EXHIBIT 10.2
EMPLOYMENT AGREEMENT
MIAD Systems Ltd.
00 Xxxxxxx xxxxx
Xxxx 0
Xxxxxxx,Xxxxxxx
X0X 0X0
October 1,1999
PRIVATE AND CONFIDENTIAL
Mr.Xxxxxxx Xxxxx
c/o MIAD Systems Ltd.
00 Xxxxxxx Xx.
Xxxxxxx, Xxx.
Dear Xx. Xxxxx:
MIAD is pleased to confirm, in this letter, the proposed employment terms
between you and MIAD for a one year term commencing October 1,1999.
1. Responsibilities
You will be responsible for developing ,growing and managing the activities of
the corporation as its Chief Executive and Chief Operating Officer
2. Salary and bonus
For the year commencing October 1, 1999 you will earn a salary of $180,000 per
annum. You shall be entitled to earn sales commission at the rate of $5,000 for
each $1 million dollars of sales achieved by MIAD in the fiscal year (for the
first $3 million of sales). If the corporation achieves over $3 million of
sales, you shall be entitled to an additional bonus of $20,000 per million of
sales (for revenues between $3 million and $5 million) In addition, for revenues
above $5 million, you shall be entitled to a bonus of $12,000 per Million of
sales above the $5 million.
You shall also be entitled to earn a bonus at the rate of 4%of the corporation's
pre-tax profit.
You will be reimbursed for reasonable and legitimate business expenses.
3. Employment benefits
You will be entitled to employment benefits in accordance with then current MIAD
employment benefit plan.
4. Non-Competition and Non-Solicitation Covenant
You shall not during a period of 3 years from October 1, 1999 and in the
Province of Ontario:
- engage directly or indirectly in the Business of MIAD in respect of any
organization that was a client of MIAD during such period.
- Directly or indirectly solicit any such client in respect of, or perform
or offer to perform for any such client, any of the services of the type
offered by MIAD on your own behalf or as a member, employee or associate
of any person or organization.
You acknowledge that the foregoing Non-Competion and Non-Solicitation
Covenant are reasonable and that MIAD would not have entered into this
Employment Agreement without this Covenant which is necessary to protect
MIAD's economic interests. The breach by you of such Covenant would
cause serious and irreparable harm to MIAD which would not adequately be
compensated for in damages and in the event of a breach, you consent to
an injunction being issued restraining any further breach of such
Covenant in addition to any other remedy that MIAD may have in the event
of such breach.
We look forward to working with you. To indicate your acceptance of
these terms and conditions,kindly sign a duplicate copy of this letter
and return to me.
Yours very truly
/s/ Xxxxxxx Xxxxx
MIAD Systems Ltd.
Accepted
/s/ Xxxxxxx Xxxxx
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Xxxxxxx Xxxxx
