AMENDMENT #1 TO EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit
10.7
AMENDMENT
#1 TO
This
Amendment #1 to the Executive
Employment Agreement dated August 1, 2007 (the “Agreement”) by and between Xxx
Xxxxxxx (“Employee”), and Gen2Media Corporation (“the Company”) (collectively,
the “Parties”) is entered into as of this 6th day of
December
2007. The Parties hereby agree as follows:
1. Section
3(c) to the Agreement is hereby deleted in its entirety and shall be replaced
with the following provision:
Employee
shall be entitled to participate in the equity compensation plans to be
established from time to time by the Company on a basis no less favorable than
any other senior executives of the Company. Upon the Company’s adoption of a
Stock Option Plan, Employee shall be granted, subject to approval by the
Company’s Board of Directors, 400,000 stock options at an exercise price of
$0.10 per share (the “Options”). The Options, when granted, shall be subject to
applicable federal and state laws. The Options shall vest at the rate of 25%
(100,000 shares) each 6 months beginning from the date of the grant, such that
all Options shall vest within 24 months from the date of the initial grant.
Once
vested, Employee shall have up to 36 months to exercise the Options by providing
written notice to the Company. Employee shall be responsible for any fees
associated with the Company’s issuance of the Options.
2. All
other terms and provisions of the Agreement shall remain in full force and
effect..
| Agreed and Accepted to by: | ||||
| Gen2Media Corporation | ||||
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By:
/s/Xxxx
Spio
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/s/
Xxx
Xxxxxxx
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Xxxx
Spio,
President
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Xxx
Xxxxxxx
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