Exhibit 10.7
EMPLOYMENT AGREEMENT
Agreement dated March 1, 2003, between ADZONE RESEARCH, INC. (hereinafter the
"company") and Xxx Xxxxxxxxx (hereinafter the "employee")
The company employees the employee, and the employee agrees to be employed,
based on the following terms and conditions:
EMPLOYMENT - Employment continues as outlined effective, March, 1 2003 and
will be in effect until March 1, 2004
CONTRACT START BONUS - The company shall pay the employee 450,000 shares of
stock in the company as a start bonus.
SALARY - The employee shall receive a salary of $175,000 per year,
commencing upon closing of a paid sale or completed financing of $1,000,000
or more. Until such time, the Company shall pay Employee an interim salary
beginning at $550 per week. The salary will increase by $1000 per month
upon the first paid sale of $50,000 or more made by the employee. The
salary will then increase by an additional $1500 per month upon each paid
sale of $100,000 or more made by the employee. These increases will
continue until the standard base salary of $175,000 per year is reached.
This salary is independent of any commission, which may be earned and paid.
Should the employee reach $1,200,00 in paid sales by the end of 2003 the
employee will be entitled to full base salary of $175,000 for the entire
year of 2003, any back portion of which is unpaid at that time will be paid
to the employee within 30 days. This provision is in addition to any
commission, which is due.
POSITION - The Company hires the Employee as Executive Vice President and
Managing Director of Global Defense Group.
DEDICATION - The employee agrees to dedicate an average of 35 hrs per week
(effectively full time) and attention to the needs of AdZone. As a member
of management, the employee shall inform the CEO in advance of his
acceptance of any additional positions or contracts.
OTHER AGREEMENTS - The company shall pay the employee a bonus of 100,000
shares upon the contracting of a sale of $1,000,000 or more. The employee
shall be entitled to 4 weeks paid vacation, plus 10 holiday days off per
year. Unused vacation will be paid at the end of the year. Medical benefits
will be paid by the company once the board begins coverage for the
employee.
The company shall pay the employee a cash bonus of $175,000 should sales
exceed $3,000,000 for the calendar year of 2003. This bonus shall be paid
proportionally as sales revenues are received.
COMMISSION --- The employee shall receive 1.5 % of the first $1,000,000 of
contract value as paid on each contract brought in by employee. The
employee shall receive 2.5 % of contract values above $1,000,000 as paid on
each contract brought in by employee. Additional compensation for
consulting contracts brought in will be negotiated on a case by case basis.
This commission shall be payable when funds are received by the company and
shall be paid to the employee regardless of the salary status.
There shall be an additional sales commission bonus of 1% on any $ 500,000
plus sale closed prior to July 4, 2003. Should a multi year contract be
closed, this bonus shall apply to first year value only. This commission
bonus shall be paid as the money is received by AdZone.
SEVERABILITY AND VENUE- This contract shall be governed by the rules of New
York, County of Suffolk. Any legal action must to remedy any disputes which
may arise from this contract shall be made in the county of Suffolk, State
of New York. If any part of this contract is deemed void, the rest shall
remain in full force and effect.
SETTLEMENT BY ARBITRATION - Any claim or controversy that arises out of or
relates to this agreement, will be settled by arbitration. If any provision
of this agreement is held invalid, the other provisions of this agreement
will remain in effect. ORAL MODIFICATIONS ARE NOT BINDING. THIS AGREEMENT
SUPERSEDES ALL PREVIOUS EMPLOYMENT AND OTHER AGREEMENTS BETWEEN EMPLOYEE
AND ADZONE RESEARCH.
ADZONE RESEARCH, INC
Company Name
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Authorized Signature
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Employee Signature
