Document:

Unassociated Document

Exhibit
10.1

    AMENDMENT TO EMPLOYMENT
AGREEMENT

     

    

     

    This
Amendment to Employment Agreement is entered into this 5th day of
January, 2009 by and between James Byrd, Jr. (“Employee”) and Gen2Media
Corp. (“Company”)

    

     

    1. Employee is the CEO of
Company under written Employment Agreement dated September 18, 2008.
(“the Employment Agreement”).

    

    2. The
Employment Agreement calls for the Employee to earn a base salary of $350,000
per year, plus certain increases, however, Employee has been deferring all but
$15,000 of said salary, per month since his hiring.

    

    3. Now, with
the difficulty of raising capital, and the desire of the Employee to assist the
Company in its cash flow needs, Employee has agreed to amend his Employment
Agreement in accordance with the terms hereof.

    

    4. Employee
hereby agrees to amend his base salary, effective as of January 1, 2009, to
$200,000 per year.  Employee shall retain all other benefits as set
forth in the Employment Agreement, and all bonuses, in cash or stock options or
otherwise shall be at the sole discretion of the Board of
Directors.

     

    5. In
consideration of this reduction, the Company has agreed, and does hereby reduce
the exercise price of Employees previously vested 4 million options from 10
cents to 5 cents.  Additionally, Employee shall be credited against
the exercise of said options with 100% of all deferred salary that has accrued
through December 31, 2008, and the Company will issue shares to Employee in the
appropriate amount of said deferred compensation, at the 5 cent per share strike
price.

    

    6. This
Agreement shall be effective as of January 1, 2009.  Unless
specifically modified by the terms hereof, all other terms and provisions of the
Employment Agreement shall remain in full force and effect.

    

    7. This
agreement is entered into in Orlando, Orange County, Florida, and shall be
governed under Florida Law.  This Agreement contains all terms and
provisions of any agreements or discussions between the parties relative to the
matters herein contained.  No alteration or modification of this
Agreement shall be binding unless the same is in writing and signed by all
parties.  This agreement is binding upon the parties hereto, their
heirs, successors and assigns at law.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    Wherefore,
this Amendment to Employment Agreement is executed on the date and year stated
above with the intent to be legally binding.

     

     

    
      
        
          
            
              
                
                  
                    
                      	“Employee”“Gen2Media
      Corp”	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
                              /s/

                            	 	By:	
                              /s/
      

                            	 
	 	 	 	 	 	 
	 	
                              James
      S. Byrd Jr.  

                            	 	 	
                              Mary
      Spio, President

                            	 

                    

                  

                

              

            

          

        

      

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2exhibit10_2fy09q2.htm

Back to 10Q

 

Exhibit 10.2 

 

 

AMENDMENT NO. 3

TO THE

SCHIFF NUTRITION INTERNATIONAL, INC.

2004 INCENTIVE AWARD PLAN

 

This Amendment No. 3 (“Amendment”) to the Schiff Nutrition International, Inc. 2004 Incentive Award Plan (the “Plan”), is adopted by Schiff Nutrition International, Inc., a Delaware corporation (the “Company”),
on December 8, 2008 (the “Effective Date”).  Capitalized terms used in this Amendment and not otherwise defined shall have the same meanings assigned to them in the Plan.

 

RECITALS

 

A.  Section 14.1 of the Plan provides that the “Administrator” (as defined in the Plan) may, with the approval of the Board of Directors of the Company (the “Board”), amend the Plan, subject to certain limitations.  Section 12.1 of the Plan authorizes
the Board, in its absolute discretion, to exercise any and all rights and duties of the Administrator under the Plan, subject to certain limitations.

 

B.  The Board deems it to be in the best interests of the Company and its stockholders to amend the Plan.

 

AMENDMENT

 

	
1.  
	
Section 11.1(a) of the Plan shall be amended and restated in its entirety to read as follows:

 

“(a)  In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, spin-off, recapitalization, distribution of Company assets to stockholders (other than normal cash dividends), or any other corporate event affecting the Stock or the share price of the Stock, the Administrator shall make
such proportionate adjustments, if any, to reflect such changes with respect to (i) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Sections 3.1 and 3.3); (ii) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (iii) the grant or exercise price per share for any outstanding Awards under the Plan.  Any adjustment
affecting an Award intended as Qualified Performance-Based Compensation shall be made consistent with the requirements of Section 162(m) of the Code.”

 

	
2.  
	
Each and every award agreement evidencing an outstanding award under the Plan is hereby deemed amended consistent with this Amendment.

 

	
3.  
	
Except as otherwise expressly set forth in this Amendment, the Plan and each award agreement shall remain in full force and effect in accordance with its terms.

 

	
4.  
	
This Amendment shall be governed by, interpreted under, and construed and enforced in accordance with the internal laws, and not the laws relating to conflicts or choice of laws, of the State of Delaware applicable to agreements made and to be performed wholly within the State of Delaware.

 

 

(Signature Page Follows)

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I hereby certify that this Amendment was duly adopted by the Board of Directors of Schiff Nutrition International, Inc. on December 8, 2008.

 

Executed this 8th day of December, 2008.

 

	
SCHIFF NUTRITION INTERNATIONAL, INC.

	 
	 
	Bruce J. Wood
	
President and Chief Executive Officer

  

2

  

 

Back to topexhibit10_3fy09q2.htm

Back to 10Q

Exhibit 10.3 

AMENDMENT NO. 4

TO THE

1997 EQUITY PARTICIPATION PLAN OF

WEIDER NUTRITION INTERNATIONAL, INC.

 

This Amendment No. 4 (“Amendment”) to the 1997 Equity Participation Plan of Weider Nutrition International, Inc. (the “Plan”), is adopted by Schiff Nutrition International, Inc., a Delaware corporation, formerly known
as Weider Nutrition International, Inc. (the “Company”), on December 8, 2008 (the “Effective Date”).  Capitalized terms used in this Amendment and not otherwise defined shall have the same meanings assigned to them in the Plan.

 

RECITALS

 

A.  Section 10.2 of the Plan provides that the Plan may be amended by the Board of Directors of the Company (the “Board”) or the Compensation Committee of the Board, subject to certain limitations.

 

B.  The Board deems it to be in the best interests of the Company and its stockholders to amend the Plan.

 

AMENDMENT

 

	
1.  
	
The name of the Plan is hereby amended to read in its entirety as the “1997 Equity Participation Plan of Schiff Nutrition International, Inc.”  All references in the Plan to Weider Nutrition International, Inc. shall be replaced with references to Schiff Nutrition International, Inc.

 

	
2.  
	
Section 10.3(a) of the Plan shall be amended and restated in its entirety to read as follows:

 

“(a)  In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, spin-off, recapitalization, distribution of Company assets to stockholders (other than normal cash dividends), or any other corporate event affecting the Common Stock or the share price of the Common Stock, the Administrator
shall make such proportionate adjustments, if any, to reflect such changes with respect to (i) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Sections 1.2 and 2.1); (ii) the terms and conditions of any outstanding awards under the Plan (including, without limitation, any applicable performance targets or criteria with respect thereto); and (iii) the grant or exercise price per share for any outstanding awards under the
Plan.  Any adjustment affecting an award intended to qualify as “qualified performance-based compensation”, as described in Section 162(m)(4)(C) of the Code, shall be made consistent with the requirements of Section 162(m) of the Code.”

 
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3.  
	
Each and every award agreement evidencing an award outstanding under the Plan is hereby deemed amended consistent with this Amendment.

 

	
4.  
	
Except as otherwise expressly set forth in this Amendment, the Plan and each award agreement shall remain in full force and effect in accordance with its terms.

 

	
5.  
	
This Amendment shall be governed by, interpreted under, and construed and enforced in accordance with the internal laws, and not the laws relating to conflicts or choice of laws, of the State of Delaware applicable to agreements made and to be performed wholly within the State of Delaware.

 

 

(Signature Page Follows)

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2

  

I hereby certify that this Amendment was duly adopted by the Board of Directors of Schiff Nutrition International, Inc. on December 8, 2008.

 

Executed this 8th day of December, 2008.

 

	
SCHIFF NUTRITION INTERNATIONAL, INC.

	 
	 
	Bruce J. Wood
	
President and Chief Executive Officer

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