AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit 10.1
AMENDMENT TO EXECUTIVE
EMPLOYMENT AGREEMENT
This Agreement is entered into on March
20, 2009 by and between Gen2Media Corporation (the “Company”) and Xxxxxx
Xxxxxxxx (“Employee”).
1.
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The
parties are parties to an Executive Employment Agreement (“the Agreement”)
dated September 22, 2008 pursuant to which Employee is acting as the Chief
Financial Officer of the Company.
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2.
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The
parties have decided to amend the Agreement to provide for the inclusion
of additional duties and responsibilities by Employee, a reduction in the
base compensation to Employee, and the reduction of the option exercise
price for Employees stock options.
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3.
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The
parties agree that the base cash compensation for Employee shall hereby be
reduced to $100,000 per year, beginning as of the date of this Agreement,
and that cash compensation shall remain at that point until the earlier of
(1) completion by the Company of a round of equity financing of at least
$2 million; or (2) December 31,
2009.
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4.
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Additionally,
the Company has asked that Employee take on the additional role as Chief
Operating Officer for the Company, effective immediately, and Employee
agrees to take on said role, and the duties associated
therewith.
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5.
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In
consideration of the compensation reduction specified in paragraph 4, and
the additional duties to be provided under paragraph 5, the Company hereby
agrees that the exercise price of the 300,000 stock options set forth in
the Agreement shall be reduced to 25 cents per share, effective
immediately, and shall be fully vested
hereunder.
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6.
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All
other terms and condition of the Agreement shall remain in full force and
effect, unless specifically modified by the terms of this
Amendment.
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Wherefore,
the parties have executed this Amendment this 20th day of
March, 2009.
Gen2Media Corp. | |||||
By: |
/s/
Xxxxx Xxxx
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/s/
Xxxxxx Xxxxxxxx
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Xxxxx Xxxx, CEO | Xxxxxx Xxxxxxxx, Employee |