FIRST AMENDMENT TO EMPLOYMENT
AGREEMENT OF XXXXX X. XXXXXXXX
WHEREAS Xxxxx X. Xxxxxxxx ("Executive"), an individual residing at 000
Xxxxx Xxxx, Xx. Xxxxx, Xxx Xxxx 00000, entered into an employment agreement with
NetWolves Corporation, a New York corporation having its principal place of
business located at 33 Xxxx Xxxxxxx Drive, Suite 125, Huntington Station, New
York 11743 (the "Company"), dated as of June 17, 1998 (the "Employment
Agreement"); and
WHEREAS, the parties now desire to amend certain terms of the Employment
Agreement;
NOW, THEREFORE, the parties agree as follows:
1. Section 1 of the Employment Agreement is amended such that Executive
shall tender his resignation as a Director and as Chief Operating Officer of the
Company effective August 1, 1999. At the direction of the Board of Directors,
during the remaining term of the Employment Agreement, Executive's duties shall
be to attempt to secure acquisition, financing, investment and joint venture
candidates for NetWolves, as well as other similar duties which may be assigned
to him. Executive agrees to work from his home and shall not be provided with an
office at any of the Company's offices.
2. Section 2.2 of the Employment Agreement is deleted in its entirety.
3. Section 2.3 of the Employment Agreement is deleted in its entirety,
except that the Company hereby agrees that the warrant issued to Executive shall
be amended as set forth in Exhibit "A" hereto.
4. Section 2.4 of the Employment Agreement is amended such that Executive
shall not be entitled to incur travel, cellular phone and/or entertainment
expenses above a total amount equal to $250.00 during any one month period
without first receiving the written approval of the Company. Reimbursement of
all such expenses by the Company shall be subject to submission by Executive of
appropriate documentation evidencing such expenses and shall be paid by the
Company within thirty (30) days of the Company's receipt of documentation of
such expenses. As of the date of the First Amendment there are business expenses
of $1,800.00, which have been incurred by Executive that will be reimbursed to
Executive simultaneously with the execution of this First Amendment, subject to
Executive's submission of appropriate documentation evidencing such expenses.
5. Section 2.7 of the Employment Agreement is deleted in its entirety.
6. Section 3.1 of the Employment Agreement is deleted in its entirety,
except that the Company hereby agrees that Executive shall be paid the sum of
$130,000 per annum, payable semi-monthly, ending as of June 15, 2001. Executive
shall be entitled to no further compensation from the Company. Executive's
employment shall terminate automatically on June 15, 2001, with no rights of
renewal.
7. All other terms of the Employment Agreement shall remain in full force
and effect.
Dated: September 2, 1999
/s/ Xxxxx X. Xxxxxxxx
XXXXX X. XXXXXXXX
NETWOLVES CORPORATION
By: /s/ Xxxxx X. Xxxxxx
