Global Wataire Inc.
Global
Wataire Inc.
The
following consulting Agreement between Global Wataire, Inc. (The Company or
(GW)
and Ameri-can Equipment Sales & Leasing Inc. or AESL outlines the terms
under which Xxxxxx Xxxxxxx will perform the consulting services for the company.
Xx. Xxxxxxx will be the President & CEO.
The
contract shall be for a term of sixty months (five years) commencing on the
25th
day of August 2007.
3. Compensation:
|
a)
|
Fee
of $US 220,000 annually, to be invoiced to the Company at the rate
of $
18,333.33 monthly. The Board of Directors will review this fee from
time
to time.
|
|
b)
|
Xxxxxx
Xxxxxxx will be granted family health and dental benefits of $US15,
000
dollars annually. The Board of Directors will review this fee from
time to
time.
|
|
c)
|
Entitlement
to a bonus of up to 50% of annual fee if and when granted by the
Board of
Directors subject to the achievement of annual performance criteria
as
approved by the Board.
|
|
d)
|
You
will be entitled to participate in the company’s stock option plan when
grants are determined by the Board of
Directors.
|
|
e)
|
AESL
will invoice the company monthly for Xx. Xxxxxxx’x out of pocket expenses
such as travel, meals and entertainment and other such expenses related
to
the execution of his duties, including $1,000 per month as an automobile
allowance.
|
4. Non
competition:
The
Contract will contain the usual provision prohibiting you from competing with
the company for a period of two (2) years from the expiry or termination of
your
services.
5. Duties:
Your
duties shall include:
|
·
|
Execute
the company business plan and implement controls and procedures to
insure
structured company growth.
|
|
·
|
Identify
and perform due diligence of potential merger and acquisitions targets
for
Board of Directors review. Execute approved transactions as directed
and
integrate the new businesses into the company business
plan
|
|
·
|
Develop
customer relations and awareness of the
Company.
|
|
·
|
Develop
and maintain government public relations.
|
|
·
|
Any
other duties as determined by the Board of
Directors.
|
6. Termination
for any reason:
The
Company shall have the right to terminate your contract at any time with a
payment of twice the outstanding fee remaining on the term of the contract
at
the time of termination, plus a cash settlement of $1,000,000. The fee payments
will be in the form of cash.
7. Termination
by consultant:
The
consultant shall provide a minimum of two (2) months notice prior to termination
of the contract.
Please
sign this letter below to indicate your agreement with the above
terms.
Yours
truly,
Xxxxxx
X.
Xxxxx
Chairman
of Audit Committee
Global
Wataire Inc.
Agreed
this 25 day of August 2007.
_____________________________
Ameri-can
Equipment Sales & Leasing Inc.
