EXHIBIT 10.130
AMENDMENT TO EMPLOYMENT AGREEMENT
AMENDMENT to Agreement dated October 28, 1996, by and between INFORMATION
MANAGEMENT TECHNOLOGIES CORPORATION (hereinafter referred to as "EMPLOYER"
and/or "IMTECH") and XXXXXX XXXXX, residing at 00 Xxxxxx Xxxxxx, Xxxxxxxx,
Xxx Xxxx 00000 (hereinafter referred to as "EMPLOYEE").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, the parties have entered into and Employment Agreement dated
October 28, 1996; and
WHEREAS, the parties are desirous of amending and supplementing the
Agreement; and
WHEREAS, the Amendment has been ratified by the Board of Directors of
EMPLOYER; and
WHEREAS, the parties are further desirous of expressing their rights and
responsibilities with respect to said Amendment.
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL
COVENANTS AND CONDITIONS HEREINAFTER SET FORTH, THE
PARTIES AGREE AS FOLLOWS:
FIRST: It is understood and agreed that the Agreement dated
October 28, 1996, annexed hereto and made a part hereof, is ratified, and
that the within Amendment has been approved by the Board of Directors of
EMPLOYER.
SECOND: The term of the above-mentioned Employment Agreement is
extended from October 28, 1996 until December 5, 1999, or for an additional
period of two (2) years.
THIRD: In the event that the Employment Agreement and/or
Amendment is
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terminated prior to December 5, 1999, as a result of a change in job title
and/or job description from EMPLOYEE's current position as President of
EMPLOYER or, in the further event that EMPLOYEE is terminated, directly or
indirectly, without case by EMPLOYER, as a result of a merger, acquisition
or change in control of the EMPLOYER, then in that event, it is understood
and agreed that EMPLOYEE will be entitled to be paid a minimum of one year's
salary compensation, or the sum of $180,000. Additionally, EMPLOYEE reserves
the right to put to EMPLOYER all vested but unexercised stock options granted
and issued to EMPLOYEE at $.33 per option with the condition that the five
day trading market average price of the Company's stock as traded on NASDAQ
is a minimum of $.33 higher than that of the exercise price of the EMPLOYEE's
option.
In the event that EMPLOYEE elects to utilize the put
option granted to him, EMPLOYEE will be provided to afford ten days' written
notice to EMPLOYER on his right to put the options to EMPLOYER. EMPLOYER
agrees to make payment within 60 days from the date that the put option is
exercised by EMPLOYEE.
FOURTH: EMPLOYER acknowledges that EMPLOYEE'S services are
valuable to EMPLOYER, and that EMPLOYER will take the necessary action to
report the within Amendment to EMPLOYEE's contract by a filing of said
information with the Securities and Exchange Commission on a Form 8-K Report.
FIFTH: Additionally, EMPLOYER agrees to pay to, or for
EMPLOYEE, all medical and life insurance benefits currently paid to and/or on
behalf of EMPLOYEE for a period of 18 months from the date of EMPLOYEE's
termination or severance from EMPLOYER.
SIXTH: In the event of any dispute concerning the within
Amendment, then and in that event, EMPLOYER and EMPLOYEE agree that each will
abide by the rules, regulations and decisions as made by a single arbitrator
at the American Arbitration Association in the City, State
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and County of New York
SEVENTH: The within Amendment may not be changed, modified or
altered, without being executed by the parties, and the parties agree that
the within will be governed by the Laws of the State of New York.
EIGHTH: The parties acknowledge that counsel for EMPLOYER has
been requested to prepare the within Amendment, and that EMPLOYEE has
consulted with counsel of his own choice prior to entering into the within
Amendment.
In the event of notice is required, it shall be made as follows:
If to EMPLOYER, at
Information Management Technologies Corporation
000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000
If to EMPLOYEE, at
00 Xxxxxx Xxxxxx
Xxxxxxxx, Xxx Xxxx 00000
IN WITNESS WHEREOF, the parties have set their hands and seals on
the day, month and year first above written.
INFORMATION MANAGEMENT
TECHNOLOGIES CORPORATION
By: /s/ Xxxxx Xxx, CEO
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/s/ Xxxxxx Xxxxx
----------------------------
XXXXXX XXXXX
The within Amendment has been approved by the Board of Directors of
EMPLOYER.
/s/ Xxxxx Xxx
----------------------------
XXXXX XXX
/s/ Xxxxx Xxxxxxxxx
----------------------------
XXXXX XXXXXXXXX
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