EXHIBIT 10.2
Company Letterhead
October 31, 2003
Xx. Xxxxxx X. Xxx Xxxxxxx
0000 Xxxxxxxxx Xxx Xx
Xxxxxxx, XX 00000
Subject: Employment Agreement Made June 28, 2000, Second Amendment
Dear Van:
In connection with the Employment Agreement made June 28, 2000, as amended,
("the Agreement") between you and Color Imaging, Inc. (the "Employer" or
"Company"), it is agreed that the following changes shall be effective as of the
date(s) indicated:
Compensation. Article III of the Agreement, as previously amended, is
further amended as follows:
a) Section 3.01 paragraph 1 is hereby amended and your compensation
shall consist of a minimum base salary, which is not subject to
any offset or deduction ("Salary"), and commission as defined
herein, up to the maximum compensation of salary and commission
of $250,000 per calendar year ("Maximum Compensation"). Effective
December 29, 2003, your Salary shall be $151,190 per annum paid
ratably every two weeks at $5,815.00 per pay period. Effective
January 1, 2004, you will be paid a commission on eligible sales
which are the total net sales of the Company, excluding the net
sales for existing products of the Company sold to it's two
largest customers, in aggregate, which includes their
subsidiaries or affiliates that are currently accounts of the
Company (Eligible Sales), subject to the Maximum Compensation
limitation. Your commission shall be paid on or after the 15th of
the month following the end of each calendar quarter at the rate
of 1/2 of 1 percent (0.5%) on the cumulative increase in the
Eligible Sales of the Company above the Eligible Sales for the
respective quarterly year-to-date period in 2003 ("Base Period"),
less all of the commission heretofore paid to that date for that
calendar year. Should any quarterly year-to-date period have no
increase in Eligible Sales, or a decline in Eligible Sales,
compared to the same period of the Base Period, no commission
shall be earned nor paid for that quarterly period and no
deduction or offset will be made to any prior commission(s) paid
to you.
To indicate your understanding and acceptance of these amendments to the above
referenced Agreement, please sign where indicated hereafter.
Sincerely, Acknowledged and accepted:
EMPLOYER EMPLOYEE
/S/ XXXXXXX XXXX /S/ XXXXXX X. XXX XXXXXXX
_______________________ __________________________
Xxxxxxx Xxxx, Xxx Xxxxxx X. Xxx Xxxxxxx
President
1794045
