EXECUTIVE CONTRACT AGREEMENT
AGREEMENT made as of the 1st day of April, 2004 by and between Xxxx Xxxx, an
individual, and New York Regional Railroad, a Delaware corporation, and JS
Transport having their principal place of businesses located at 0000 Xxxxx
Xxx., Xxxxxxxx, Xxx Xxxx, and 000 Xxxxxxxx Xxxx, Xx Xxxxx, XX, respectively,
(hereinafter referred to collectively as "the Company").
WHEREAS the parties hereto have negotiated a mutually satisfactory arrangement
for the contract services of Xxxx Xxxx to provide executive management for the
Company.
Now therefore, in consideration of the mutual covenants hereinafter set forth,
the parties hereto agree as follows:
1. Services and Duties. The Company hereby assigns Xxxx Xxxx to be the
President and General Manager of JS Transportation and Xxxx Xxxx hereby
accepts such assignment upon the terms and conditions hereinafter set
forth. Xxxx Xxxx shall devote himself diligently to the promotion of the
Company's interests. Xxxx Xxxx shall provide, but not limited to, the
usual services provided as the President and General Manager and those
duties reasonably requested of him by the Board of Directors.
2. Term. The term of this Agreement shall be one (1) year commencing on the
date first above written. The Company hereto may terminate this
Agreement at any time "for cause" or a disability whereby Xxxx Xxxx is
unable to perform the duties set forth in this Agreement for a period of
three consecutive months. The Agreement shall automatically renew for a
period of one (1) year unless either party gives the other written
notice 60 days prior to the end date of the contract that the party
wishes to terminate the renewal.
3. Compensation.
A. Regular Compensation
As compensation for the services rendered by Xxxx Xxxx, the Company
will pay to Xxxx Xxxx the amount of $1,500 per week, and/all the
health and welfare benefits he currently receives. (See attached
Schedule A).
B. Bonus Compensation
Xxxx Xxxx shall also be entitled to the following Bonus
Compensation pursuant to the achievement of the following terms:
JS Transportation must show a segment profit in excess of $100,000
for the year March 1, 2004 to Feb 28, 2005. Xxxx Xxxx will receive
$5,000 for each
$100,000 of segment profit of JS Transportation, as reported in the
Company's 10KSB & 10QSB reports with the SEC. Said Monetary Bonus
Compensation will be paid by May 15 of each complete year.
C. Vacation Time.
Xxxx Xxxx shall be entitled to five (5) weeks paid vacation per
year while this Agreement is in effect.
4. Expenses. During the term of this Agreement the Company shall pay, or
reimburse Xxxx Xxxx for the reasonable and necessary expenses incurred
in connection with this agreement, and such other expenses as the Board
of Directors shall specifically approve. Xxxx Xxxx shall receive $350
per month as compensated for business use of his vehicle.
5. Termination For Cause. At any time during the Term, the Company may
terminate this agreement and the assignment of Xxxx Xxxx as President
and General Manager hereunder for Cause (as defined herein), effective
immediately upon notice to Xxxx Xxxx.
For purposes of this Agreement, Cause shall mean that Xxxx Xxxx: (1)
breaches, neglects or fails to diligently perform to the reasonable
satisfaction of the Company any or all of this duties under this
Agreement, (2) commits an act of dishonesty or breach of trust, or acts
in a manner which is inimical or injurious to the business or interest
of the Company, (3) violates or breaches any of the provisions of the
Agreement, (4) act or omission to act results in or is intended to
result directly in gain to or personal enrichment at the Company's
expense., (5) is indicted for or convicted of a felony or any crime
involving larceny, embezzlement or moral turpitude, (6) becomes
insolvent, makes an assignment for the benefit of creditors, files or
has filed against him a petition for relief or other proceeding under
federal bankruptcy law or state insolvency law or is assessed, or
administered in any type of creditor's proceedings.
On termination of this Agreement, all rights to compensation and
benefits of Xxxx Xxxx shall cease as of the Date of Termination, except
Xxxx Xxxx shall be entitled to any unpaid portion compensation earned to
the Date of Termination.
In Witness Whereof the parties have caused this Agreement to be executed, sealed
and delivered, in the case of the Company by its officer thereunto duly
authorized, as of the date first above written.
The Company
By:________________________________
Xxxx Xxxx
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