Exhibit 4.7
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
between
NANNACO, INC.,
and
XXXXXX XXXXXXX, III
This Amendment No. 1 to the Employment Agreement (the "AGREEMENT"), is
dated September 30, 2003, by and among NANNACO, Inc., Texas corporation
("NANNACO"), and Xxxxxx XxXxxxx, III ("XxXxxxx").
WHEREAS, the parties to the Employment Agreement, attached hereto as
Exhibit A (the "Employment Agreement"), desire to amend the Employment Agreement
to provide that NANNACO has the option of granting XxXxxxx stock bonuses in
connection with him employment with NANNACO;
NOW, THEREFORE, in consideration of the premises and the mutual and
independent covenants hereinafter set forth, the parties hereto agree as
follows:
Section 3. of the Employment Agreement is hereby deleted in its entirety and
amended to read as follows:
"3. Compensation and Benefits.
(a) Compensation.
(1) In consideration of the services to be rendered under this
Agreement, Employee shall receive a minimum salary in the total amount of Two
Hundred Thousand Dollars ($200,000) per year, payable semi-monthly, pursuant to
the procedures regularly established and as they may be amended by Employer
during the Period of Employment. This compensation may be deferred at the option
of Employee, and in such case, the salary shall accrue interest at prime plus
1%. The Employee has the option to convert any or all salary with accrued
interest to Nannaco, Inc. stock restricted under Rule 144 at a conversion rate
thirty percent (30%) off the average closing bid during the month prior to the
month being compensated.
(2) In connection with the minimum salary in the total amount
of Two Hundred Thousand Dollars ($200,000) per year, listed in section 3(1)
above, the board of directors of Employer, in its sole discretion, shall be
entitled to grant Employee, and Employee shall be entitled to receive, certain
stock bonuses in such amount as the board of directors determines in reasonable.
(3) All compensation and comparable payments to be paid to
Employee under this Agreement shall be less withholdings required by law.
(b) Benefits.
Employee shall be entitled to fringe benefits comparable to
similarly situated executives, officers or directors, including paid annual tax
preparation assistance. As Employee becomes eligible, he shall have the right to
participate in and to receive benefits from all present and future benefit plans
generally made available to similarly situated employees of Employer. The amount
and extent of benefits to which Employee is entitled shall be governed by the
specific benefit plans, as amended. Employee shall also be entitled to any
benefits or compensation tied to termination as described in Section 4. No oral
statement concerning benefits or compensation to which Employee is entitled
shall alter in any way the term of this Agreement or its termination.
(c) Insurance and Indemnity.
Employer shall obtain for the benefit of Employee director's
and officer's liability insurance coverage to protect Employee from personal
liability to the fullest extent allowed by law for acts undertaken as an officer
or director of Employer or an Affiliate. Furthermore, to the fullest extent
allowed by law, Employer shall indemnify Employee for and hold Employee harmless
from any and all claims or causes of action arising out of Employee's exercise
of his duties as an employee, officer or director of Employer or an Affiliate."
Dated as of the date first written above.
NANNACO, INC.
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Name: Xxxx Xxxxxxx
Title: Director
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Name: Xxxxxx XxXxxxx
Title: President and C.E.O.
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