EMPLOYMENT AGREEMENT
This Agreement made this _____ day of April 2001, by and
between XxxxxXxx.xxx, Inc., a Florida corporation (Company),
and Xxxxx Xxxxxxx (Employee).
1. Duties. The Company hereby employs Employee as
Compliance Officer of the Company, his powers and duties to
include compliance oversight on any and all products and
services distributed or sold by the Company. During the
term of this Agreement, Employee shall also serve as a
member of the Board of Directors. It is understood that
Employee takes responsibility for all products sold to the
general public along with any and all representations made
by the Company to market said products or educational
programs.
2. Compensation.. The Company shall pay to Employee as
full compensation for services rendered to the Company
hereunder, a salary of $80,000 per year, payable bi-weekly.
If, during the term of this Agreement, Employee is absent
from employment because of illness, or any other incapacity,
for more than two weeks in the aggregate in any one year,
the Company shall not be obligated to pay him any
compensation for any period of absence that exceeds two
weeks in that year. During the first two month's of the
effective date hereof, in the event Company is not
positively cash flowing, Employee's salary will be
calculated in the amount of $48,000 per year payable bi-
weekly. It is understood Employee has no claim of any back
pay prior to the execution of this Agreement.
3. Term. The term of employment shall be three years,
effective June 1, 2001, and will be automatically renewable
in one year increments thereafter, unless notification in
writing is received by Employee sixty days before expiration
of any such term. Additionally, the term is subject to the
following conditions:
a. The Company may, without cause, terminate this
Agreement at any time by giving thirty days notice to
Employee. In that event, the Company shall pay to Employee
his compensation up to the date of termination, plus any
additional compensation remaining for the term of this
Agreement. Such additional compensation shall be paid
within thirty days of the giving of said notice.
b. Employee may terminate this Agreement, at any time, by
giving thirty days notice to the Company. In that event,
the Company shall pay Employee his compensation up to the
day of termination.
4. Reimbursement of Expenses. Employee may incur
reasonable expenses for promoting and overseeing the
Companies business, including expenses for entertainment,
travel, cellular phone, and similar items. Company will
reimburse Employee for all business expenses after Employee
presents an itemized account of his expenditures, together
with receipts. Such expenses shall be paid within thirty
days of substantiated receipts and expense reports.
5. Vacations. Employee is entitled to an annual vacation
of two weeks at full pay. If Employee does not use all his
vacation time in any one year, the unused portion can be
carried into subsequent years.
6. Medical Insurance. Company shall provide or reimburse
Employee for the costs of medical insurance for Employee and
his dependents.
7. Signing Bonus. As an inducement to enter into this
Agreement, and in recognition of past services performed on
behalf of the Company, Employee shall receive $10,000 within
180 days of the date of this Agreement.
8. Common Stock. As an inducement to enter into this
Agreement, and in recognition of past services performed on
behalf of the Company, Employee shall be awarded 500,000
shares of common stock of the Company. Such stock shall be
issued to Employee within sixty days of the date hereof.
Such stock shall be restricted pursuant Rule 144 of the
Securities and Exchange Commission. If the revenues of the
Company over the first 12 months of this Agreement exceed 10
million dollars in cash revenues, Employee will earn a
additional 100,000 shares of common stock. Said stock shall
be restricted pursuant Rule 144 of the Securities and
Exchange Commission.
9. Notices. Any and all notices required under this
Agreement shall be sent by either certified mail, return
receipt requested, or by overnight courier to the addresses
specified below, or any subsequent addresses provided, as
follows:
To Company: To Employee:
000 X. Xxxxxx Xxx., Xxxxx 000
0000 Xxxxxxxxx Xx. #0
Xxxxxxx, XX 00000 Xxxxxxx, XX 00000
10. Entire Agreement. This Agreement contains the entire
Agreement and supersedes all prior agreements and
understandings. This Agreement applies to all successors or
affiliates of the Company, and may only be changed by an
agreement in writing signed by the party against whom any
amendment or modification is sought.
11. Attorneys Fees. In any action arising out of or
relating to this Agreement, the prevailing party shall be
entitled to reasonable attorneys fees.
In witness whereof, the parties have entered into this
Agreement on the date and year first above written.
XxxxxXxx.xxx, Inc.
_________________________
____________________
By:______________________ Xxxxx
Xxxxxxx
Title: ____________________
