EMPLOYMENT AGREEMENT
Employment Agreement, between OXIR Investments, Inc., (the "Company") and Xxxxxx
Xxxxxxxxx (the "Employee").
1. For good consideration the Company employs the Employee on the following
terms and conditions.
2. Term of Employment: Subject to the provisions for termination set forth below
the employment shall begin on September 1, 1998.
3. Salary: The Company shall pay the Employee a salary of $ 40,000 dollars per
year and other considerations, for the services of the Employee. The salary is
due on the first of every month and payable through the company's payroll.
4. As a signing bonus Xx. Xxxxxxxxx is to receive 2% (two percent) of the entire
companies stock. As of September 1, 1998 this number is equal to 270,000 (two
hundred seventy thousand) shares and is calculated based on 13,500,000.00
outstanding shares.
5. Duties and Position: The Company hires the Employee in the capacity of
Secretary and Treasurer. The Employee's duties may be reasonably modified at the
Company's direction from time to time.
6. Confidentiality of Proprietary Information: Employee agrees, during or after
the term of this employment, not to reveal confidential information, or trade
secrets, to any person, firm, corporation, or entity. Should Employee reveal or
threaten to reveal this information the Company shall be entitled to an
injunction restraining the Employee from disclosing same, or from rendering any
services to any entity to whom said information has been or is threatened to be
disclosed. The right to secure an injunction is not exclusive, and the Company
may pursue any other remedies it has against the Employee for a breach or
threatened breach of this condition, including the recovery of damages from the
Employee.
7. Reimbursement of Expenses: The Employee may incur reasonable expenses for
furthering the Company's business, including expenses for entertainment, travel
and similar items. The Company shall reimburse Employee for all business
expenses after the Employee presents an itemized account of expenditures,
pursuant to Company policy.
8. Vacation: The Employee shall be entitled to a yearly vacation of forty days
at full pay.
9. Automobile: The Employee shall be provided with the Company car that he is
allowed to use after "regular business hours". The company takes an obligation
of paying for insurance coverage, repair and maintenance for this car.
10. Disability: If Employee cannot perform the duties because of illness or
incapacity for a period of more than 12 weeks, the compensation otherwise due
during said illness or incapacity will be reduced by 50 percent. The Employee's
full compensation will be reinstated upon return to work. However, if the
Employee is absent from work for any reason for a continuous period of over 12
months, the Company may terminate the Employee's employment, and the Company's
obligations under this agreement will cease on that date.
11. Termination of Agreement: The Company may terminate this agreement at any
time upon 14 days written notice to the Employee. If the Company requests, the
Employee will continue to perform his/her duties and be paid his/her regular
salary up to the date of termination. In addition, the Company will pay the
Employee on the date of termination a severance allowance of $20,000 less taxes
and social security required to be withheld. Without cause, the Employee may
terminate employment upon 14 days written notice to the Company. Employee may be
required to perform his/her duties. Employee will be paid the regular salary to
date of termination but shall not receive a severance allowance. Notwithstanding
anything to the contrary contained in this agreement, the Company may terminate
the Employee's employment upon 14 days notice to the Employee should any of the
following events occur:
a) The sale of substantially all of the Company's assets to a single
purchaser or group of associated purchasers; or
b) The sale, exchange, or other disposition, in one transaction of the
majority of the Company's outstanding corporate shares, or
c) The Company's decision to terminate its business and liquidate its
assets;
d) Bankruptcy or Chapter 11 Reorganization.
12. Death Benefit: Should Employee die during the term of employment the Company
shall pay to Employee's estate any compensation due through the end of the month
in which death occurred plus severance in the amount of $60,000 dollars,
13. Assistance in Litigation: Employee shall upon reasonable notice, furnish
such information and proper assistance to the Company as, it may reasonably
require in connection with any litigation in which it is, or may become, a party
either during or after employment.
14. Effect of Prior Agreements: This agreement supersedes any prior agreement
between the Company or any predecessor of the Company and the Employee, except
that this agreement shall not affect or operate to reduce any benefit or
compensation inuring to the Employee of a kind elsewhere provided and not
expressly provided in this agreement.
15. Settlement by Arbitration: Any claim or controversy that arises out of or
relates to this agreement or the breach of it, shall be settled by arbitration
in accordance with the rules of the American Arbitration Association. Judgment
upon the award rendered may be entered in any court with jurisdiction.
16. Limited Effect of Waiver by Company. Should Company waive breach of any
provision of this agreement by the Employee, that waiver will not operate or be
construed as a waiver of further breach by the Employee.
17. Severability: If for any reason, any provision of this agreement is held
invalid. all other provisions of this agreement shall remain in effect. If this
agreement is held invalid or cannot be enforced, then to the full extent
permitted by law any prior agreement between the Company (or any predecessor
thereof) and the Employee shall be deemed reinstated as if this agreement had
not been executed.
18. Assumption of Agreement by Company's Successors and Assignees: The Company's
rights and obligations under this agreement will inure to the benefit and be
binding upon the Company's successors and assignees.
19. Oral Modifications Not Binding: This instrument is the entire agreement of
the Company and the Employee. Oral changes shall have no effect it may be
altered only by a written agreement signed by the party against whom enforcement
of any waiver, change, modification, extension or discharge is sought.
Signed this First day of September 1998.
SIGNATURE SIGNATURE
/s/Xxxxxxx Xxxxxx President /s/Xxxxxx Xxxxxxxxx
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Xxxxxxx Xxxxxx Xxxxxx Xxxxxxxxx
