AMENDMENT NO. 1
FIRST AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This constitutes Amendment No. 1 to that certain First Amended and Restated Employment Agreement
(the “Employment Agreement”), dated August 28, 2009, by and between ubroadcast, inc., a Delaware
corporation (“Employer”), and John L. Castiglione (“Employee”).
For good and adequate consideration, the receipt and adequacy of which is hereby acknowledged, the
parties hereby agree, as follows:
In addition, Employee shall be afforded a monthly non-accountable expense
reimbursement allowance in the amount of $1,200.00.
In all other aspects, the Employment Agreement is ratified and affirmed.
Section III(B) of the Employment Agreement is hereby deleted in its entirety and
replaced with the following:
Salary . Employee shall be paid as and for a salary the sum of $12,500 per month,
beginning with the monthly period beginning December 15, 2009, which salary shall be
payable on the 1st and 15th days of each calendar month, in advance, subject to
deduction of lawful and required withholding.
Employee’s unpaid salary shall accrue until paid by Employer. Employee shall have the
right, but not the obligation, to be paid all or a portion of his accrued and unpaid salary in
shares of Employer’s common stock, on the following basis:
on the 15th day of each calendar month, should Employee desire to convert his
accrued and unpaid salary from the immediately preceding month into shares of
Employer’s common stock, Employee shall deliver to Employer a written notice
(a ‘Salary Conversion Notice’) of his intent to have Employer pay such accrued
and unpaid salary in shares of Employer’s common stock. Each Salary
Conversion Notice shall set forth (1) the amount of accrued and unpaid salary to
be converted into shares of Employer’s common stock and (2) the number of
shares of Employer’s common stock which are to be issued to Employee based
on the following form