Document:

<PAGE>   1

                                                           Exhibit No. 10(iv)(a)

                               FIRST AMENDMENT TO
                              EMPLOYMENT AGREEMENT

         This First Amendment to the Employment Agreement (this "Amendment"),
dated June 11 , 2001, is by and between FANZ ENTERPRISES, INC., a Delaware
corporation, (hereinafter referred to as the "Company") and MICHAEL J.
WURTSBAUGH, (hereinafter referred to as the "Employee").

         WHEREAS, the Company and the Employee entered into an Employment
Agreement, dated February 28, 2001 (the "Agreement"); and

         WHEREAS, the Company has been requested by the administrators of
various state securities agencies to revise the Agreement as a pre-condition to
approval of the Company's application for securities registration under the
Coordinated Equity Review program.

         NOW, THEREFORE, in consideration of the recitals and the mutual
promises and covenants herein contained and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereby agree to amend the Agreement as follows:

         A. Section 7(e) of the Agreement shall be revised, and hereby is
amended to read, as follows:

                  (e) TERMINATION WITHOUT CAUSE. The Board may terminate the
         Employee's employment hereunder at any time for any reason without
         Cause in which case the Employee shall be entitled to receive the then
         unpaid Salary that has accrued through the effective date of the
         termination and severance equal to the annual Salary in effect at the
         time of such Termination, over a severance period equal to one (1)
         year. All severance is to be paid in accordance with the Company's
         normal payroll practice. If the Employee is terminated without cause,
         the Employee will be eligible to continue his existing benefits, for
         the same cost and expense to the Employee as in effect immediately
         prior to such Termination, for the one (1) year severance period.

         B. All other provisions of the Agreement, not specifically addressed in
Section A above, shall remain in full force and effect.

         IN WITNESS WHEREOF, the parties hereto have hereunto affixed their
signatures as of this 11 day of June, 2001.

                                       FANZ ENTERPRISES, INC.

                                       By: /s/ Frederick L. McDonald, II
                                          ------------------------------
                                           Frederick L. McDonald, II
                                           President

                                          /s/ Michael J. Wurtsbaugh
                                          ------------------------------
                                          MICHAEL J. WURTSBAUGH<PAGE>   1
                                                            Exhibit No. 10(v)(a)

                               FIRST AMENDMENT TO
                                OPTION AGREEMENT

         This First Amendment to the Option Agreement (this "Amendment"), dated
June 11 , 2001, is by and between FANZ ENTERPRISES, INC., a Delaware
corporation, (hereinafter referred to as the "Company") and MICHAEL J.
WURTSBAUGH, a consultant of the Company or one or more of its Subsidiaries
(hereinafter referred to as the "Consultant").

         WHEREAS, the Company and the Consultant entered into an Option
Agreement, dated February 28, 2001 (the "Agreement"); and

         WHEREAS, the Company has been requested by the administrators of
various state securities agencies to revise the Agreement as a pre-condition to
approval of the Company's application for securities registration under the
Coordinated Equity Review program.

         NOW, THEREFORE, in consideration of the recitals and the mutual
promises and covenants herein contained and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereby agree to amend the Agreement as follows:

         A. Section 4 of the Agreement shall be revised, and hereby is amended
to read, as follows:

                  4. TERM OF OPTION. The term of the Option shall be for a
         period of five (5) years from the date hereof, subject to earlier
         termination as hereinafter provided.

         B. All other provisions of the Agreement, not specifically addressed in
Section A above, shall remain in full force and effect.

         IN WITNESS WHEREOF, the parties hereto have hereunto affixed their
signatures as of this 11 day of June, 2001.

                                        FANZ ENTERPRISES, INC.

                                        By: /s/ Frederick L. McDonald, II
                                           ------------------------------
                                              Frederick L. McDonald, II
                                              President

                                           /s/ Michael J. Wurtsbaugh
                                           ------------------------------
                                           MICHAEL J. WURTSBAUGH<PAGE>   1
                                                             Exhibit No. 10(vii)

                    FANZ ENTERPRISES, INC. PROMOTIONAL SHARES
                                LOCK-IN AGREEMENT

I.      This Promotional Shares Lock-In Agreement ("Agreement"), which was
entered into on the 13th day of June, 2001, by and among FANZ ENTERPRISES, INC.
("Issuer"), whose principal place of business is located in 3020-I Prosperity
Church Rd., Charlotte, North Carolina 28269-7197, and JACKSON ROSCOE
MOTORSPORTS, LLC, J. ROE HITCHCOCK, FREDERICK L. MCDONALD, II and MICHAEL J.
WURTSBAUGH (each individually a "Security Holder" and collectively the "Security
Holders") witnesses that:

         A.       Issuer has filed an application with the Securities
                  Administrator of the States of Alabama, Arizona, Arkansas,
                  California, Colorado, Connecticut, Delaware, Florida, Georgia,
                  Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine,
                  Maryland, Massachusetts, Michigan, Minnesota, Mississippi,
                  Nevada, New Hampshire, New Jersey, New York, North Carolina,
                  Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina,
                  Tennessee, Texas, Virginia, West Virginia, and Wyoming
                  ("Administrators") to register certain of its Equity
                  Securities for sale to public investors who are residents of
                  those states ("Registration");

         B.       The Security Holders are the owners of the shares of common
                  stock or similar securities and/or possesses convertible
                  securities, warrants, options or rights which may be converted
                  into, or exercised to purchase shares of common stock or
                  similar securities of Issuer.

         C.       As a condition to Registration, the Issuer and the Security
                  Holders ("Signatories") agree to be bound by the terms of this
                  Agreement.

II.     THEREFORE, the Security Holders agree not to sell, pledge, hypothecate,
assign, grant any option for the sale of, or otherwise transfer or dispose of,
whether or not for consideration, directly or indirectly, PROMOTIONAL SHARES as
defined in the North American Securities Administrators Association ("NASAA")
Statement of Policy on Corporate Securities Definitions and all certificates
representing stock dividends, stock splits, recapitalizations, and the like,
that are granted to, or received by, the Security Holder while the PROMOTIONAL
SHARES are subject to this Agreement ("Restricted Securities").

         Beginning two years from the completion date of the public offering,
two and one-half percent (2 1/2 %) of the Restricted Securities may be released
each quarter pro rata among the Security Holders. All remaining Restricted
Securities shall be released from escrow on the anniversary of the fourth year
from the completion date of the public offering.

III.     THEREFORE, the Signatories agree and will cause the following:

         A.       In the event of a dissolution, liquidation, merger,
                  consolidation, reorganization, sale or exchange of the
                  Issuer's assets or securities (including by way of tender
                  offer), or any other transaction or proceeding with a person
                  who is not a Promoter,

<PAGE>   2

                  which results in the distribution of Issuer's assets or
                  securities ("Distribution"), while this Agreement remains in
                  effect that:

                  1.       All holders of Issuer's EQUITY SECURITIES will
                           initially share on a pro rata, per share basis in the
                           Distribution, in proportion to the amount of cash or
                           other consideration that they paid per share for
                           their EQUITY SECURITIES (provided that the
                           Administrator has accepted the value of the other
                           consideration), until the shareholders who purchased
                           Issuer's EQUITY SECURITIES pursuant to the public
                           offering ("Public Shareholders") have received, or
                           have had irrevocably set aside for them, an amount
                           that is equal to one hundred percent (100%) of the
                           public offering's price per share times the number of
                           shares of EQUITY SECURITIES that they purchased
                           pursuant to the public offering and which they still
                           hold at the time of the Distribution, adjusted for
                           stock splits, stock dividends recapitalizations and
                           the like; and

                  2.       All holders of Issuer's EQUITY SECURITIES shall
                           thereafter participate on an equal per share basis
                           times the number of shares of EQUITY SECURITIES they
                           hold at the time of the Distribution, adjusted for
                           stock splits, stock dividends, recapitalizations and
                           the like.

                  3.       The Distribution may proceed on lesser terms and
                           conditions than the terms and conditions stated in
                           paragraphs 1 and 2 above if a majority of the EQUITY
                           SECURITIES that are not held by Security Holders,
                           officers, directors, or Promoters of the Issuer, or
                           their associates or affiliates vote, or consent by
                           consent procedure, to approve the lesser terms and
                           conditions.

         B.       In the event of a dissolution, liquidation, merger,
                  consolidation, reorganization, sale or exchange of the
                  Issuer's assets or securities (including by way of tender
                  offer), or any other transaction or proceeding with a person
                  who is a Promoter, which results in a Distribution while this
                  Agreement remains in effect, the Restricted Securities shall
                  remain subject to the terms of this Agreement.

         C.       Restricted Securities may be transferred by will, the laws of
                  descent and distribution, the operation of law, or by order of
                  any court of competent jurisdiction and proper venue.

         D.       Restricted Securities of a deceased Security Holder may be
                  hypothecated to pay the expenses of the deceased Security
                  Holder's estate. The hypothecated Restricted Securities shall
                  remain subject to the terms of this Agreement. Restricted
                  Securities may not be pledged to secure any other debt.

         E.       Restricted Securities may be transferred by gift to the
                  Security Holder's family members, provided that the Restricted
                  Securities shall remain subject to the terms of this
                  Agreement.

<PAGE>   3

         F.       With the exception of paragraph A.3 above, the Restricted
                  Securities shall have the same voting rights as similar EQUITY
                  SECURITIES not subject to the Agreement.

         G.       A notice shall be placed on the face of each stock certificate
                  of the Restricted Securities covered by the terms of the
                  Agreement stating that the transfer of the stock evidenced by
                  the certificate is restricted in accordance with the
                  conditions set forth on the reverse side of the certificate;
                  and

         H.       A typed legend shall be placed on the reverse side of each
                  stock certificate of the Restricted Securities representing
                  stock covered by the Agreement which states that the sale or
                  transfer of the shares evidenced by the certificate is subject
                  to certain restrictions until the anniversary of the fourth
                  year from the completion date of the public offering pursuant
                  to an agreement between the Security Holder (whether
                  beneficial or of record) and Issuer, which agreement is on
                  file with Issuer and the stock transfer agent from which a
                  copy is available upon request and without charge.

         I.       The term of this Agreement shall begin on the date that the
                  Registration is declared effective by the Administrators
                  ("Effective Date") and shall terminate:

                  1.       On the anniversary of the fourth year from the
                           completion date of the public offering; or

                  2.       On the date the Registration has been terminated if
                           no securities were sold pursuant thereto; or

                  3.       If the Registration has been terminated, the date
                           that checks representing all of the gross proceeds
                           that were derived therefrom and addressed to the
                           public investors have been placed in the U.S. Postal
                           Service with first class postage affixed; or

                  4.       On the date the securities subject to this Agreement
                           become "Covered Securities," as defined under the
                           National Securities Markets Improvement Act of 1996.

         J.       This Agreement to be modified only with the written approval
                  of the Administrators.

IV.      THEREFORE, Issuer will cause the following:

         A.       A manually signed copy of the Agreement signed by the
                  Signatories to be filed with the Administrators prior to the
                  Effective Date;

<PAGE>   4

         B.       Copies of the Agreement and a statement of the per share
                  initial public offering price to be provided to the Issuer's
                  stock transfer agent;

         C.       Appropriate stock transfer orders to be placed with Issuer's
                  stock transfer agent against the sale or transfer of the
                  shares covered by the Agreement prior to its expiration,
                  except as may otherwise be provided in this Agreement;

         D.       The above stock restriction legends to be placed on the
                  periodic statement sent to the registered owner if the
                  securities subject to this Agreement are uncertificated
                  securities.

Pursuant to the requirements of this Agreement, the Signatories have entered
into this Agreement, which may be written in multiple counterparts and each of
which shall be considered an original. The Signatories have signed the Agreement
in the capacities, and on the dates, indicated.

IN WITNESS WHEREOF, the Signatories have executed this Agreement as of the date
first written above.

Issuer:                                     Security Holders:

FANZ ENTERPRISES, INC.                      JACKSON ROSCOE MOTORSPORTS, LLC

By: /s/ Frederick L. McDonald, II           By: /s/ J. Roe Hitchcock
   ------------------------------              ---------------------------------
   Frederick L. McDonald, II                   J. Roe Hitchcock
   President                                   Member

                                            X /s/ Michael J. Wurtsbaugh
                                              ----------------------------------
                                              Michael J. Wurtsbaugh

                                            X /s/ Frederick L. McDonald, II
                                              ----------------------------------
                                              Frederick L. McDonald, II

                                            X /s/ J. Roe Hitchcock
                                              ----------------------------------
                                              J. Roe Hitchcock

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}]]