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Quotes & Info
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| NFEI.OB > SEC Filings for NFEI.OB > Form 8-K on 5-Aug-2008 | All Recent SEC Filings |
5-Aug-2008
Change in Directors or Principal Officers, Financial Statements and Exhib
On July 31, 2008, the Company and Paul G. Laird and Les Bates agreed to cancel their respective employment agreements and enter into new employment agreements, effective July 1, 2008. Pursuant Mr. Laird's new employment agreement (the "Laird New Employment Agreement"), Mr. Laird shall be paid a base salary of $250,000 per year, adjusted annually at the rate of inflation as measured by the federal Consumer Price Index, or $10,000, whichever is greater. Pursuant Mr. Bates new employment agreement (the "Bates New Employment Agreement"), Mr. Bates shall be paid a base salary of $200,000 per year, adjusted annually at the rate of inflation as measured by the federal Consumer Price Index, or $10,000, whichever is greater. Mr. Laird and Mr. Bates are each entitled to a bonus as determined by the Company's Board of Directors. The Laird New Employment Agreement and the Bates New Employment Agreement expire on June 30, 2011; however, they are automatically renewable on an annual basis for additional one-year increments.
Both the Laird New Employment Agreement and the Bates New Employment Agreement contain provisions under which we will be obligated to pay Mr. Laird and Mr. Bates all compensation for the remainder of their respective employment agreement and 2.99 times their annual salary and the amount of cash bonus paid to him in the prior year and heath insurance for the remaining term of the agreement if a change of control as defined in the agreements occur.
The foregoing description of the Laird New Employment Agreement and the Bates New Employment Agreement do not purport to be complete and are qualified in its entirety by reference to their respective employment agreements, attached hereto as Exhibits 10.1 and 10.2 and incorporated herein by reference.
The following is a complete list of Exhibits filed as part of this report on Form 8-K. Exhibit numbers correspond to the numbers in the exhibit table of Item 601 of Regulation S-B.
Exhibit No. Description
10.1 Paul G. Laird Employment Agreement Effective July 1, 2008
10.2 Les Bates Employment Agreement Effective July 1, 2008
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