EXHIBIT 10.3
The Employment contract dated as of October 1, 1999 between iEXALT, Inc., 0000
Xxxxxxxx, Xxxxxxx, XX 00000 ("Company"), and Xx Xxxxx, X.X. Xxx 000, Xxxxxx, XX
00000, and individual ("Employee").
AGREEMENT
1. TERM. The term of this Employment contract shall be for a period of
sixty (60) months to commence on October 1, 1999, and shall expire on
October 1, 2004, unless terminated earlier pursuant to the provisions
set forth below.
2. DUTIES. During the term of this employment contract, Employee shall
perform such duties as may be assigned to him by Company's
President. It is contemplated that Employee will serve as a Vice
President and an executive officer of the Company and as the
President of WordCross Enterprises, Inc. for as long as the Company
elects to operate Christian Happenings as a subsidiary, during the
entire term of this Employment Contract. Employee will use his best
efforts to perform such duties to the best of his ability, and to
the satisfaction of Company.
3. COMPENSATION. As full consideration for the performance by Employee of
all of his obligations under this Employment Contract, Company shall
make the payments and provide the benefits set forth below during the
term of this Employment Contract (the "Compensation"):
A. Salary: One Hundred Twenty Thousand Dollars ($120,000) (the
"Salary") payable in periodic installments in accordance with
Company's policy relating to the payment of salaries generally.
Employee shall be entitled to receive increases to the Salary
consistent with any increases provided to the other executive
officers of the Company.
B. Vacation: Employee shall be entitled to take four (4) weeks vacation
during each calendar year.
C. Healthcare, Bonus Plan, Stock Option, Profit-Sharing & Retirement
Benefits: Employee shall be entitled to participate in the Company's
Healthcare, bonus Plan, Stock Option, Profit-Sharing & Retirement
plans, if any, immediately upon execution of this agreement.
D. Other: Such other benefits as may from time to time be provided
generally to executive officers of Company.
E. Stock Options: Stock Options as set forth in the Acquisition
Agreement executed between WordCross Enterprises and iEXALT, Inc.
4. PLACE OF PERFORMANCE. Employee shall perform his duties under this
Employment Contract at the offices of the Company in Columbus, Ohio
unless otherwise directed by the Board of Directors and in agreement
with the Employee. Should Company and Employee agree to some form
of relocation, Company will reimburse Employee for reasonable
relocation expenses incurred by him. Should Employee's duties
require him to travel, Company will reimburse Employee for
reasonable expenses incurred by him in
connection therewith in accordance with Company's policy with respect
thereto.
5. TERMINATION UPON DEATH OR DISABILITY. The term of this Employment
Contract shall terminate upon the death of Employee.
6. TERMINATION BY COMPANY FOR CAUSE. Company shall have the right to
terminate the term of this Employment Contract by notice to Employee
if:
A. Employee is convicted of any crime or offense involving money or
other property of the Company, or of any felony; or
B. Employee engages in any misconduct that is injurious to Company or
its reputation in the business community.
7. TERMINATION BY COMPANY WITHOUT CAUSE. Company shall have the right to
terminate Employee without cause upon notice thereof. If Company
terminates Employee under this Section 7, then employee shall be
entitled to receive the Compensation as provided in Section 3 of this
Employment Contract for the remaining term of the Employment Contract.
8. TERMINATION BY EMPLOYEE. Employee shall have the right to terminate the
term of this Employment Contract by notice to Company if Company
breaches this Employment Contract.
9. ARBITRATION. Any controversy or claim arising out of or relating to
this Employment Contract, or the breach thereof, or otherwise relating
to Employee's employment by Company, shall be settled by final and
binding arbitration administered by the American Arbitration
Association in Houston, Texas and judgment on the award rendered by the
arbitrator(s) may be entered in any court having jurisdiction thereof.
10. SEVERABILITY. If any of the covenants contained herein or any part
thereof are hereafter construed to be invalid or unenforceable, the
remainder of this Employment contract and any application of the other
provisions of this Employment contract shall not be affected thereby,
but rather shall be enforced to the greatest extent permitted by law.
11. ENTIRE AGREEMENT; CHOICE OF LAW. This Employment Contract contains the
entire agreement of the parties relating to the subject matter
hereof and supersedes all prior agreements or understandings,
written or oral, with respect to such subject. The internal laws of
the state of Texas without reference to its choice of law or
conflicts of law provisions shall govern the validity,
interpretation, construction, performance and enforcement of this
Employment Contract.
12. MISCELLANEOUS. No provision of this Employment Contract may be
modified, waived, or discharged unless such modification, waiver or
discharge is agreed to in a writing signed by Employee and on behalf
of Company by an officer other than Employee. No waiver by either
party hereto at any time of any breach by the other party hereto or
of compliance with any condition or provision of this Employment
Contract to be performed by such other party shall be deemed a
waiver of similar or dissimilar provisions of conditions at the same
time or at any prior or subsequent time. No agreements or
representations, oral or otherwise, expressed or implied, have been
made by
either party with respect to the subject matter hereof that are not set
forth expressly in this Employment contract. This employment Contract
shall be binding upon and shall inure to the benefit of any successors
of the Company.
In witness whereof, this Employment Contract has been executed by the parties
hereto in counterparts as of the date first written above.
iEXALT, Inc.
By /S/ XXXXXXXX X. XXXXXXXXX
Xxxxxxxx X. Xxxxxxxxx, Executive VP
October 1, 1999
Employee:
/S/ XX XXXXX
Xx Xxxxx
October 1, 1999
