FRESHWATER TECHNOLOGIES INC.
EMPLOYMENT AGREEMENT
FOR
PRESIDENT
Dear Xx. Xxxxxxx:
The following employment agreement between Freshwater Technologies Inc.,(The
Company or FWTI) AND Xxxxxx X. Xxxxxxx outlines the terms of your contract as
President of the Company.
1. Position
You will be appointed as President reporting to the CEO & Chairman
2. Term.
The appointment shall be for an initial term of twelve months (one year)
commencing on the 15th day of March 2005 with a renewal for an additional
one year term subject to a formal year-end performance review based upon
criteria to be established by the Board of Directors.
3. Compensation
a) Annual compensation of $ US 60,000, to be invoiced by you to the
Company at the rate of $ 5,000 monthly. This compensation rate will be
reviewed annually by the Board of Directors, the first such review to
occur within twelve months of the starting date.
b) You will be entitled to participate in the company's stock option plan
when grants are determined by the Board of Directors.
c) You will be entitled to a cash or stock bonus of up to twice the
amount of your annual compensation if and when granted by the Board of
Directors subject to the achievement of annual performance criteria as
approved by the Board.
d) You will invoice the company periodically for your out of pocket
expenses such as travels, meals and entertainment and other such
expenses related to the execution of your duties.
4. Non competition
The contract will contain the usual provision prohibiting you from
competing with the company anywhere in the world for a period of two (2)
years from the expiration or termination of your services.
5. Duties
Your duties shall include:
- Day to day management responsibility for your company
- Management of all senior managers and execution of the company's
business plan
- Developing customer relations and awareness of FWTI's business
- Maintaining effective investor and public relations
- Regular liaison with International Development Corp. and FWTI'S Board
of Directors
- Any other duties as determined by the Chairman and Board of Directors
6. Termination for any reason
The Company shall have the right to terminate your contract at any time
with a payment of three months salary calculated from the date of
termination with payment to be made in the form of either cash or company
stock as determined by the Board of Directors at that time.
6. Termination by Employee
The employee shall provide a minimum of three (3) months notice of his
desire to terminate the Contract.
Please sign this letter below to indicate your agreement with the above stated
terms.
Yours truly
/s/ Xxxxx Xxx Xxxxxxx
----------------------------
Xxxxx Xxx Xxxxxxx
Chairman & CEO
Freshwater Technologies Inc.
Agreed this 15th day of March, 2005
/s/ Xxxxxx X. Xxxxxxx
----------------------------
Xxxxxx X. Xxxxxxx
