Document:

fs12012ex10ix_genesisgrp.htm

Exhibit 10.9

 

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

This Amendment to Executive Employment Agreement entered into on November 29, 2010 is by and between Genesis Group Holdings, Inc., a Delaware corporation (the "Company") and Billy Caudill (the "Executive").

 

WHEREAS, on January 16, 2010 the Company and the Executive entered into that certain Executive Employment Agreement, a copy of which is attached hereto as Exhibit A and incorporated herein by such reference (the "Employment Agreement").

 

WHEREAS, Paragraph 6(b) of the Employment Agreement erroneously contained a provision whereby the Executive was entitled to receive 25,000,000 shares of the Company’s common stock as an incentive to the execution of the Employment Agreement (the “Incentive Shares”), which such shares have never been issued by the Company to the Executive.

WHEREAS, the parties are desirous of correcting this ministerial error in the drafting of the Employment Agreement.

 

NOW, THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.           Recitals.  The foregoing recitals are true and correct.

2.           Correction of Paragraph 6(b).  The Employment Agreement is hereby amended effective January 16, 2010 to delete Paragraph 6(b) in its entirety and replace it with the following:

(b)           Equity Incentives.  To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof as determined by the Company.  If in the first year of employment the Company books more than $20,000,000.00 in contracts and new company acquisitions, the Executive shall receive 25,000,000 shares of the Company’s common stock.

 

The Executive represents and warrants to the Company that the inclusion of the Incentive Shares in such paragraph in the Employment Agreement was a ministerial error in the drafting of the agreement and that he was never entitled under the terms of his employment with the Company or otherwise to the Incentive Shares.

3.           No Additional Changes.  Except for the correction to Paragraph 6(b) as set forth herein, all other terms and condition of the Employment Agreement remain in full force and effect.

 

4.           Amendment or Assignment.  No modification, waiver, amendment, discharge or change of this Agreement shall be valid unless the same is evidenced by a written instrument, executed by the party against which such modification, waiver, amendment, discharge, or change is sought.

5.           Construction and Enforcement.  This Agreement shall be construed in accordance with the laws of the State of Florida, without and application of the principles of conflicts of laws

 

  

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6.           Binding Nature, No Third Party Beneficiary. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties, and their respective successors and assigns, and is made solely and specifically for their benefit.  No other person shall have any rights, interest or claims hereunder or be entitled to any benefits under or on account of this Agreement as a third-party beneficiary or otherwise.

7.           Counterparts.  This Agreement may be executed in any number of counterparts, including facsimile signatures which shall be deemed as original signatures.  All executed counterparts shall constitute one Agreement, notwithstanding that all signatories are not signatories to the original or the same counterpart.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

 

	 	
GENESIS GROUP HOLDINGS, INC. 

 

By: /s/ Gideon Taylor

Gideon Taylor, Chief Executive Officer

/s/ Billy Caudill

Billy Caudill

 

 

2fs12012ex10x_genesisgrp.htm

Exhibit 10.10

 

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

 

This Amendment to Executive Employment Agreement entered into on November 29, 2010 is by and between Genesis Group Holdings, Inc., a Delaware corporation (the "Company") and Gideon Taylor (the "Executive").

 

WHEREAS, on September 1, 2009 the Company and the Executive entered into that certain Executive Employment Agreement, a copy of which is attached hereto as Exhibit A and incorporated herein by such reference (the "Employment Agreement").

 

WHEREAS, Paragraph 6(b) of the Employment Agreement erroneously contained a provision whereby the Executive was entitled to receive 25,500,000 shares of the Company’s common stock as an incentive to the execution of the Employment Agreement (the “Incentive Shares”), which such shares have never been issued by the Company to the Executive.

WHEREAS, the parties are desirous of correcting this ministerial error in the drafting of the Employment Agreement.

 

NOW, THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.           Recitals.  The foregoing recitals are true and correct.

2.           Correction of Paragraph 6(b).  The Employment Agreement is hereby amended effective September 1, 2009 to delete Paragraph 6(b) in its entirety and replace it with the following:

(b)           Equity Incentives.  To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof as determined by the Company.

 

The Executive represents and warrants to the Company that the inclusion of the Incentive Shares in such paragraph in the Employment Agreement was a ministerial error in the drafting of the agreement and that he was never entitled under the terms of his employment with the Company or otherwise to the Incentive Shares.

3.           No Additional Changes.  Except for the correction to Paragraph 6(b) as set forth herein, all other terms and condition of the Employment Agreement remain in full force and effect.

 

4.           Amendment or Assignment.  No modification, waiver, amendment, discharge or change of this Agreement shall be valid unless the same is evidenced by a written instrument, executed by the party against which such modification, waiver, amendment, discharge, or change is sought.

5.           Construction and Enforcement.  This Agreement shall be construed in accordance with the laws of the State of Florida, without and application of the principles of conflicts of laws

 

  

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6.           Binding Nature, No Third Party Beneficiary. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties, and their respective successors and assigns, and is made solely and specifically for their benefit.  No other person shall have any rights, interest or claims hereunder or be entitled to any benefits under or on account of this Agreement as a third-party beneficiary or otherwise.

 

7.           Counterparts.  This Agreement may be executed in any number of counterparts, including facsimile signatures which shall be deemed as original signatures.  All executed counterparts shall constitute one Agreement, notwithstanding that all signatories are not signatories to the original or the same counterpart.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	  	
GENESIS GROUP HOLDINGS, INC.

 

By: /s/ Gideon Taylor

Gideon Taylor, Chief Executive Officer

 

/s/ Billy Caudill

Billy Caudill

 

2fs12012ex10xi_genesisgrp.htm

Exhibit 10.11

 

Purchase and  Sale  Agreement

 

This  Purchase and  Sale  Agreement  ("PSA") is hereby made this 30th of July 2012,  by and among Genesis Group Holdings Inc. as "'Seller" and  Billy  Caudill as Purchaser concerning the stock  of Digital Comm  Inc. (the  "Company").

 

WHEREAS, Seller desires to sell  and  Purchaser desires to purchase 60% of the  common equity interest of the  Company for good and  valuable consideration;

 

WHEREAS, this PSA is intended to create obligations to proceed in a manner set  forth by this PSA.

 

WHEREAS, the  parties mutually agree that they  will continue to cooperate and execute such other and further documentation as is necessary to further the  intentions of the respective parties contained herein.

 

UNDERSTANDING OF THE  PARTIES AS FOLLOWS:

 

Basic  Premise for Agreement, Purchase Price; Payment of Consideration.

 

	
1.  

	

The  purchase price  for the  Purchased Shares (the  "Purchase Price")  shall be  as follows:

	
●  

	
$125,000 in the  form  of a Non·Recourse/ Unsecured Promissory Note from  Purchaser to Seller delivered at Closing in exchange for 60% of the  common stock  of the Company. The  Note may  be repaid from  proceeds of the  Seller's S·l Registration statement that will go to Purchaser.

	
●  

	
Purchaser shall be given  Series D Preferred Stock  in Seller in an  amount that shall equal the  amounts shown on the  books of the  Company owed to Regions Bank that are  secured by Purchaser's home.

	
●  

	
Seller shall retain a non·dilutable 40% interest in the  Company. Purchaser shall be permitted to take on a strategic partner or partners and  sell  up to 60% of the Company so long as same terms are  first offered  to Seller with 30 days' notice  to accept or pass.

	
 ●  

	
 Seller shall use its best  efforts to continue secure additional financing and/or lines of credit to support help  support the  Company.

	
●  

	
All of the  Company's future work  shall first be offered  to Seller on a subcontract

	
●  

	
basis. In the  event that Seller or its subsidiaries are  unable to provide necessary labor or if the  Seller declines to accept the  assignment offered  to fulfill the  needs of the  Company's customer, Buyer may fulfill  the  work  through third parties.

	
●  

	
All salaries, and  other employee compensation and  day  to day  operational expenses shall be determined by Purchaser and  Seller shall have  no control over  day  to day operations. Seller shall only  be the  exclusive avenue for processing work.

	
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5% of cash receipts, up to $50,000 maximum annually, shall be paid  to Seller for

	
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accounting and administrative services.

  

  

  

 

	
2.  

	

This PSA t ball be construed under the laws of the State of Florida and cannot be changed or modified except by an instrument in writing executed by the Parties.

 

	
7.  

	

This PSA constitutes the entire agreement between the P3rtiea with  respect to the subject matter of this PSA.

IN WITNESS HEREOF the Parties by their duly authorized representatives, have executed this PSA effective the date first above written.

 

	
Seller:

	  	
Purchaser:

	  	  	  
	
Genesis Group Holdings Inc.

	  	
Billy Caudill

	  	  	  
	
/s/ Lawrence Sands

	  	
/s/ Billy Caudill

	
Authorized Signatory:

	  	
Authorized Signatory:

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