EXHIBIT10.21.1

 

FIRSTAMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS FIRST AMENDMENT TOEMPLOYMENT AGREEMENT is made and entered into as of the 14th day of June, 2001by and between Global ePoint, Inc. (formerly On-Point Technology Systems,Inc.), a Nevada corporation (the “Company”) and Frederick Sandvick (the“Executive”) in accordance with the following facts and objectives.

 

A.            The Company and the Executive entered into an EmploymentAgreement dated January 9, 1996 (“Agreement”).

 

B.            The Company and the Executive desire to amend theAgreement.

 

IT IS AGREED, THEREFORE, asfollows:

 

1.             Effective as of June 14, 2001, Paragraph 4(a)(i) shallbe amended by adding to the end thereof the following:

 

“Notwithstanding theforegoing, for the annual period commencing July 1, 2001 through June 30, 2002,the minimum annual base salary shall be $120,000, and for the annual periodcommencing July 1, 2002 through June 30, 2003, the minimum annual base salaryshall be $180,000, and for each annual period thereafter such salary shallincrease by 10%.”

 

The foregoing amendment toParagraph 4(a)(i) of the Agreement shall become null and void and the terms ofthe Agreement shall revert to the terms of Paragraph 4(a)(i) in effect prior tothis First Amendment upon commencement of a new business activity by theCompany after the date hereof, whether by acquisition, merger or similartransaction, or by internal development efforts (such as a new DCR and prepaidphone card program).

 

2.             Effective as of June 14, 2001, Paragraph 4(a)(ii) shallbe amended by adding to the end thereof the following:

 

“Notwithstanding theforegoing, no Bonus shall be payable to Executive under this Paragraph 4(a)(ii)for any periods through December 31, 2001.”

 

Notwithstanding theforegoing, within thirty (30) days of commencement of a new business activityby the Company after the date hereof, whether by acquisition, merger or similartransaction, or by internal development efforts (such as a new DCR and prepaid

 

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phone card program), a one time bonus in theamount of $300,000 shall be paid to Executive, provided such new businessactivity is acceptable to the Compensation Committee.

 

3.             Effective as of June 14, 2001, Paragraph 6(a) shall beamended by adding to the end thereof a new subparagraph (iv) as follows:

 

“(iv)  In determining the base salary and Bonusesearned by the Executive for purposes of Paragraph 6(a)(ii), the amendments toParagraphs 4(a)(i) and 4(a)(ii) by the First Amendment shall be of no force oreffect and the terms of Paragraphs 4(a)(i) and 4(a)(ii) in effect prior to theFirst Amendment shall control.”

 

4.             Effective as of June 14, 2001, Paragraph 6(d) shall beamended by adding to the end thereof a new subparagraph (7) as follows:

 

“(7)  In determining the base salary and AverageBonus earned by the Executive for purposes of Paragraph 6(d)(2), the amendmentto Paragraphs 4(a)(i) and 4(a)(ii) by the First Amendment shall be of no forceor effect and the terms of Paragraphs 4(a)(i) and 4(a)(ii) in effect prior tothe First Amendment shall control.”

 

INWITNESS WHEREOF, the parties hereto have executed this First Amendment as ofthe day and year first above written.

 
|   | GLOBAL ePOINT, INC. |
|--------|---------------------|
|   |                |
|   | By:                 |   | /s/ John H. Olbrich |   |
|   |                | John H. Olbrich, Secretary |
|   |                |   |
|   |                |   | /s/ Frederick Sandvick |   |
|   |                | Frederick Sandvick |
|        |                     |  |  |  |  |  |

 

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