Contract
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EM P L O Y M E N T A G R E E M E N T
This Employment Agreement is made May 22nd 2018 and is retroactive to the 1st day of January, 2018 ("Effective Date") by and between Supernova Energy Inc., a Nevada corporation (the "Company"), and Xxxxx Xxxxxx , an individual, officer and director of Supernova Energy Inc., hereinafter "Executive".
A G R E E M E N T
NOW, THEREFORE, in consideration of the mutual terms, covenants and conditions hereinafter set forth, the parties hereto do hereby agree as follows:
1. Employment. Company agrees to employ Executive, and Executive agrees to be employed by Company, beginning as of the Effective Date and continuing until the termination date as set forth herein " (the "Term"), subject to the terms and conditions of this Agreement and further subject to the supervision and direction of the Company's Board of Directors.
2. Term. The term of this Agreement shall be for a period of Two (2) years commencing on the date hereof, unless terminated earlier pursuant to Section 5 below.
2.1. Post Term Employment.
Should Executive remain employed by Company beyond the expiration of the Term such employment shall convert to a month-to-month relationship terminable at any time by either Company or Executive for any reason whatsoever, with or without cause.
3. Scope of Duties.
3.1 Assignment of Duties. Executive shall have such duties as may be assigned to him or her from time to time by the Company's Board of Directors commensurate with his experience and responsibilities in the position for which he is employed pursuant to Section 1 above. Such duties shall be exercised subject to the control and supervision of the Board of Directors of the Company.
3.2 General Specification of Duties. Executive's duties shall include, but not be limited to, the duties and performance goals as follows:
(1) Act as President, Chief Executive Officer and Director of the Company and perform all duties, functions and responsibilities generally associated thereto;
(2) Personally review the financial statements of the company as may be prepared from time to time or otherwise cause to be prepared, as directed by the Company, financial statements, tax returns and other similar items respecting the operation of the Company;
(3) Execute on behalf of the Company, in his capacity as President and Chief Executive Officer, all documents as reasonably and properly requested by the Company;
(4) Employ, pay, supervise and discharge all Executives of the Company, and determine all matters with regard to such personnel, including, without limitation, compensation, bonuses and fringe benefits, all in accordance the policies which may be implemented by the Board of Directors of the Company;
(5) Assist in causing the Company to be operated in compliance with all legal requirements;
(6) Assist in operating the Company in conformance with any plan approved by the Company, as such may be amended from time to time with the concurrence of the Company; and
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(7) Perform all other acts deemed necessary and proper for the Company, in the sole discretion of Executive. The foregoing specifications are not intended as a complete itemization of the duties which Executive shall perform and undertake on behalf of the Company in satisfaction of his or her employment obligations under this Agreement. Executive initially shall be employed in the position set forth herein. Company may subsequently modify Executive's duties and responsibilities; provided however, in the event Company substantially reduces the duties or responsibilities of Executive, Executive may elect to terminate this Agreement and said termination shall constitute an Involuntary Termination. Executive shall at all times comply with and be subject to such policies and procedures as Company may establish from time to time.
3.3 Conflicting Activities.
(1) Executive shall not, during the term of this Agreement, be engaged in any other business activity substantially similar to that of the Company's primary business without the prior consent of the Board of Directors of the Company; provided, however, that this restriction shall not be construed as preventing Executive from investing his personal assets in any investments, including but not limited to, business entities which are not in competition with the Company or its affiliates, or from pursuing business opportunities which do not unreasonably impede his performance as executive for the Company.
(2) Executive hereby agrees to promote and develop all business opportunities that come to his attention relating to current or anticipated future business of the Company, in a manner consistent with the best interests of the Company and with his duties under this Agreement.
4. Compensation; Reimbursement.
4.1 Base Salary. For all services rendered by Executive under this Agreement, the Company shall pay Executive a base salary of Sixty Thousand Dollars ($60,000.00) per annum, paid monthly (the "Base Salary").
4.2 Periodic Bonuses. In addition to the Base Salary, Executive shall be eligible for periodic bonuses ("Periodic Bonuses") in amounts to be determined by the Board of Directors. The criteria upon which the Periodic Bonuses are awarded shall be at the discretion of the Board of Directors.
4.3 Reimbursement. Executive shall be reimbursed for all reasonable "out-of-pocket" business expenses for business travel and business entertainment incurred in connection with the performance of his or her duties under this Agreement so long as such expenses constitute business deductions from taxable income for the Company and are excludable from taxable income to the Executive under the governing laws and regulations of the Internal Revenue Service.
5. Termination.
5.1 Executive's employment may be terminated by the Company or Executive effective no sooner than 30 days after written notice is delivery and a suitable replacement is found.
6. Miscellaneous.
6.1 Governing Law. This Agreement is made under and shall be construed pursuant to the laws of the State of Nevada.
6.2 Effective Date. This Agreement shall become effective as of the date set forth on page 1 when signed by Executive and the Company.
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IN WITNESS WHEREOF, the parties hereto have caused this Employment Agreement to be executed as of the date first set forth above.
/s/ Xxxxx Xxxxxx
Executive: Xxxxx Xxxxxx
/s/ Xxxxx Xxxxxx
Supernova Energy Inc: Xxxxx Xxxxxx
/s/ Xxxxxxxx Xxxxxxxx
Supernova Energy Inc: Xxxxxxxx Xxxxxxxx
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