXX, XX.
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XXXXX X. XXXXXXXXX W.XXXXX XXXXX, ESQ.
CFO & CLO
Dated: January 1, 2006 Dated: January 1, 2006
