Exhibit 10.3
EMPLOYMENT AGREEMENT AMENDMENT
EMPLOYMENT AGREEMENT AMENDMENT, entered into as of January 19, 2004 by and
between BIB Holdings, Ltd. ("Employer" or the "Company"), a Nevada corporation
with an office at 0000 Xxx Xxxxx Xxxxxx, Xxx Xxxxx, Xxxxxx 00000 and Xxxxxxx
Xxxxxx ("Executive").
Whereas Employer and Executive entered into a written employment
agreement dated as October 29, 2003 (the "Employment
Agreement"); and
Whereas Employer and Executive desire to amend the Employment
Agreement on the terms and conditions set forth in this
amendment ("Amendment").
In consideration of the facts mentioned above, and of the covenants and
conditions set out below, the parties agree as follows:
1. Employment. During the Term of Employment, as defined in Section 2,
Employer agrees to employ Executive, as Executive Vice President and Chief
Financial Officer, subject to the direction and control at all times by the
Chairman of the Board and the Chief Executive Officer. Executive agrees to act
in the foregoing capacity, in accordance with the terms and conditions contained
in this Amendment and the Employment Agreement.
2. Term. The term of Executive's employment shall commence on January 1,
2004 and continue until February 27, 2004 (the "Term").
3. Compensation. Employer shall pay to Executive an prorated salary based
on an annual base salary of $120,000. Employer shall pay to Executive additional
gross payments of $5,000 on January 28, 2004 and February 11, 2004, representing
the signing bonus due Executive under the Employment Agreement. Executive shall
also receive 500,000 shares of the Company's common stock, to be registered as
soon as possible but no later than 120 days from January 7, 2004.
4. Benefits. During the Term of this Amendment, Executive is entitled to
two (2) vacation days and one (1) personal day.
5. Reversion to Employment Agreement. During the Term of this Amendment,
Employer and Executive may agree in writing to revert back to the original
Employment Agreement. In such event, this Amendment shall become null and void.
6. Breach of Agreement. In the event of a breach of this Amendment by the
Employer, Executive shall retain all rights and remedies available to him under
the Employment Agreement.
ACCEPTED AND AGREED TO:
EMPLOYER: EXECUTIVE
BIB HOLDINGS, LTD. XXXXXXX XXXXXX
/s/ Xxxx Xxxxxx /s/ Xxxxxxx Xxxxxx
----------------------------------- ----------------------------------------
Xxxx Xxxxxx, Chairman of the Board Xxxxxxx Xxxxxx
