ELEMENT 21 GOLF COMPANY
Exhibit
10.10
ELEMENT
21 GOLF COMPANY
January
1, 2009
Element
21 Golf Co. (Element) agrees to employ Xxxxxxxx Xxxxx as its President and
CEO. Xx. Xxxxx will work full time as an independent contractor,
while serving as President and CEO. The term of employment will begin
January 1, 2009 for one year, renewable for additional two terms. The total term
of this contract is three years. During the term of this agreement Element will
pay Xx. Xxxxx $20,000 per month in cash/stock or option as requested by Xx.
Xxxxx. The value of the shares is set at the closing price of the 5
day closing average as of the date of this agreement ($0.12). The
Element common stock will be issued on monthly basis. Element will
reimburse Xx. Xxxxx’x expenses incurred on behalf of Element. Xx.
Xxxxx will also receive a stock option package of 200,000 per year at an
exercise price of $0.12.
Element
will be able to terminate Xx. Xxxxx at any time with complete repayment of any
outstanding debts to Xx. Xxxxx, a cash payment of $500,000 and 2,000,000 million
shares of common stock of EGLF.
All stock
will be issued in whatever name Xx. Xxxxx and in whatever denominations Xx.
Xxxxx requests. All stock issuances will be adjusted for stock
splits, dividends or other changes to the common stock. All stock
issued will be freely tradable and issued without
restriction. Element will extend any and all indemnification rights
and D and O insurance (if any) coverage to Xx. Xxxxx in her capacity as Chief
Executive Officer and President as allowed by law.
[Remainder
of this page intentionally blank; signature page follow]
IN WITNESS WHEREOF, the
undersigned, being all of the directors of ELEMENT 21 GOLF CORPORATION, have
executed this Contract, effective as of the date first written
above.
_____________________
Xxxxxxxx
Xxxxx
_____________________
Xxxxxx
Xxxxxxxx
_____________________
Xxxx
Xxxxx
_____________________
Xxxxxx
Xxxxxxxx
