EMPLOYMENT CONTRACT
This contract, hereafter referred to as the "AGREEMENT" is entered into this
the 27th day of July, 1998 between Rent USA, a Delaware corporation, hereafter
referred to as "COMPANY" and Xx. Xx Xxxxxx, hereafter referred to as "XXXXXX".
Company hereby extends the position of President and Chief Executive Officer to
XXXXXX. This appointment will be for a term of seven (7) years from the date
of
execution of this document. On XXXXXX'x sole discretion this term may be
renewed or extended for an additional seven (7) year term. Furthermore,
company agrees to nominate XXXXXX to its board of directors in the capacity of
Chairman, subject to board ratification.
DUTIES: XXXXXX agrees to perform with reasonable care and diligence the duties
of COMPANY President and Chief Executive Officer as follows: Responsible for
the day to day management of all COMPANY operations, financial health,
promotion of company products and services, acquisitions, and management of
COMPANY's senior officers.
Compensation: COMPANY hereby agrees to pay XXXXXX an annual salary of $225,000,
payable in equal monthly installments. Payment of salary shall be suspended
and shell not commence until such time as COMPANY has raised a minimum of
$1,000,000 in capitol. Salary shall be adjusted annually to reflect increases,
if any, to the Consumer Price Index, as reported by the New York Times for the
previous fiscal year.
Bonus Compensation: Company hereby agrees to provide HAREVEY with bonus
compensation in the form of stock options under the following format:
XXXXXX shall, at his sole desecration, have the option to purchase, or
assign, Rent USA common treasury stock at a option price of $0.10 per
share. The amount of shares under this option shall be the market
equivalent of 6 1/2 % of each fiscal years net income before taxes.
XXXXXX shall have a period of 36 months after each fiscal year end to
exercise this option.
This represents the entire agreement between COMPANY and XXXXXX. Any
modifications or additions to this Agreement must be executed in writing by
both parties.
This AGREEMENT shall be governed by the laws of the State of California. If
any portion of this AGREEMENT is found to be not in compliance with the laws
and statutes of said State, the remaining portions shall remain in force.
/s/ Xx Xxxxxx /s/ Xx Xxxxxx
-------------------------- ---------------------------------
Rent USA ("COMPANY") Xx Xxxxxx
000 Xxxxxxxx 000 Xxxx 00 Xxxxx
Xxxxxx Xxxxx, XX 00000 Xxxx, Xxxx 00000
