EXHIBIT 10.2
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EMPLOYMENT CONTRACT
The following are the specified terms of this employment contract entered into
on this day of February 7, 2000 between XXXXX XXXXXX and XXXXXXXXXXXX.XXX, INC.,
(ETS) a California Corporation. The principal place of business is 0000 Xxxxx
Xxxx, Xxxxx 000, Xxxx Xxxx, XX 00000. Both parties agree they have the legal
authority to enter into this contract and that the recitals contained herein are
an accurate representation of both parties positions.
POSITION: Employee shall perform the duties as CHIEF EXECUTIVE
OFFICER and CHAIRMAN OF THE BOARD.
SALARY: $150,000.00 per year / $12,500 per month. Balance of
unpaid salary shall be recorded in a note or preferred
stock may be substituted for payment at a rate of $1 per
share for each unpaid $1 of salary. This option shall be
that of the employee and shall be completed on a quarterly
basis.
AUTO ALLOWANCE: $750 per month or a car, plus actual expenses for any and
all fuel, service, insurance and other related auto
expenses. If auto allowance is not paid due to lack of
company revenues, balance of unpaid car allowance and
expenses shall be recorded in a note. Preferred stock may
be substituted for payment at a rate of $1 per share for
each unpaid $1 of allowance. This option shall be that of
the employee and shall be completed on a quarterly basis.
COMPANY RELATED
EXPENSES All travel and other expenses related to eTS business
activities shall be paid by the company. Unless not
accepted, eTS American Express or other charge card shall
be used for all expenses.
MEDICAL: eTS shall provide full medical benefits available through
the company. Any new benefits that become available during
this contract shall be offered to employee.
VACATION: 4 weeks per year and shall be rolled over into the next
year if not used.
SALES COMMISSION: 10% on sales. An additional 5% shall be made available as
an override for payment of referral commission to
individuals who may assist employee in specific sales
activities.
BONUS: $5 - 10 million company gross revenues - 50,000 shares or
$50,000 at employee option. $10 - 15 million company gross
revenues - 250,000 shares or $250,000 at employee option.
$Above $15 million company gross revenues - 500,000 shares
or $500,000 at employee option.
TERM OF CONTRACT: 36 month
Effective date: February 7, 2000
Buyout Provision: Yes
PLACE OF EMPLOYMENT: eTS Corporate Headquarters
0000 Xxxxx Xxxx
Xxxx Xxxx, XX 00000
This contract can only be amended in a subsequent written agreement signed by an
officer of eTS and Xxxxx Xxxxxx.
The corporation, with the approval of the Board of Directors, may cancel this
contract upon 30 days written notice to Xxxxx Xxxxxx, however buyout provision
will apply. Xxxxx Xxxxxx may cancel this contract upon 30 days written notice to
the Board of Directors of eTS, however, buyout provision may be renegotiated by
eTS and Xxxxx Xxxxxx.
This contract is entered into at 0000 Xxxxx Xxxx, Xxxxx 000, Xxxx Xxxx, Xxxxxx
of Xxxxxx, California, on the 7th day of February 2000 by and between
xXxxxxXxxxxx.xxx, Inc. and Xxxxx Xxxxxx.
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XXxxxxXxxxxx.xxx, Inc. Officer Printed Name
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Xxxxx Xxxxxx Printed Name
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Witness Printed Name
