AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN CONCENTRIC ENERGY CORP. AND ANDREW K. SIMPSON
Exhibit 10.33
THIS AMENDMENT (the “Amendment”), is dated as of October 17, 2008 (the “Execution Date”)
and is entered into by and between Concentric Energy Corp., a Nevada corporation (the
“Company”), and Xxxxxx X. Xxxxxxx (the “Executive”), collectively referred to herein as the
“parties”.
WHEREAS the Company has engaged the Executive as of June 17, 2008 to serve as its CEO as
well as to perform other duties on behalf of the Company, as determined by the Board of
Directors;
WHEREAS the parties originally agreed to the engagement of the Executive on November 30,
2006 with the intent that Executive serve as CFO, and the agreement of the parties was amended
thereafter with respect to Executive’s salary and position and duties;
WHEREAS the parties agreed on June 17, 2008 to increase Executive’s salary to $240,000
per year beginning on April 1, 2008;
WHEREAS the parties intend that October 17, 2008 should represent the Execution Date of
the Agreement; and
NOW, THEREFORE, for and in consideration of the mutual promises and conditions made
herein and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereby agree to amend Xx. Xxxxxxx’x November 30, 2006
employment agreement by striking section 3.1 and inserting the following:
3.1 Annual Base Salary. The Company shall pay the Executive salary for the services to
be rendered by him during the Employment Term at the monthly rate of twenty thousand dollars
($20,000) (the “Base Salary”), subject to increases, if any, as the Board of Directors
(“Board”) may determine in its sole discretion after periodic review of the Executive’s
performance of his duties hereunder not less frequently than annually. Such Base Salary shall
be payable in periodic installments in accordance with the terms of the Company’s regular
payroll practices in effect from the time during the term of this Agreement, but in no event
less frequently than once each month.
IN WITNESS WHEREOF, the parties have executed and delivered this Agreement.
| COMPANY: | CONCENTRIC ENERGY CORP. | |||
| By: | /s/ Xxxxxxx X. Xxxxxx | |||
| Xxxxxxx X. Xxxxxx, Chairman of the Board | ||||
EXECUTIVE:
|
/s/ Xxxxxx X. Xxxxxxx | |||
| Xxxxxx X. Xxxxxxx | ||||
