pyds_ex1016.htm
Exhibit
10.16
Second Amendment to
Employment Agreement
This Second Amendment (“Second
Amendment”), to the Employment Agreement (the "Agreement") dated February 27,
2007 between Payment Data Systems, Inc. ("PDS") and Michael R. Long
(“Executive") is entered into this 12th day of April, 2010 and is made part of the Agreement which is
hereby amended as follows:
1. Definitions. All
capitalized terms used herein and not expressly defined herein shall have the
respective meanings given to such terms in the Agreement.
2. Entire
Agreement. Except as expressly modified by this Second
Amendment, the Agreement shall be and remain in full force and effect in
accordance with its terms and shall constitute the legal, valid, binding and
enforceable obligations of PDS and Executive.
3. Successors and
Assigns. This Second Amendment shall be binding upon and inure
to the benefit of the successors and permitted assigns of the parties
hereto.
4. Section
References. Section titles and references used in this Second
Amendment shall be without substantive meaning or content of any kind whatsoever
and are not a part of the agreements among the parties hereto evidenced
hereby.
5. Now,
therefore, in consideration of the mutual covenants set forth herein and for
other good and valuable consideration, the adequacy, receipt and sufficiency of
which are hereby acknowledged:
a.
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The
Base Salary as set forth in Schedule 4(a)(i) of Schedule 1 to the
Agreement is hereby amended to be $24,000 per annum in year
2010.
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b.
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Schedule
4(b) of Schedule 1 of the Agreement is replaced in its entirety with,
“BONUS: Not to exceed 100% of the highest salary received in any year of
the Agreement as described in Schedule 4(a)(i) of Schedule
1.”
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This
Second Amendment amends the Agreement as set forth herein. All previously
existing obligations under the Agreement are hereby reaffirmed in all
respects.
In
witness thereof, the parties
hereto have caused this Second Amendment to the Agreement to be executed on the day and
year first above written.
Payment
Data Systems, Inc. |
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Executive |
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By: |
/s/ Louis A.
Hoch |
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By: |
/s/ Michael R.
Long |
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Name: Louis A.
Hoch |
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Name: Michael R.
Long |
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Title: President &
COO |
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