AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
AMENDMENT
NO. 1 TO EMPLOYMENT AGREEMENT
This
Amendment No. 1 ("Amendment")
is
made and entered into as of January 20, 2006, to be effective January 1, 2006,
by and among (i) Vital Living, Inc., a Nevada corporation ("Employer")
and
(ii) Xxxxx X. Xxxx ("Employee").
RECITALS
A. Employer
and Employee are parties to that certain Employment Agreement dated as of
January 1, 2005 (the "Employment
Agreement")
by and
among Employer and Employee. Unless otherwise indicated, all capitalized terms
herein shall have the meanings assigned to them in the Employment
Agreement.
B. Pursuant
to Section
6(g)
of the
Employment Agreement, modification or amendment to the Employment Agreement
require the written consent of the parties thereto.
C. Employer
and Employee believe that it is in their mutual best interests to amend the
Employment Agreement pursuant to the provisions contained herein.
AGREEMENT
NOW
THEREFORE, in consideration of the premises, the mutual covenants and agreements
herein contained, and other valuable consideration, the receipt, adequacy,
and
sufficiency whereof are hereby acknowledged, the parties hereto, intending
to be
legally bound, the Employment Agreement is hereby amended as
follows:
Section
1
of the Employment Agreement is hereby amended and restated as
follows:
1. Employment.
Employer
hereby employs Employee, and Employee hereby accepts such employment, as Chief
Operating Officer and Chief Financial Officer of the Company and in such other
capacities and for such other duties and services as shall from time to time
be
mutually agreed upon by Employer and Employee.
Section
3(a) of the Employment Agreement is hereby amended and restated as
follows:
3. Compensation
and Other Benefits.
(a) Salary.
Employer
shall pay to Employee, a base salary at an annual rate of $230,000 during the
period from January 1, 2006 through December 31, 2006, and $260,000 commencing
on January 1, 2007 and continuing until the end of the then-current term of
this
Agreement, to be paid in equal monthly installments, or in such other periodic
installments upon which Employer and Employee shall mutually agree.
Section
3(e) of the Employment Agreement is hereby amended and restated as
follows:
(e) Car
Allowance. Employee
shall be entitled to receive a monthly car allowance of $1,000.
This
Agreement may be executed in multiple counterparts, each of which shall have
the
force and effect of an original and all of which together will constitute one
and the same document. Except to the extent expressly amended or modified in
this Amendment, the Employment Agreement shall remain in full force and effect
as originally executed.
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IN
WITNESS WHEREOF, Employer and the Employee have executed this Amendment No.
1 to
Employment Agreement as of the day and year first above written.
VITAL
LIVING, INC.
By:
/s/ Xxxxxx
Xxxxxx
Xxxxxx
Xxxxxx
Chief
Executive Officer and President
/s/
Xxxxx
X. Linn_________________
Xxxxx
X.
Xxxx
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