WRITTEN EXPLANATION OF THE VERBAL AGREEMENT BETWEEN SANFORD EXPLORATION, INC. AND FIORE ALIPERTI
WRITTEN EXPLANATION OF THE VERBAL AGREEMENT BETWEEN
XXXXXXX EXPLORATION, INC. AND XXXXX XXXXXXXX
This Executive Employment Agreement ("Agreement') is made and effective by and between Xxxxxxx Exploration, Inc. a Nevada Corporation ("Company") and Xxxxx Xxxxxxxx ("Executive").
NOW, THEREFORE, the parties hereto agree as follows:
1.
Employment.
Company agrees to initially employ Executive as its
President, Chief Executive Officer, Secretary, Treasurer (Principal Executive
Officer and Principal Financial Officer) and Director and Executive accepts such
employment in accordance with the terms of this Agreement and the terms of
employment applicable to regular employees of Company.
2. Duties
of Executive.
The duties of Executive shall include the performance of
all of the duties typical of the office held by Executive as described in the
bylaws of the Company and such other duties and projects as may be assigned by a
superior officer of the Company, if any, or the board of directors of the
Company. Executive shall be a member of and fully participate in the board of
directors and make decisions relating to the operations, management and business
plan of the Company. Executive shall devote approximately four (4) hours per
week to the business of the Company and shall perform all duties in a
professional, ethical and businesslike manner. Executive may, during the term of
this Agreement, engage in any other business, either as an employee, employer,
consultant, principal, officer, director, advisor, or in any other capacity,
either with or without compensation.
3. Compensation.
Executive
will not be compensated for the performance of these services until such a time
as the Company begins to earn revenue.
4. Benefits.
A. Sick Leave. Executive shall be entitled to sick leave and emergency leave according to the regular policies and procedures of Company. Additional sick leave or emergency leave over and above paid leave provided by the Company, if any, shall be unpaid and shall be granted at the discretion of the board of directors.
B. Expense Reimbursement. Executive shall be entitled to reimbursement for all reasonable expenses, including air travel and entertainment, incurred by Executive in the performance of Executive's duties. Executive will maintain records and written receipts as required by the Company policy and reasonably requested by the board of directors to substantiate such expenses.
5.
Term and
Termination.
A. The
initial term of this Agreement shall continue in effect on an indeterminate
basis. This Agreement and Executive's employment may be terminated at Company's
discretion at
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any time, provided that Company shall provide at least thirty (30) days prior written notice to Executive.
B. This Agreement may be terminated by Executive at Executive's discretion by providing at least thirty (30) days prior written notice to Company. In the event of termination by Executive pursuant to this subsection, Company may immediately relieve Executive of all duties and immediately terminate this Agreement.
C. In the event that Executive is in breach of any material obligation owed Company in this Agreement, habitually neglects the duties to be performed under this Agreement, engages in any conduct which is dishonest, damages the reputation or standing of the Company, or is convicted of any criminal act or engages in any act of moral turpitude, then Company may terminate this Agreement without notice to Executive.
D. In the event Company is acquired, or is the non-surviving party in a merger, or sells all or substantially all of its assets, this Agreement shall terminate.
E. There shall be no retirement, severance or other pay owed to the Executive upon termination of this Agreement, other than any outstanding amounts of salary and expenses.
6. Governing
Law.
This Agreement shall be construed and enforced in accordance with
the laws of theState of Nevada.
