Exhibit 10.6
DalecoResourcesCorporation
January19,2009
RichardW.Blackstone
4846SarasotaDrive
Hilliard,OH43026-9098
Re: Continued Employment
DearRick,
Thisletterwillmemorializeour discussions of the past several weeks regardingyour employment with Daleco Resources Corporation ("Daleco" or the "Company").
Since the commencementof your employment with the Company, you have been commuting from your home in Columbus, Ohio, and have expressed to me your desire to return home and work remotely on a part time basis for the Company.
To accomplish the aboveobjective, Daleco hereby accepts your resignation as a full time employee,as of January 19, 2009. Daleco agrees toretain you, on a part-time basis, as the Company's Chief Accounting Officer and to continue your dutiesas Secretary of theCompany. The Company shall appoint a new Secretary by April 8,2009 orsooner.
The Company hereby confirms thatitis indebted toyou in the amount of $1,242 in un-reimbursed expenses and$21,675 in salary as of September 30, 2008. These amounts containno accrued interest.
The Company agrees to provide you remote internet access to facilitate your access to the Company's accounting records, financial and other information required for the performance ofyour dutiesas Chief Accounting Officer.
17 WilmontMews,5thFloor* West Chester, PA 19382*610.429.0181*Fax 610.429.0818
In this capacity,youagree to perform such services as required to close the books ofthe Company on a quarterly and annual basis, assist in the preparation of the Company's reports on Forms 10-QSB and 10-KSB, and interact with the Company'sauditors and the Audit Committee of the Board of Directors as necessary. In noevent shall the services being performed for theCompany have priorityto your obligations in respect to your employer.
You shall keep me advised of the amount oftime being expendedby you, with the understanding that youshall not expend more 50 hours per quarter to include assistance in the preparation of the Company's quarterly reports on Form 10-QSB and 50 hours on the closing of the Company's books for the fiscal year unless authorized by the Company. Thetime required for your assistance in the preparation of the Company's Annual Report on Form 10-KSB, to include, but not limited to, working with the Company's auditors and responding to the requests of the Company's Audit Committee of the Board of Directorsshall be separately negotiatedprior to the close of the Company's fiscal year end.
The Company agrees to compensate you at the rate of $85 per hour. Additionally, the Company agreestoreimburse you forthe costsof travel tothe Company's office,as reasonably incurred, but only if such travel was approved by the Company in advance.
Should you agree with the foregoing, please indicate your concurrence therewith in the space provided and return an originally executed copy of this letter to the undersigned.
| Sincerely, | |
| /s/ Gary J. Novinskie | |
| GaryJ.Novinskie | |
| President |
| Agreed to this 19th day of | |
| January, 2009 | |
| /s/ Richard W. Blackstone | |
| Richard W. Blackstone |
| -2- |
