AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit
10.5
AMENDMENT TO EXECUTIVE
EMPLOYMENT AGREEMENT
This
amendment to Executive Employment Agreement is executed this date November 10,
2009 by and between Gen2Media Corporation (“Company”) and Xxxxxx Xxxxxxxx
(“Employee”).
1.
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This
agreement amends the Executive Employment Agreement between the parties
dated September 22, 2008 as amended March 20,
2009(“Agreement”).
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2.
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The
Agreement is hereby amended to provide for additional incentive based
compensation related to restricted stock and stock options based on Xx.
Xxxxxxxx’x performance and appointment to the roles of Secretary and
Treasurer of the Company.
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3.
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The
Company hereby grants Xx. Xxxxxxxx 500,000 restricted
shares. Additionally, the Company hereby awards 1,000,000 stock
options at a strike price of $0.30, that vest over the remaining life of
contract. Such shares and Options shall remain restricted for a
period of two years from the date of this
amendment.
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4.
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This
amendment shall also extend Xx. Xxxxxxxx’x contract through December 31,
2012.
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5.
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Other
than specifically amended hereby, all other terms and provisions of the
Agreement shall remain in full force and
effect.
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Gen2Media
Corporation: Employee:
_________________________ __________________________
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Xxxx
Xxxxxxx, Chairman and CEO
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Xxxxxx
Xxxxxxxx, Chief Financial Officer
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