Exhibit 10.1
XXXXXXXX X. XXXXXXX
0000 Xxxxxx Xxxx, Xxxxx 000-X
Xxxx Xxxxx, Xxxxxxx 00000
October 14, 2004
The Sagemark Companies Ltd.
1285 Avenue of the Xxxxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Gentlemen:
Reference is made to the Executive Employment Agreement dated May 25,
2001 between the undersigned and The Sagemark Companies Ltd. (the "Employment
Agreement"). All capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Agreement.
This shall confirm my agreement to limit the Bonus to which I am
entitled under Section 4 of the Employment Agreement to a maximum of $200,000 in
calendar years 2004 and 2005 (and to a prorated amount based upon such $200,000
maximum amount as provided in the Employment Agreement with respect to calendar
year 2006).
The foregoing shall constitute an amendment to the Employment
Agreement. Other than as set forth herein, all of the other terms and provisions
of the Employment Agreement shall remain in full force and effect and shall not
be amended hereby.
Very truly yours,
/s/ XXXXXXXX X. XXXXXXX
--------------------------------
Xxxxxxxx X. Xxxxxxx
AGREED TO AND ACCEPTED
As of this 14th day of October, 2004
The Sagemark Companies Ltd.
By: /s/ XXXXXX X. XXXXXXX
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Print Name and Title
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