PAYROLL DATA CHANGE ADDITIONAL TERMS
EX-10.08 6 ex10-08.htm AMENDMENT TO EMPLOYMENT AGREEMENT, DATED APRIL 26, 2012, BY AND BETWEEN WORTHINGTON ENERGY, INC. AND CHARLES VOLK ex10-08.htm
Exhibit 10.08
PAYROLL DATA CHANGE
ADDITIONAL TERMS
Change for Employee/Consultant- Name: | Charles F. Volk, Jr. | |
Change Effective as of (Date): | April 26, 2012 |
The parties below agree that the Employment Agreement dated April 1, 2010 between Employee and Worthington Energy, Inc., formerly known as Paxton Energy, Inc., is amended as follows:
1. Title under paragraph A will be Changed to just Chairman of the Board of Directors.
2. Base salary under paragraph 4 A is changed to include-Base Salary increase: When production reached 500 BOEPD equivalent, salary to be increased to $25,000 per month. When production reaches 2,000 BOEPD equivalent, salary to be increased to $35,000 per month. When production reached 4,000 BOEPD equivalent, salary to be increased to $45,000 per month. BOEPD increases triggered after 30 day BOEPD.
3. Under paragraph 4 the following items are added:
Health Insurance. Employee will be entitled to Health Insurance through Healthnet or other carrier.
Car Lease, on reaching 500 BOEPD employee will be entitled to Jaguar XJ Special Lease Offer, $799 per month,36 month, $4,995 +tax (or other Jaguar Lease special).
4. Term is extended to December 31, 2013.
In all other respects, the terms of the Option Agreement are ratified and confirmed.
EMPLOYEE: | COMPANY: |
| Worthington Energy, Inc. |
| f/k/a Paxton Energy, Inc. |
| a Nevada corporation |
/s/ CHARLES F. VOLK, JR. | /s/ ANTHONY MASON |
Charles F. Volk, Jr. | By: Anthony Mason |
| Title: Chief Executive Officer |