AMENDMENT TO EMPLOYMENT AND RELEASE AGREEMENT
Effective this 11th day of December, 0000 Xxxxxxx Xxxxxx,
Inc. and its parent corporation Innovo Group Inc. (collectively
the "Company") and Xxxxxxx Xxxxxxxx and Xxxxxx Xxxxxxxx
(collectively "Employees"), agree to amend employment agreements
between The Company and Employees dated April 16, 1996 and settle
amounts due from The Company to Employees as follows:
The Company agrees to:
- Issue to Employees 150,000 shares of common stock of Innovo
Group Inc.
- Issue such shares within fourteen days of the date of this
agreement.
- Make best efforts to register the shares within sixty days
of this agreement.
- Indemnify Employees from all debt guarantees.
The Employees agree to:
- Accept the above noted shares for all amounts currently due
or that become due under the terms of the employment
contracts, all debts due The Employees from The Company and
for all expenses that are currently due or become due The
Employees from The Company.
- Xxxxxxx Xxxxxxxx agrees to resign from the board of
directors of Innovo Group Inc. effective the date of this
agreement.
As a result, effective the date of this agreement, Employees
are no longer entitled to any cash payments from The Company for
wages, benefits, debts or expenses.
/s/Xxxxxxx Xxxxxxxx /s/X. X. Xxxxx
_________________________ _________________________
Xxxxxxx Xxxxxxxx X. X. Xxxxx
CEO Thimble Square, Inc. CEO Innovo Group Inc.
/s/Xxxxxx Xxxxxxxx
_________________________
Xxxxxx Xxxxxxxx
