Document:

Exhibit 10.28

THIRD AMENDMENT TO

EMPLOYMENT AGREEMENT

This
Third Amendment to Employment Agreement (the “Second Amendment”) is
entered into as of November 1, 2006 by and between XELR8
Holdings, Inc. (formerly Vitacube Systems Holdings, Inc.), a Nevada
corporation (the “Holdings”), XELR8,
Inc., a Colorado corporation (“XELR8”) (Holdings and XELR8
collectively, “the Company”), and Sanford D. Greenberg (the
“Employee”).

EXPLANATORY STATEMENT

A.            The Company and Employee previously
entered into a Restated Employment Agreement dated March 2, 2005, a First
Amendment to Employment Agreement dated July 10, 2006  and a Second Amendment to Employment
Agreement dated October 1, 2006 (collectively, the “Employment Agreement”)
whereby the Employee was employed by the Company.

B.            XELR8 is a wholly owned subsidiary
of Holdings.

C.            The Company desires to assign the
Employment Agreement to XELR8 and the parties desire to further amend the
assigned Employment Agreement.

NOW, THEREFORE, in consideration of the foregoing
Explanatory Statement which is made a substantive part of this Second
Amendment, the mutual promises contained herein and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, it
is agreed as follows:

1.             Incorporation of the Employment
Agreement.  The Employment Agreement is hereby
incorporated into this Third Amendment by reference, and the provisions of the
Employment Agreement shall be applicable except as modified by this Third
Amendment. In the event of any conflict between the provisions of the
Employment Agreement and this Third Amendment, the provisions of this Third
Amendment shall control.

                2.       Assignment
of Employment Agreement. In accordance with Section 14 of
the Employment Agreement, the Company hereby assigns the Employment Agreement,
including all benefits, duties and obligations, to XELR8 as the Employer
pursuant to the Employment Agreement. All references in the Employment
Agreement to Employer shall apply solely to XELR8.

3.   Amendment
of Employment Agreement.  The Employment Agreement is amended as
follows:

a.               Section 1, Employment, is amended by replacing the first sentence of
Section 1(b) with the following:

“Employee will devote
such time and energies to the business of the Employer as the Employer deems
necessary to accomplish all duties reasonable assigned, and will devote his
best efforts to advance the interests of the Employer.”

b.              Section 1(b) is further amended by replacing the second paragraph
with the following:

“Employee’s duties shall
include (i) providing positive motivational messages to the Employer’s
independent distributors and speaking at Employer sponsored events as

 

requested by Employer and
(ii) provided in writing by the Employer’s Board of Directors.”

c.               Section 1 is further amended by the addition of a new Section
1(e) as follows:

“1(e), Term. This Second
Amendment is effective the date of execution and terminates on the 12th anniversary of
that date. The Employment Agreement may be extended upon mutual approval of the
Employer and Employee.”

d.              Section 2, Compensation, is amended to read as follows:

“Employee shall receive
as compensation for all responsibilities an annual salary of One Dollar ($1.00)
per year payable on each anniversary date of this Agreement.”

e.               Section 4, Bonuses, is amended to read as follows:

“Employee waives any and
all rights to participate in any incentive executive bonus plan of Employer,
but will receive a bonus equal to one percent (1%) of the gross sales of
Employer for efforts with Employer, net of returns and allowances, for efforts
with Employer’s distributors to be paid monthly in arrears on the first normal
payroll date subsequent to November 1, 2006 for a period of 12 years from the
date of this Third Amendment. Further, upon execution of this Agreement,
Employee shall receive 1,500,000 restricted shares of the Company common stock.”

f.                 Section 5, Benefits, is amended to read to follows:

“The sole benefits to
which the Employee shall be entitled are (i) the right to continue to
participate in the XELR8 health insurance plan, including health and dental
coverage, at no cost to the Employee and (ii) the right to maintain one (1)
cellular telephone through the XELR8 corporate cellular telephone program.”

g.              Section 6, Expenses, is amended to read as follows:

“Employee shall only be
reimbursed for reasonable and necessary expenses incurred by him in the
performance of his duties hereunder if such expenses are pre-approved in
writing by the Employer’s Chief Executive Officer or Chief Financial Officer
and shall be reimbursed upon presentation of written proof of such expenses in
a form acceptance to the Employer.”

h.              Section 10, Termination, is amended as follows:

i.                                          The “or” at the end of Section 10(a)(iii)
is deleted and to the end of the first sentence of this section is added: “or
(v) in performing his duties hereunder, Employee engages in any conduct that
could bring disrepute, contempt, scandal or ridicule to the Company as
determined by the Company in its reasonable discretion.”

ii.                                       Section 10(b) is amended to read as
follows:

“Without Cause. In the
event that the Employee is terminated without just cause, Employee’s sole
benefit and remedy shall be a continuation of the

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bonus of one percent (1%)
of the net sales of Employer set forth in Section 4 above.”

4.   Waiver of
Options. Employee
hereby agrees to waive and forfeit options for 250,000 shares of the Company’s
common stock that were granted on April 1, 2004, and that upon execution of
this Third Amendment, such options shall be cancelled.

5.   Counterparts
and Facsimile Signatures.  This Second Amendment may be
executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument and a facsimile signature shall be deemed an original signature for
all purposes.

This Third
Amendment has been executed as of the date set forth above.

	
  XELR8 Holdings, Inc. /s/
  John D. Pougnet

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By: 

  	
   

  	
  /s/ John Pougnet

  	
   

  	
  /s/ Sanford D Greenberg

  
	
   

  	
   

  	
  John Pougnet, Chief Executive Officer

  	
   

  	
  Sanford D. Greenburg

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  XELR8, Inc. 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ John D. Pougnet

  	
   

  	
   

  
	
   

  	
   

  	
  John Pougnet, Chief Executive Officer

  	
   

  	
   

  

 

 

 3Exhibit 10.29

SECOND
AMENDMENT TO EMPLOYMENT AGREEMENT

This
Second Amendment to Employment Agreement (the “Second Amendment”) is
entered into effective as of October 11, 2006, by and between XELR8 Holdings, Inc., (formerly VitaCube Systems Holdings, Inc.), a
Nevada corporation (the “Company”), and John D.
Pougnet (the “Employee”).

EXPLANATORY STATEMENT

A.            Company and Employee entered into an
Employment Agreement dated September 12, 2005 (the “Employment Agreement”)
whereby the Company employed the Employee as its Chief Financial Officer (“CFO”)
and entered into an Amendment of Employment Agreement dated July 10, 2006
amending the Employment Agreement.

B.            The Company desires to further amend the Employment
Agreement by appointing the Employee as its 
Chief Executive Officer in addition to his employment as the Company’s
CFO, increasing the Employee’s salary, the grant of stock options to the
Employee and to provide for a bonus.

C.            The Company and Employee desire to
amend and modify the Employment Agreement as set forth below.

NOW,
THEREFORE, in consideration of the foregoing Explanatory Statement that is made
a substantive part of this Second Amendment and the mutual promises contained
herein and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Employment Agreement is hereby amended and
modified as follows:

1.             Section 1.1, “Employment” is
hereby amended by deleting the first sentence of such section and replacing it
with the following:

“
Company agrees to employ Employee as its Chief Financial Officer and as its
Chief Executive Officer (“CEO”) until terminated as herein provided.”

2.             Section 1.2, “Time Devoted”
is amended by deleting the words “CEO or” in the second sentence of this
Section.

3.             Section 1.3 “Duties” is
amended by adding the following in the first sentence after “Employee’s duties
shall include:” the following:

“management
of the day-to-day operations of the Company, general administration of the
Company’s business including strategic planning for the Company, supervision
and direction of employees and other corporate officers, and all other duties
necessary to perform the foregoing responsibilities or assigned to Employee by
the board of directors.  Employee will
have the authority to perform and execute the necessary actions to implement
the operational initiatives set by the Company acting through its board of
directors.”

4.                     Section numbered 2, “Term” is
hereby amended to read as follows:

“The term of Employee’s
employment as CEO pursuant to this Second Amendment shall commence effective as
of October 11, 2006 and shall continue to February 1, 2008 (“CEO Amended
Term”) and the term of Employee’s employment as CFO pursuant to this Second
Amendment shall commence effective as of October 11, 2006 and terminate on
December 31, 2008 (the “CFO Amended

 

Term”). Unless Employee’s employment is
terminated earlier as provided in the Agreement, Employee’s employment shall
terminate at the end of the CEO Amended Term or CFO Amended Term except that the
CEO Amended Term and the CFO Amended Term may be extended by mutual agreement
of the parties.”

5.             Section numbered 3.1, “Salary”
is hereby amended to read as follows:

“Employee will receive as compensation for all responsibilities a base
salary (“Base Salary”) of $127,000 per year. So long as the Employee is
employed as the Company’s CEO and CFO, the Base Salary shall increase: (i) to
$150,000 per year upon the completion of the Private Placement, (ii) to
$14,583/month (1/12 of $175,000) for each month the company is at or above
breakeven (defined as when net monthly sales meet or exceed net monthly
expenses on a cash basis) and $12,500/month (1/12 of $150,000) for each month
the company is below breakeven, and (iii) to  $205,000
per year commencing October 1, 2007.

Notwithstanding the
foregoing, if a replacement CEO is appointed, the Employee’s salary as CFO
shall be $150,000 per year as long as net revenues are above financial
breakeven and $175,000 per year after the first month that monthly net sales exceed
$900,000. All Base Salary shall be payable according to the salary schedule of
Company.  “

6.             Section
numbered 3.2 “Stock Options” is hereby amended by the addition of the
following at the end of Section numbered 3.2:

“In addition to the foregoing options, the Employee
shall receive options (“Additional Options”) to purchase an aggregate of
an additional 100,000 shares of Employer’s common stock pursuant to the ISOP at
an exercise price equal to the closing price of such shares on the date of the
execution of this Second Amendment as set forth below. All such Additional
Options shall vest on a pro-rata basis at the end of each month of Employee’s
employment beginning March 2007 and ending December 31, 2008 pursuant to this
Agreement.”

7.             Section
numbered 7.2 “Compensation Upon Termination” is amended by adding the
following after the first sentence:

“If the Company terminates
this Agreement with cause, Employee shall receive from the Company, as long as
Employee does not violate the provisions of Section 8 hereof, severance pay
equal to 6 month’s Base Salary, payable in equal monthly installments, for a
period of 6 months from the date of termination of employment, and all of
Employee’s unvested options will terminate immediately, and all vested options to
the extent not exercised shall terminate 90 days from the date of the
termination of Employee’s employment with cause.”

8.             Section numbered 7 “Compensation Upon Termination” is further
amended by adding the following new subsection:

“7.4         If the Company elects to replace the Employee as CEO during
the term of this agreement and the Employee remains as the Company’s CFO but
has irreconcilable differences with the new CEO and resigns as CFO due to these
irreconcilable differences, the Employee shall be entitled to three (3) month’s
severance pay of his Base Salary then in effect upon the following occurring:

a. Employee provides written
notice to the Company’s Board of Directors stating the basis for the
irreconcilable differences with the CEO and that he is invoking this section of
his Employment Agreement.

 

b. The Company will have two
(2) months (“Resolution Period”) to resolve the irreconcilable
differences between the CEO and the Employee.

c.  The Company fails to resolve the
irreconcilable differences in the sole discretion of the Employee within the
Resolution Period and the Employee provides written notice to the Company
within five (5) business days of the end of the Resolution Period that he is
resigning as CFO due to the unresolved irreconcilable differences with the CEO.

If the Employee resigns
pursuant to this Section 7.4 and is entitled to severance pay hereunder, all
unvested stock options will be cancelled effective upon such final resignation
and the Employee shall have ninety (90) days from such resignation date to
exercise his vested options after which period such vested but unexercised
options shall be cancelled.”

9.             Any and all other terms and
conditions of the Employment Agreement not amended or modified herein shall
remain the same and in full force and effect.

Execution
Date of this Second Amendment:   March 26,
2007.

	
  Company:

  	
   

  	
  Employee:

  
	
   

  	
   

  	
   

  
	
  XELR8
  Holdings, Inc. /s/

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/Earnest
  Mathis, Jr.

  	
   

  	
  /s/ John D. Pougnet

  
	
  Earnest Mathis,
  Jr., Executive Chairman

  	
   

  	
  John D. Pougnet

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