Amendment No. 1 to EMPLOYMENT AGREEMENT
Exhibit
99.7
Amendment
No. 1
to
THIS
AMENDMENT NO. 1 is made and entered into effective as of the 9th
day of
November, 2005 (“Amendment”) to the EMPLOYMENT AGREEMENT dated April 1, 2004
(“Agreement”) by and between Xxxxxx Xxxx and Smart Online, Inc. (“Smart
Online”).
WHEREAS,
the parties to the Agreement desire to amend paragraphs 2. (a) and 3. (a)
to the
Agreement.
NOW
THEREFORE, in consideration of the mutual promises and covenants set forth
in
this Amendment, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:
1. |
Section
2. (a) of the Agreement shall be deleted in its entirety and replaced
by
the following paragraph:
|
(a) During
the
Employment Period, the Employee shall serve as a full-time employee of the
Company as Chief Operating Officer with such duties and responsibilities
as are
customarily assigned to such position and such other duties and responsibilities
not inconsistent therewith as may from time to time be assigned to him by
the
President, Chief Executive Officer or Board of Directors.
2. |
Section
3. (a) of the Agreement shall be deleted in its entirety and replaced
by
the following paragraph:
|
(a) Base
Salary.
The Employee’s base salary shall be $136,800 per annum, payable monthly, which
salary shall be reevaluated annually and is subject to such increases as
the
Board of Directors approves. The term “Annual Base Salary” shall refer to the
base salary prevailing during the applicable period until such time of any
increase in base salary whereupon it shall thereafter refer to such increased
amount.
3. |
All
other terms and conditions of the Agreement shall remain in full
force and
effect.
|
2
IN
WITNESS WHEREOF, the parties hereto have duly executed and delivered this
Amendment No. 1, effective as of the date set forth above.
SMART
ONLINE, INC.
|
XXXXXX
XXXX
|
By:
/s/
Xxxxxxx Xxxxx
|
By:
/s/
Xxxxxx Xxxx
|
Name:
Xxxxxxx Xxxxx
|
|
Title:
CEO
|
|