EXHIBIT 10.3
AMENDMENT TO THE TERMS OF
THE ORAL AGREEMENT AMONG
RENEWABLE ASSETS, INC.,
INTERNATIONAL IMAGING SYSTEMS, INC.,
AND XXXXXX XXXXXXXXX
EFFECTIVE AS OF JANUARY 3, 2005, Renewable Assets, Inc.
(the "Company"), a Delaware corporation having its principal
place of business in Boca Raton, Florida, International Imaging
Systems, Inc. (the "Parent Company"), a Delaware corporation
having its principal place of business in Ft. Lauderdale,
Florida, and Xxxxxx Xxxxxxxxx (the "Employee"), a natural person
residing in Boca Raton, Florida, hereby agree to amend the Oral
Agreement among them as follows:
In exchange for the issuance to the Employee of 160,000
shares of the Common Stock, $ .001 par value, of the Parent
Company pursuant to the terms of the Parent Company's 2003 Equity
Compensation Program, the Employee agrees to waive all other
forms of compensation that may become due to the Employee from
the Company for services rendered by the Employee to the Company
prior to the consummation of the spin-off of the Company's shares
owned by the Parent Company.
IN WITNESS WHEREOF, the Company, the Parent Company,
and the Employee have executed this Amendment this 22 day of
August, 2005.
As to the Company:
RENEWABLE ASSETS, INC.
By: /s/Xxxxxx Xxxxxxxxx
----------------------------
Xxxxxx Xxxxxxxxx, President
As to the Parent Company:
INTERNATIONAL IMAGING SYSTEMS, INC.
By: /s/C. Xxx Xxxxx, CEO
-----------------------------
C. Xxx Xxxxx, Chief Executive
Officer
As to the Employee:
/s/ Xxxxxx Xxxxxxxxx
-------------------------------
Xxxxxx Xxxxxxxxx
