First Amendment to Employment Agreement between Grow Biz International, Inc. and John L. Morgan

Summary

Grow Biz International, Inc. and John L. Morgan have agreed to amend their original employment agreement dated March 22, 2000. This amendment, effective February 18, 2001, updates the annual base salary for John L. Morgan to $100,000, paid according to the company's usual payroll practices and subject to standard withholdings. All other terms of the original employment agreement remain unchanged.

EX-10.26 4 0004.txt AMEND. TO EMPLOYMENT AGMT JOHN MORGAN EXHIBIT 10.26 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT -------------------- This Amendment to Employment Agreement ("Amendment") is made as of February 18, 2001, between Grow Biz International, Inc. ("Employer") and John L. Morgan ("Employee"). INTRODUCTION Employer and Employee entered into a Employment Agreement dated March 22, 2000 ("Employment Agreement"), which each party now desires to amend as set forth below. AGREEMENT In consideration of the foregoing, the parties agree as follows: 1. Amendment of Section 3. Section 3 of the Employment Agreement is hereby amended and restated in its entirety as follows: Annual Base Salary. The annual base salary, exclusive of any benefits or bonuses, which Employer agrees to pay to Employee will be One Hundred Thousand Dollars ($100,000). All amounts paid under this Agreement will be paid consistent with Employer's normal payroll practice and will be subject to all normal and required withholdings. 2. Force and Effect. Except as amended hereby, each term of the Employment Agreement shall remain in full force and effect. IN WITNESS WHEREOF, the parties have executed this Amendment as of the date herein first above written. EMPLOYER: Grow Biz International, Inc. Dated: February 18, 2001 By: /s/ Stephen M. Briggs ---------------------------------- Stephen M. Briggs, President EMPLOYEE: Dated: February 18, 2001 By: /s/ John L. Morgan ---------------------------------- John L. Morgan