Unassociated Document




Exhibit 10.29


 


AMENDMENT TO EMPLOYMENT AGREEMENT


 


THIS AMENDMENT (the “Amendment”) is entered into as of the date set forth below, by and among  WhiteSmoke Inc., a Delaware Corporation ("Parent"), WhiteSmoke Israel Ltd., a wholly owned subsidiary of Parent, private company organized under the Laws of the State of Israel, whose principal office is located at 11 Kehilat Saloniki Street, Tel-Aviv (the "Company", and together with Parent, the "Group") and Itay Meroz, I.D. no. 024606485 whose address is [___________] Givatyim, Israel (the “Employee”).


 


WHEREAS, the Group and the Employee entered into an Employment Agreement, dated March 31, 2011 (together with any exhibits and schedules thereto, the “Employment Agreement”); and


 


WHEREAS, the Group and the Employee desire to amend the Employment Agreement on the terms and conditions set forth herein;


 


NOW, THEREFORE, it is hereby agreed as follows:


 



	
  

	
1.

	
Unless otherwise defined herein, all capitalized terms in this Amendment shall have the same meaning ascribed to them in the Employment Agreement.







 



	
  

	
2.

	
Section 2.3 of the Employment Agreement is hereby amended by its entire deletion and replacement with a new Section 2.3 as set forth below:







 



	
  

	
“2.3

	
In the event of an initial public offering of the Parent securities, occurring no later than March 31, 2012 (the “IPO”) the Salary shall be increased to $11,111 (eleven thousand one hundred and eleven U.S. dollars). All amounts shall be paid in NIS in accordance with the representative rate of exchange of the U.S. dollar last published by the Bank of Israel prior to the date of payment, but in no event at an exchange rate of less than NIS 3.60: $1.00.”







 



	
  

	
3.

	
Section 4 of the Employment Agreement is hereby amended by its entire deletion and replacement with a new Section 4 as set forth below:








	
  

	
“4.

	
Bonus







 


Subject to the closing of an IPO, sale of the Parent or significant financing event, as applicable, by no later than March 31, 2012, the Employee will be entitled to a one time gross bonus in the amount of $75,000 (Seventy Five Thousand Dollars) to be paid as follows: (i) $50,000 within ninety days following the closing of an IPO, sale of the Parent or significant financing event and (ii) the remaining $25,000 one hundred and twenty days thereafter. For the avoidance of doubt, no disbursements shall be made to any fund with respect to any bonus payments, and bonus payments shall not be deemed a portion of the Employee’s Salary for any purpose.”






  





  











  






 



	
  

	
4.

	
Except as set forth herein, the provisions of the Employment Agreement shall remain unchanged and in full force and effect.







[Signature Page Follows]






  





  











  






 


IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year set forth below.


 




	
WhiteSmoke Israel Ltd.

	  	
Employee


	  	  	  	  	  
	
By:

	  	  	
Name:

	
Itay Meroz


	  	  	  	  	  
	
Name:

	
Hilla Ovil-Brenner

	  	
ID#:

	
024606485


	  	  	  	  	  
	
Title:

	
CEO

	  	
Signature:

	
/s/ Itay Meroz


	  	  	  	  	  
	
Signature:

	
/s/ Hilla Ovil-Brenner

	  	
Dated:

	   10/10/2011
	  	  	  	  	  
	
Dated:

	  10/10/2011	  	  	  
	  	  	  	  	  
	WhiteSmoke Inc.	  	  	  
	  	  	  	  	  
	
By:

	  	  	  	  
	  	  	  	  	  
	
By:

	  	  	  	  
	  	  	  	  	  
	
Name:

	
Hilla Ovil-Brenner

	  	  	  
	  	  	  	  	  
	
Title:

	
CEO

	  	  	  
	  	  	  	  	  
	
Signature:

	
/s/ Hilla Ovil-Brenner

	  	  	  
	  	  	  	  	  
	
Dated:

	
 10/10/2011

	  	  	  
	  	  	  	  	  







 


[Signature Page to the Amendment]