EXHIBIT 10.49
November 11, 2000
Employment Agreement
Employment agreement as agreed upon between the parties Xxxx X. Xxxx, president
of Xxxx Xxxx Financial Corp and Xxxxxxx X. Xxxxxxx CPA.
The job of Chief Financial Officer of Xxxx Xxxx Financial Corporation includes
the following compensation factors:
(1) The first year Base Salary of $115,000 a year until November 11, 2001.
A $10,000 dollar increase will occur for the next 4 years as follows:
November 11, 2001 $125,000
November 11, 2002 $135,000
November 11, 2003 $145,000
November 11, 2004 $155,000
(2) The SEC bonuses of $2,500 a quarter will continue if timely filing
occur.
(3) Workweek is Monday thru Thursday. Friday's Xxxxxxx X. Xxxxxxx will be
available by phone.
(4) Either party may terminate this Agreement. WCFC will give Xxxxxxx X.
Xxxxxxx 30 days advance notice of termination. Xxxxxxx X. Xxxxxxx will
give WCFC 30 days advance notice of resignation. If both parties agree
that Xxxxxxx X. Xxxxxxx will cease to work for WCFC, then the required
notice period is 60 days. Regardless of what notice is given or
whether Xxxxxxx X. Xxxxxxx actually works for WCFC during the notice
period, Xxxxxxx X. Xxxxxxx will receive her salary set forth above in
(1).
(5) The above (4) provision does not apply if a change in upper management
occurs, including the retirement of Xxxx X. Xxxx or implementation of
new managers, Xxxxxxx X. Xxxxxxx is granted the ability to reduce the
notice of termination to 2 weeks.
(6) The proprietary information agreement singed by Xxxxxxx X. Xxxxxxx in
July of 1997 is replaced by the attached and signed current
proprietary agreement dated November 2000.
_ /s/ Xxxx X. Cook______ __/s/ Xxxxxxx X. Britten___
Xxxx X. Xxxx [Dated 1-17-01] Xxxxxxx X. Xxxxxxx
