Document:

United States Security & Exchange Commission EDGAR Filing

AMENDMENT TO AGREEMENT DATED MAY 15, 2006

The Agreement dated May 15, 2006 by and between Video Without Boundaries, inc., a Florida corporation (now known as MediaREADY, Inc. and hereinafter referred to as “MediaREADY” or the “Company”) and David Aubel (“Aubel”) (the “Agreement”) is hereby amended with this Amendment to the Agreement dated November 15, 2006   (the “Amendment”).  MediaREADY and Aubel are collectively referred to herein as the “Parties.”  

W I T N E S S E T H:

WHEREAS, Aubel has for several years had, and continues to have, a substantial outstanding indebtedness in MEDIAREADY;

WHEREAS, the Parties entered into the Agreement for purposes of setting forth the terms and conditions pursuant to which Aubel may convert outstanding debt into shares of the Company’s common stock; 

WHEREAS, due to the Company’s continued lack of additional meaningful funding sources, including insufficient cash flow from operations for working capital purposes, the Company has been dependent upon Aubel for additional substantial capital in the form of loans to fund its operations subsequent to the execution of the Agreement; and 

WHEREAS, in view of such additional funding provided to the Company by Aubel, the Parties   wish to ratify certain modifications to the Agreement undertaken post May 15, 2006 with the consent of both Parties, and to further modify the Agreement on a going forward basis as described herein; 

NOW THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt, sufficiency and adequacy of which is hereby acknowledged by the Parties hereto, the Parties agree as follows:  

1.

For the third quarter of 2006, the Parties hereby ratify Aubel’s right to convert outstanding 

debt into shares of the Company’s common stock on the following basis: in the aggregate, no more than twelve percent (12%) of the Company’s then issued and outstanding common stock may be converted by Aubel in such third quarter, and further provided that as to each individual conversion effected by Aubel in such third quarter, such conversion be less than five (5%) percent of the Company’s then issued and outstanding common stock;  

2.  For the fourth quarter of 2006, the Parties hereby ratify Aubel’s right to convert outstanding debt into shares of the Company’s common stock on the following basis: in the aggregate, no more than six percent (6%) of the Company’s then issued and outstanding common stock may be converted by Aubel in such fourth quarter, and further provided that as to each individual conversion effected by Aubel in such fourth quarter, such conversion be less than five (5%) percent of the Company’s then issued and outstanding common stock;

3.  Thereafter, as of the first quarter of 2007, the debt to shares of common stock conversion rate will return to the nine (9%) percent cap per quarter set forth in the Agreement, provided further that  as to each individual conversion effected by Aubel in any such quarter, such conversion be less than five (5%) percent of the Company’s then issued and outstanding common stock

All other terms and conditions of the Agreement remain in full force and effect. 

		
	                                                                                           

	MediaREADY, Inc.

	 
	 

	 
	/s/  JEFFREY HARRELL

	 
	Jeffrey Harrell,

	 
	President & CEO

	 
	 

	 
	 

	 
	/s/  DAVID AUBEL

	 
	David Aubelex101

    EMPLOYMENT
      AGREEMENT

    

    AGREEMENT
      entered into this 14th day
      of
      November, 2006, by and between JUMA
      TECHNOLOGY, CORP., a
      New
      York Corporation with offices located at 154 Toledo Street, Farmingdale, New
      York 11735 (hereinafter, the “Company”) and
      DAVID GIANGANO,
      c/o
      Juma Technology, Corp., 154 Toledo Street, Farmingdale, New Yorkl 11735
      (hereinafter, “Executive”).

    

    W
      I T
      N E S S E T H:

    

    WHEREAS,
      the Company is engaged in a business that includes the installation and wiring
      of Digital Video Surveillance and Recording Systems, Access Control Security
      Systems, Network Data Security, Phone Systems, Information Technology (IT)
      Services and Related Equipment, that is provided to its corporate, commercial,
      retail, business and educational customers; and

    

    WHEREAS,
      the Company desires to employ the Executive as President and Chief Executive
      Officer, and desires to provide him with compensation and other benefits on
      the
      terms and conditions set forth in this Agreement; and

    

    WHEREAS,
      the Executive wishes to accept such employment and perform services for the
      Company on the terms and conditions hereinafter set forth;

     

    NOW
      THEREFORE, it is hereby agreed by and between the parties as
      follows:

    

    1.
       Employment.

    

    1.1
      Subject to the terms and conditions of this Agreement, the Company agrees to
      employ Executive during the term hereof as its President and Chief Executive
      Officer.

    

    1.2
      Subject to the terms and conditions of this Agreement, Executive hereby accepts
      employment as President and Chief Executive Officer of the Company and agrees
      to
      devote his full working time and efforts, to the best of his ability, experience
      and talent, to the performance of services, duties and responsibilities in
      connection therewith.

    

    2.
      Term
      of Employment.

    

    Executive’s
      term of employment under this Agreement (the “Term”) commenced on November 14,
      2006 and, subject to the terms hereof, shall continue for three (3) years until
      November 15, 2009. Thereafter, this Agreement shall automatically renew,
      annually, upon the terms and conditions set forth herein; however, the parties
      have the right, at the election of the Company, to change the terms of this
      Agreement by the execution of an Addendum Agreement by each
      party.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    3.
      Compensation.

    

    3.1
      Salary.
      During
      the Term, the Company shall pay Executive a Base Salary at the rate of One
      Hundred Seventy-Five Thousand ($175,000.00) Dollars per annum. Base Salary
      shall
      be payable in accordance with the ordinary payroll practices of the Company,
      but
      no less frequently than semi-monthly. Unless this Agreement is terminated,
      extended or a new Agreement is negotiated, at the end of the initial Term
      hereof, the Executive’s Base Salary shall increase at the rate of fifteen (15%)
      percent, per annum, thereafter, and, as so increased, shall constitute “Base
      Salary” hereunder. 

    

    3.2
      Bonus.
      As
      an
      inducement to the Executive, during the Term of this Agreement and any renewal
      or extension period thereafter, the Executive shall be entitled to receive
      an
      annual Bonus of up to: (i) One Hundred (100%) percent of his then Base Salary
      in
      cash and, (ii) Two Hundred (200%) of his then Base Salary in Company Common
      Stock, which may include Stock Options, Restricted Stock and/or Deferred
      Compensation, pursuant to the terms of the Executive Bonus Plan, which is a
      weighted Formula based upon the approved Budget by the Company’s Board of
      Directors and/or its Compensation Committee. Under the terms of said Executive
      Bonus Plan, there are three (3) equal components to the Budget, to wit: (a)
      Sales; (b) Gross Profit Percentage; and (c) Net Income. In the event that the
      Company successfully achieves 100% to 149% of the approved Budget Target
      (whether for a, b or c, above), then the Executive shall be entitled 50% of
      his
      Base Salary, times one-third (representing equal weight for each category,
      a, b
      or c, above). In the event that the Company successfully achieves 150% to 199%
      of the approved Budget Target (whether for a, b or c, above), then the Executive
      shall be entitled 75% of his Base Salary, times one-third (representing equal
      weight for each category, a, b or c, above). Likewise, in the event that the
      Company successfully achieves 200% or more of the approved Budget Target
      (whether for a, b or c, above), then the Executive shall be entitled 100% of
      his
      Base Salary, times one-third (representing equal weight for each category,
      a, b
      or c, above). In no event shall the three (3) Bonus components identified above,
      when combined, exceed 100% of the Executive’s Base Salary, then in effect for
      the cash component of the Bonus. The Executive shall exclusively determine
      whether said cash component of the Bonus, if any, shall be paid in the form
      of
      Cash or the issuance of Company Stock, or a combination thereof. 

     

    3.3
      Compensation
      Plans and Programs.
      Executive shall be eligible to participate in any Compensation Plan or Program
      [401(k) Stock Option Plan] maintained by the Company in which other Executives
      or employees of the Company participate, on similar terms.

    

    3.4
      Loans. Under
      no
      circumstances may the Executive receive a Loan from the Company, of any kind
      or
      fashion, or of any duration, whatsoever. 

    

    4.
      Employee
      Benefits.

    

    4.1
      Medical,
      Dental and Vision Benefit Plans. The
      Company shall provide to the Executive and his Family, during the Term of his
      employment, or any renewal or extension thereafter, with coverage under all
      Employee medical, dental and vision benefit programs, plans or practices adopted
      by the Company and made available to all employees of the Company.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    4.2
      Life
      and Disability Insurance Benefit Plans. The
      Company shall provide Executive during the Term of his employment, or any
      renewal or extension thereafter, with coverage under all Employee life insurance
      and disability insurance plans as may be adopted and in effect by the Company
      and made available to all employees of the Company.

    

    4.3
      Vacation
      Benefit. The
      Executive shall be entitled to four (4) weeks paid vacation in each calendar
      year (but no more than ten [10] consecutive business days at any given time),
      which shall be taken at such times as are consistent with Executive’s
      responsibilities hereunder. The Executive’s vacation schedule shall be submitted
      and approved by the Company. The Executive agrees and understands that vacation
      days shall not
      be taken
      during any period upon which the Company is undergoing a financial audit by
      its
      approved Financial Auditors. Unless otherwise approved by the Company, any
      vacation days not taken in any calendar year shall be forfeited without payment
      therefore.

    

    4.4
      Expenses.
      The
      Executive is authorized to incur reasonable expenses in carrying out his duties
      and responsibilities under this Agreement, including expenses for travel,
      automobile (mileage reimbursement calculated at IRS prevailing rates) and
      similar items related to such duties and responsibilities. The Company will
      reimburse Executive for all such expenses upon presentation by Executive on
      a
      monthly basis of appropriately itemized and approved (consistent with the
      Company’s policy) accounts of such expenditures. In addition, the Executive
      shall be entitled to an annual Ten Thousand ($10,000.00) Dollar automobile
      allowance. Any increase in the automobile allowance, at the end of the initial
      Term hereof, shall be in the sole and reasonable discretion of the Company
      and
      its Board of Directors. 

    

    5.
      Termination
      of Employment.

    

    The
      Company may terminate Executive’s employment at any time for any
      reason.

    

    5.1
      Termination
      Not for Cause. If
      Executive’s employment is terminated by the Company other than for Cause (as
      defined in Section 5.2, below) or due to a Change in Control, Executive shall
      receive a severance payment equal to one (1) year’s Base Salary and benefits,
      including any earned and/or accrued Bonus, as in effect immediately prior to
      such termination, payable in accordance with the ordinary payroll practices
      of
      the Company, but not less frequently than semi-monthly following such
      termination of employment. For purposes of this Agreement, “Change in Control”
shall mean greater than 50% of the Company’s presently existing Management Team
      has been replaced. 

    

    5.2
      Termination
      for Cause; Voluntary Termination by Executive; Death or Disability.

    

    A)
      For
      purposes of this Agreement, “Cause” shall mean any of the
      following:

    

    (i)
      Willful malfeasance or willful misconduct by Executive in connection with his
      employment;

    
      
        
        

      

      
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    (ii)
      Continual refusal by Executive to perform his duties hereunder or any lawful
      direction of the Board of Directors of the Company within ten (10) days after
      notice of such refusal to perform such duties or direction was given to the
      Executive;

    

    (iii)
      Any
      breach of the provisions of Section 7 of this Agreement by Executive or any
      other material breach of this Agreement by Executive; or

    

    (iv)
      The
      commission and conviction by Executive of (a) any felony, or (b) a misdemeanor
      involving moral turpitude, including but not limited to the Executive’s abuse of
      drugs and alcohol.

     

    B)
       For purposes of this Agreement, “Permanent Disability” shall mean a
      disability that would entitle Executive to receive benefits under the Company’s
      long-term disability plan as in effect from time to time or which prevents
      the
      Executive from performing his duties hereunder for one hundred eighty (180)
      consecutive days or more. 

    

     C)
       In the event that Executive’s employment is terminated (i) by the Company
      for Cause; (ii) by the Executive on a voluntary basis; (iii) as a result of
      the
      Executive’s permanent disability; or (iv) by the Executive’s death, then
      Executive or his Estate shall only be entitled to receive Base Salary and
      Bonuses already earned and accrued through the date of termination.

    

    In
      the
      event of termination by the Executive’s death or permanent disability, all such
      benefits identified herein shall be maintained and in effect for six (6)
      additional months by the Company. Any and all such unvested benefits (i.e.
      401K,
      restricted stock or stock options) shall immediately vest. After the termination
      of Executive’s employment under this Section 5.2 and payment of all amounts due
      to Executive under the terms of this Agreement, the obligations of the Company
      under this Agreement to make any further payments, or provide any benefits
      specified herein (other than benefits required to be provided by applicable
      law
      or under the terms of any employee benefit of the Company in which the Executive
      was a participant) to Executive shall thereupon cease and terminate. Termination
      of the Executive pursuant to this Section 5.2 shall be made by delivery to
      Executive of a Notice from the Board of Directors of the Company.  

    

    6.
      No
      Conflicts of Interest.

    

    The
      Executive shall not, directly or indirectly, engage or become interested in
      any
      other business, whether or not such business is competitive with the business
      of
      the Company, during the period of the Executive’s employment hereunder, or any
      renewals or extensions thereof.

    

    7.
      Nondisclosure
      of Confidential Information.

    

    The
      Executive shall not, without the prior written consent of the Company, use,
      divulge, disclose or make accessible to any other person, firm, partnership,
      corporation, competitor or other entity, any Confidential Information pertaining
      to the business or affairs of the Company, except (i) while employed by the
      Company, in the business of and for the benefit of the Company,
      or

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (ii)
      when
      required to do so by a Court of Competent Jurisdiction, by any Governmental
      Agency having supervisory authority over the business of the Company, or by
      any
      Administrative body or Legislative body (including a Committee thereof) with
      Jurisdiction to order the Executive to divulge, disclose or make accessible
      such
      information. 

    

    For
      purposes of this Section 7, “Confidential Information” shall mean non-public
      information concerning financial data, strategic business plans, sales or
      marketing plans, or other proprietary marketing data, proprietary information,
      contracts or agreements with customers, vendors or consultants, and other
      non-public, proprietary and confidential information of the Company that is
      not
      otherwise available to the public (other than by the Executive’s breach of the
      terms hereof).

    

    8.
      Specific
      Performance.

    

    Since
      the
      Company will be irreparably damaged if the provisions of Sections 6 and 7 hereof
      are not specifically enforced, the Company shall be entitled to an injunction
      restraining any violation of this Agreement by the Executive (without any bond
      or other security being required), or any other appropriate decree of specific
      performance. Such remedies shall not be exclusive and shall be in addition
      to
      any other remedy which the Company may have.

    

    9.
      Notices.

    

    All
      notices or communications hereunder shall be in writing, addressed as
      follows:

     

    To
      the Company:        Juma Technology,
      Corp.

                                          
      Attn: Frances Vinci, Executive Vice President
                                       154
      Toledo Street
                                      
      Farmingdale, NY 11735

To
      the Executive:         David
      Giangano
                                        c/o
      Juma Technology,
      Corp.
                                       
154 Toledo Street
                                       
      Farmington, NY  11735

    

    Any
      such
      notice or communication shall be delivered by hand or by courier or sent
      certified or registered mail, return receipt requested, postage prepaid,
      addressed as above (or to such other address as such party may designate in
      a
      notice duly delivered as described above), and the third business day after
      the
      actual date of mailing shall constitute the time at which notice was
      given.

    

    10.
      Waiver.

    

    The
      failure of a party to insist upon strict adherence to any term of this Agreement
      on any occasion shall not operate or be construed as a Waiver of the right
      to
      insist upon strict adherence to that term or any other term of this Agreement
      or
      any other occasion. Any Waiver must be in writing with proper notice given
      as
      per Section 9, above.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    11.
      Separability.

    

    If
      any
      provision of this Agreement shall be declared to be invalid or unenforceable,
      in
      whole or in part, such invalidity or unenforceability shall not affect the
      remaining provisions hereof, which shall remain in full force and
      effect.

    

    12.
      Assignment.

    

    This
      Agreement shall be binding upon and inure to the benefit of the heirs and
      representatives of Executive and the assigns and successors of the Company,
      but
      neither this Agreement nor any rights or obligations hereunder shall be
      assignable or otherwise subject to hypothecation by Executive (except by will
      or
      by operation of the laws of intestate succession) or by the Company, except
      that
      the Company may assign this Agreement to any successor (whether by merger,
      purchase or otherwise) of all or substantially all of the stock, assets or
      businesses of the Company, if such successor expressly agrees to assume the
      obligations of the Company hereunder.

    

    13.
      Amendment.

    

    This
      Agreement may only be changed, modified or amended by written agreement of
      the
      parties hereto. Any alleged oral modifications or amendments shall be deemed
      null and void.

    

    14.
      Beneficiaries;
      References.

    

    The
      Executive shall be entitled to select (and change to the extent permitted under
      applicable law) a beneficiary or beneficiaries to receive any compensation
      or
      benefit payable hereunder following the Executive’s death, and may change such
      election, in either case by giving the Company written notice thereof. In the
      event of the Executive’s death or a judicial determination of his incompetence,
      reference in this Agreement to the Executive shall be deemed, where appropriate,
      to refer to his beneficiary, estate or other legal representative. Any reference
      to the masculine gender in this Agreement shall include, where appropriate,
      the
      feminine.

    

    15.
      Survival.

    

    Notwithstanding
      the termination of the Executive’s employment hereunder, the provisions hereof
      shall, unless the context otherwise requires, survive such
      termination.

    

    16.
      Complete
      Agreement.

    

    This
      Agreement contains the entire understanding between the parties and is intended
      to be the complete and exclusive statement of the terms and conditions of the
      agreement between the parties and supersedes in all respects any prior agreement
      or understanding between the Company and the Executive as to employment
      matters.

    

    
      
        
        

      

      
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    17.
      Withholding.

    

    The
      Company shall be entitled to withhold from payment to the Executive, any amount
      of withholding required by law.

    

    18.
      Governing
      Law.

    

    This
      Agreement shall be construed, interpreted and governed in accordance with the
      laws of the State of New York, without reference to rules relating to conflicts
      of law.

    

    19.
      Counterparts.

    

    This
      Agreement may be executed in two or more counterparts, each of which will be
      deemed an original.

    

    IN
      WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
      as
      of the date first above written.

    

    
      	
              JUMA
                TECHNOLOGY, CORP.

            	
              EXECUTIVE

            
	 	 
	 	 
	
               /s/ 
                Anthony
                Fernandez                            
                

            	
              /s/  
                David
                Giangano                            
                

            
	
              By: 
                Anthony Fernandez

            	
              By:
                David Giangano

            
	
                      Chief
                Financial Officer

            	
                    
                President & CEO

            

    

     

    
 

    
      
        
        

      

      
        7

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