Effective January 16, 2006 This Agreement is between: Sungold International Holdings Corp., (hereinafter referred to as SIHC)
| Employment Agreement |
| Effective January 16, 2006 |
| This Agreement is between: |
| Sungold International Holdings Corp., |
| (hereinafter referred to as SIHC) |
| 000 Xxxx Xxxxx, 000 Xxxxxxx Xxxxxx |
| Xxxxxxxxx, X.X., XXXXXX X0X 0X0 |
| And, |
| Racing Unified Network (R.U.N.) Inc. |
| (hereinafter referred to as RUN) |
| 000 Xxxx Xxxxx, 000 Xxxxxxx Xxxxxx |
| Xxxxxxxxx, X.X., XXXXXX X0X 0X0 |
| And, |
| Xxxxxxx Xxxxxx |
| (hereinafter referred to as RH) |
| 0000 Xxxx 0xx Xxxxxx, Xxx. 000 |
| Xxxxxxxxx, XX, XXXXXX X0X 0X0 |
Whereas, Xxxxxxx Xxxxxx (RH), is to be appointed as General Manager of Commercial Advertising of RUN, reporting directly to Xxxxx Xxxxxxx, President and CEO of RUN, with the responsibility of organizing, selling, and managing the Commercial Advertising.
Now therefore and in consideration of the foregoing, it is hereby agreed as follows:
- RH is hereby appointed to the position of General Manager of
Commercial Advertising for
RUN. - RH shall receive an annual salary of $50,000 paid bi-monthly on the first and fifteenth of each month commencing on the start date as mutually agreed.
- RH shall receive an allocation of 100,000 Class A Common shares of the parent company, Sungold International Holdings Corp., upon signing of this agreement.
- Upon signing of this agreement, RH shall be issued an option to purchase at any time before March 31st 2007 from Sungold International Holdings Corp. Treasury 200,000 unrestricted Class A Common shares (trading symbol SGIHF) at Sixty-five cents US funds ($0.65 US) per share without restriction and tradable upon issuance.
- RH shall receive a commission of 15% of the first $1,000,000 of advertising revenue collected, 10% of all advertising revenue collected in excess of $1,000,000, to an annual personal maximum of $550,000. The above RH salary is to be deducted from commissions earned.
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- Additional employees will be added as it becomes necessary and recommended by RH, and they will report to and be responsible to RH. RUN will pay their salaries as agreed, but commissions for them as determined by RH, will be paid from the total commission percentages earned as per the above point.
- Reasonable, or pre-approved expenses incurred by RH on behalf of the company shall be reimbursed by the company.
- RH shall be entitled to three weeks holiday per year, but only as work permits, and no more than two weeks consecutively.
TERMINATION
This agreement may be terminated by a majority vote of the Management Committee if ratified by the Board of Directors in accordance with Employment Standards Law, in which case the stock option rights remain in force as specified until their expiration date.
RH may resign at any time in which case no further payments are owing. If RH resigns, the stock options in force expire within two months of the resignation notice.
EFFECTIVE DATE
This agreement shall be in full force and effect immediately upon acceptance as signed and witnessed below.
The parties agree that an executed copy received by telefax will represent a completed agreement.
This agreement has been approved and accepted by the following individuals who have full and complete authority to legally bind each party respectively:
| Sungold International Holdings Corp., | |
| /s/ T. Xxxxx Xxxxxxxxx | |
| T. Xxxxx Xxxxxxxxx, Chief Financial Officer | |
| Witnessed by: /s/ Xxxx Xxxxxxx | |
| Xxxx Xxxxxxx | |
| Print Name: |
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| And, | |
| Racing Unified Network (RUN) Inc., | |
| /s/ Xxxxx Xxxxxxx | |
| Xxxxx Xxxxxxx | |
| Witnessed by: /s/ Xxxx Xxxxxxx | |
| Xxxx Xxxxxxx | |
| Print Name: | |
| And, | |
| /s/ Xxxxxxx Xxxxxx | |
| Xxxxxxx Xxxxxx | |
| Witnessed by: /s/ Xxxx X. McNamerz | |
| Xxxx X. McNamerz | |
| Print Name: | |
| Dated this 16th day of January, 2006. |
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