EXHIBIT 10.18
August 15 2005
AMENDMENT TO THE
EMPLOYMENT AGREEMENT DATED AUGUST 1, 2003
by and between SIBERIAN ENERGY GROUP INC., a Nevada corporation (the "Company"),
and XXXXX POCHAPSKI ("Employee") made effective as of September 1, 2005.
Employee and the Company are sometimes referred to individually as a "Party" and
collectively as the "Parties."
WHEREAS THE EMPLOYEE has been serving as Chief Financial Officer of the Company
for the period from August 1, 2003 to August 30, 2005, during which period no
compensation has been paid to the employee;
AND WHEREAS THE CORPORATION AND THE EMPLOYEE wish to determine terms of payment
of compensation accrued up to August 30, 2005 and in the future periods,
NOW THEREFORE THIS AGREEMENT WITNESSETH, that the Parties agree as follows:
1. Accrued salary for the period of August 1, 2003 to August 30,
2005 in the total amount of US$134,707 will be treated as follows:
1.1 Amount of US$50,000 will be paid by the Company by the way
of issue of 400,000 restricted shares of Siberian Energy Group
Inc.'s common stock. "Restricted" securities have the meaning as
that term is defined in the rule 144 under the 1933 Act and may
not be offered for sale, sold or otherwise transferred except for
pursuant to the provisions of the 0000 Xxx.
1.2 The Employee agrees to postpone the payment of remaining
US$84,707 until such time as the Company shall have sufficient
profits to pay the amount in cash either partially or in full.
Employee will provide the Company with a waiver letter,
confirming that she shall not seek to exercise any rights against
SEG in relation to the unpaid amounts until such time as SEG
shall have sufficient profits available to discharge the claim.
1.3 At any time the parties may agree on 'non-cash" method of
payment of the outstanding amounts.
2. Compensation for the period starting September 1, 2005 will be
paid in the following amounts and on the following dates:
2.1 Annual salary is fixed at $75,000 Canadian dollars for the
period until April 30, 2006 at which time the amount may be
returned to the regular amount as per the employment agreement,
depending on the financial condition of the Company;
2.2 Monthly salary calculated as 1/12th of the annual salary
will be paid on the last day of each month
2.3 Monthly salary will be paid in Canadian dollars from the
bank account of Siberian Energy Group Inc. (Canada). Any
payments, which the Company shall make to Employee pursuant to
this agreement shall be reduced by standard withholding and other
payroll deductions in accordance with applicable legislation of
Canada.
3. The Company acknowledges that the Employee is required to use her
personal automobile to perform her duties, which include but is not
limited to the trips to the bank, airport, auditors and consultants
and on various office needs. The Company will pay to Employee a
monthly allowance of $500 to reimburse automobile expenses.
4. All other provisions of the Employment agreement dated August 1,
2003 remain without change.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed the
day and year first above written.
EMPLOYEE SIBERIAN ENERGY GROUP INC.
/s/ Xxxxx Pochapski /s/ Xxxxx Xxxxxx
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Xxxxx Pochapski, Individually
Address: XXXXXXXXXXXXXXXXX Xxxxx Xxxxxx, Chairman and CEO
XXXXXXXXXXXXX
