Employment Agreement Amendment for Branson “Tony” M. Smith with Direct Alliance Corporation
This agreement outlines the employment terms for Branson “Tony” M. Smith, who transitioned from President of the parent company to President of Direct Alliance Corporation effective November 1, 2003. Mr. Smith will receive a base salary of $250,000 and a quarterly incentive bonus equal to 2% of Direct Alliance’s net earnings, provided certain conditions are met. The agreement covers the period from July 1, 1999, through December 31, 2004, with revised terms effective January 1, 2004.
Exhibit 10.47
Branson “Tony” M. Smith. Mr. Smith’s employment agreement was entered into with an initial period of two years, effective July 1, 1999, and will expire on December 31, 2004. Mr. Smith’s base salary is currently set at $250,000 and through December 31, 2003, he received an incentive bonus, payable quarterly, equal to 2.0% of our net earnings (before deducting the incentive bonuses of certain executive officers) provided that our net earnings exceed stated minimum amounts. Effective November 1, 2003, Mr. Smith ceased being President of the Company and became President of Direct Alliance Corporation. We are currently revising Mr. Smith’s employment agreement, and we have agreed to the following principal terms: effective January 1, 2004, Mr. Smith is entitled to receive a base salary of $250,0000 and an incentive bonus, payable quarterly, equal to 2.0% of Direct Alliance’s net earnings (before deducting the incentive bonuses of certain executive officers of Direct Alliance).
