Exhibit 10.05
ADDENDUM TO THE SIMON EMPLOYMENT AGREEMENT OF 8-01-02
The following articles of the Xxxxx Xxxxx Employment Agreement
effective 8-01-2002 have been amended as of 7-28-2003:
1. Under paragraph III. C. Terms and Salary, the length of the contract
has been extended an additional three (3) years and five (5) months, from
8-01-2003 to 12-31-2006. All other terms and conditions under this paragraph or
under any other paragraph of the original contract agreement effective 8-01-02,
except as noted below, remain the same with the understanding that no additional
stock options will be granted specifically by this contract agreement extension.
2. Employee has the right to purchase stock rather then stock options
at the same five (.05) cents per share as noted and mentioned anywhere
throughout the contract concerning accrued salary, deferred salary, or expenses.
3. Employee agrees to convert his back pay to stock or options, or take
cash payment from the Company, if the Company is able to pay, when the stock
closes at or above thirty five cents ($0.35).
4. Under Paragraph III.F.4.Stock, Stock Options and Bonuses, all
reference to execution of Options by Non-Recourse Note are hereby deleted, in
compliance with the Xxxxxxxx-Xxxxx Act of 2002. Offsetting compensation will be
negotiated at a future date.
IN WITNESS WHEREOF, the undersigned parties hereto have executed this
Addendum Agreement on July 28th, 2003.
Schimatic Cash Transactions Xxxxxxx.xxx, Inc. Employee: Xxxxx Xxxxx
330 E. Warm Springs R 0000 X. Xxxxxxx Xxxx.
Las Vegas, NV., 8911 Xxxxx, Xxxx, 00000
By: /s/ Xxxxxxx X. XxXxxx By: /s/ Xxxxx Xxxxx
-------------------------------- ---------------------------
Xxxxxxx X. XxXxxx, CFO/Director Xxxxx Xxxxx, CEO/Director
DJS /s/ DJS Page 1 of 1 SCTN /s/ DJS
