EMPLOYMENT AGREEMENT
Employment Agreement, between Online Stock Market Group (the "Company") and
______________________ (the "Employee".)
1. For good consideration, the Company employs the Employee on the following
terms and conditions:
2. Term of Employment: Subject to the provisions for termination set forth
below this agreement will begin on _______________, 1999, unless sooner
terminated.
3. Salary: The Company shall pay Employee a salary of $_______________ per
year, for the services of the Employee, payable at regular payroll periods.
4. Duties and Position: The Company hires the Employee in the capacity of
_______________. The Employee's duties may be reasonably modified at the
Company's direction from time to time.
5. Employee to Devote Full Time to Company: The Employee will devote full
time, attention, and energies to the business of the Company and during
this employment, will not engage in any other business activity, regardless
of whether such activity is pursued for profit, gain, or other pecuniary
advantage. Employee is not prohibited from making personal investments in
any other businesses provided those investments do not require active
involvement in the operation of said companies.
6. Confidentiality of Proprietary Information: Employee agrees, during or
after the term of this employment, not to reveal confidential information,
or trade secrets to any person, firm, corporation, or entity. Should
Employee reveal or threaten to reveal this information, the Company shall
be entitled to an injunction restraining the Employee from disclosing same,
or from rendering any services to any entity to whom said information has
been or is threatened to be disclosed. The right to secure an injunction is
not exclusive, and the Company may pursue any other remedies it has against
the Employee for a breach or threatened breach of this condition, including
the recovery of damages from the Employee.
7. Reimbursement of Expenses: The Employee may incur reasonable expenses for
furthering the Company's business, including expenses for entertainment,
travel, and similar items. The Company does not reimburse any Employee
without prior permission granted by the President. The Company shall
reimburse Employee for all business expenses after the Employee presents an
itemized account of expenditures and has prior consent by the President,
pursuant to Company policy.
8. Vacation: The Employee shall be entitled to a yearly vacation of zero (0)
weeks at full pay.
9. Disability: If Employee cannot perform the duties because of illness or
incapacity for a period of more than one(1) week, the compensation
otherwise due during said illness or incapacity will be reduced by 100% (
one hundred ) percent. The Employee's full compensation will be reinstated
upon return to work. However, if the Employee is absent from work for any
reason for a continuous period of over one half (1/2) months, the Company
may terminate the Employee's employment, and the Company's obligations
under this agreement will cease on that date.
10. Termination of Agreement: Without cause, the Company may terminate this
agreement at any time upon zero (0) days' written notice to the Employee.
If the Company requests, the Employee will continue to perform his/her
duties and be paid his/her regular salary up to the date of termination. In
addition, the Company will pay the Employee on the date of termination a
severance allowance of $ 0.00 less taxes and social security required to be
withheld. Without cause, the Employee may terminate employment upon zero
(0) days' written notice to the Company. Employee may be required to
perform his/her duties and will be paid the regular salary to date of
termination but shall not receive a severance allowance. Notwithstanding
anything to the contrary contained in this agreement, the Company may
terminate the Employee's employment upon zero (0) days' notice to the
Employee should any of the following events occur:
o The sale of substantially all of the Company's assets to a single
purchaser or group of associated purchasers; or
o The sale, exchange, or other disposition, in one transaction of the
majority of the Company's outstanding corporate shares; or
o The Company's decision to terminate its business and liquidate its
assets; or
o The merger or consolidation of the Company with another company; or
o Bankruptcy or Chapter 11 Reorganization.
11. Death Benefit: Should Employee die during the term of employment, the
Company shall pay to Employee's estate any compensation due through the end
of the month in which death occurred.
12. Restriction on Post Employment Competition: For a period of 1 ( one ) year
after the end of employment, the Employee shall not control, consult to or
be employed by any business similar to that conducted by the Company,
either by soliciting any of its accounts or by operating within Employer's
general trading area.
13. Assistance in Litigation: Employee shall upon reasonable notice, furnish
such information and proper assistance to the Company as it may reasonably
require in connection with any litigation in which it is, or may become, a
party either during or after employment.
14. Effect of Prior Agreements: This agreement supersedes any prior agreement
between the Company or any predecessor of the Company and the Employee,
except that this agreement shall not affect or operate to reduce any
benefit or compensation inuring to the Employee of a kind elsewhere
provided and not expressly provided in this agreement.
15. Settlement by Arbitration: Any claim or controversy that arises out of or
relates to this agreement, or the breach of it, shall be settled by
arbitration in accordance with the rules of the American Arbitration
Association. Judgment upon the award rendered may be entered in any court
with jurisdiction.
16. Limited Effect of Waiver by Company. Should Company waive breach of any
provision of this agreement by the Employee, that waiver will not operate
or be construed as a waiver of further breach by the Employee.
17. Severability: If, for any reason, any provision of this agreement is held
invalid, all other provisions of this agreement shall remain in effect. If
this agreement is held invalid or cannot be enforced, then to the full
extent permitted by law any prior agreement between the Company (or any
predecessor thereof) and the Employee shall be deemed reinstated as if this
agreement had not been executed.
18. Assumption of Agreement by Company's Successors and Assignees: The
Company's rights and obligations under this agreement will inure to the
benefit and be binding upon the Company's successors and assignees.
19. Oral Modifications Not Binding: This instrument is the entire agreement of
the Company and the Employee. Oral changes shall have no effect. It may be
altered only by a written agreement signed by the party against whom
enforcement of any waiver, change, modification, extension, or discharge is
sought.
Signed this _________ day of ____________, 19__.
____________________________ ____________________________
Company Employee
