EMPLOYMENT AGREEMENT
Exhibit
4.2
EMPLOYMENT
AGREEMENT
THIS
EMPOYMENT AGREEMENT, entered into as of October ...7 ... 2007, by and
between:
A.
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the
Company styled "GEO
GENESIS
GROUP, LTD." of
Majuro,
Republic of the Xxxxxxxx Islands (hereinafter referred to as
"PRINCIPAL"),
duly
represented hereto by its authorized Director
XXXXXX
X. XXXXX
H, pursuant to corporate Resolutions adopted on
an Extraordinary Meeting of its Board of Directors held on
.7. October
2007, and
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B.
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Mr.
PHILIP XXXXX XXXXXX XXXXXX III, 000 Xxxx Xxxxxx, Xxx 00X, Xxx Xxxx,
XX 00000, XXX,
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(hereinafter
referred to as "EMPLOYEE')
NOW
THEREFORE, in consideration of the
covenants herein contained, the parties agree as follows:
1.
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PRINCIPAL
offers to EMPLOYEE the position of Executive Director of the PRINCIPAL,
for a term of five (5) years.
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2.
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The
EMPLOYEE will conduct the management of the PRINCIPAL
on a global basis and will execute the PRINCIPAL's global business
strategy as set forth by the Board
of Directors of the PRINCIPAL and
the original business
plan.
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3.
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The
PRINCIPAL will pay to the EMPLOYEE the amount of fifteen thousand
USDollars
(US$ 15.000) on a monthly basis as remuneration
for services
rendered.
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4.
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As
a further consideration for the position of Executive Director, the
EMPLOYEE will
receive a Cash Bonus of 10% of the PRINCIPAL's consolidated net
profit
first year divided equally amongst all Executive Directors of
the PRINCIPAL.
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5.
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The
EMPLOYEE has the right to be allocated between 45% to 60% of
Founders shares from the PRINCIPAL's related transactional
clients/star up companies, above allocation
divided equally amongst all Executive Directors of the
PRINCIPAL.
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6.
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The
EMPLOYEE will be entitled to spend up to seventy five thousand
USD011ars (US$ 75.000) for Travel and Entertainment expenses,
subject to original receipts related to the PRINCIPAL's business
only. AU the Executive Directors
of the PRINCIPAL shall have the responsibility to unanimously
approve requests for all expenses/disbursements exceeding five thousand
USDollars (US$5.000).
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7. | The monthly cash remuneration and the aforementioned level of expenses paid, will become effective upon the conclusion of a capital raise of Two Million USDollars (US$ 2.000.000) or the liquidation of certain private equity holdings equaling the aforesaid amount, whichever event comes first, all above by the PRINCIPAL, therefore above events constitute a Condition Precedent for the validity and effectively of the present Employment Agreement otherwise if above will not occur, the present Employment Agreement will become null and void with no further consequences for the parties hereto. |
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8.
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Unless
the parties otherwise notify
each
other in writing of changes of address, all notices
herein shall be deemed served if hand
delivered or sent by fax or
express courier or registered mail to PRINCIPAL and EMPLOYEE at
their respective addresses
hereinbclow:
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9.
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Even
though the
word "employee" is used, compensation is to be in the form of
independant contractor status and the employer is NOT subject to any
payroll tax deductions or requirements in any
jurisdiction.
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PRINCIPAL | EMPLOYEE | ||
GEO GENESIS GROUP. LTD- | XXXXXX XXXXX XXXXXX XXXXXX III | ||
In 000 Xxxx Xxxxxx, | |||
Xxx 00X Now York - | |||
XX 00000 XXX | |||
Phone : | Phone : | ||
Fax : | Fax : |
IN
WITNESS WHEREOF the parties have executed this EMPLOYMENT AGREEMENT
as of the day and year first above written.
PRINCIPAL | EMPLOYEE | ||
GEO GENESIS GROUP. LTD- | XXXXXX XXXXX XXXXXX XXXXXX III |
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By:
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XXXXXX X. XXXXX XX | |||
Vice-President/Treiusure/ Director | |||
Authorised Attorney
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