EXHIBIT 10.7
Employment Agreement
Agreement dated March 1, 2002, between ADZONE RESEARCH, INC. (hereinafter the
"company") and Xxx Xxxxxxxxx (hereinafter the "employee")
The company employees the employee, and the employee agrees to be employed,
Following terms and conditions:
Employment - Employment continues as outlined effective today, March 4,
2002 and will be in effect for 12 months.
Start Bonus - The company shall pay the employee 50,000 shares of stock in
the company as a start bonus
Salary - The Company shall pay Employee a salary of stock of 50,000 shares
for each month until the contract converts to cash salary as per provisions
in this contract.
Position - The Company hires the Employee as Executive Vice President and
Managing Director of Global Defense Group. Dedication - The employee agrees
to dedicate an average of 35 hrs per week(effectively full time) and
attention to the needs of AdZone. As a member of management, the employee
shall get written approval prior to accepting any position or contract with
any other organization.
Other Agreements - Upon execution and payment of a $1M annual sale or more,
or upon funding of $1M or more, the employee shall commence beginning the
following calendar week at an annual salary of not less than $175,000, plus
Medical insurance, plus expense account of not less than $2000 per month.
Should the employee bring in at least $3 Million in sales, he shall be
entitled to a bonus of 300,000 shares. Additional stock and or options to
be determined at the time.
Commission --- The employee shall receive 1% of contract value as paid on
all contracts brought in by employee. Employee shall also receive a
commission of 10% of all investment capital brought in by employee.
Additional compensation for consulting contracts brought in will be
negotiated on a case by case basis. This commission shall be payable when
funds are received by the company and shall be paid to the employee
regardless of the salary status.
There shall be an additional sales commission bonus of 1% on any $3 million
plus sale closed prior to July 4, 2002. This sale must have a deposit of at
least 10% paid by July 4th, 2002 and exceed $3 million in total annual
revenues. Should a multi year contract be closed, this bonus shall apply to
first year value only. This commission bonus shall be paid as money is
received by AdZone.
Settlement by Arbitration - Any claim or controversy that arises out of or
relates to this agreement, will be settled by arbitration. If any provision
of this agreement is held invalid, the other provisions of this agreement
will remain in effect. ORAL MODIFICATIONS ARE NOT BINDING. THIS AGREEMENT
SUPERSEDES ALL PREVIOUS EMPLOYMENT AND OTHER AGREEMENTS BETWEEN EMPLOYEE
AND ADZONE RESEARCH.
ADZONE RESEARCH, INC
Company Name
/S/ XXXXXXX XXXXXXX
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Authorized Signature
/S/ XXXXXX XXXXXXXXX
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Employee Signature
