EXHIBIT 10.8
5TH AVE. CHANNEL
May 10, 1999
Xx. Xxxx Xxxxxxxxx
0000 X.X. 000xx Xxxxxx
Xxxxx Xxxxx Xxxxx, Xxxxxxx 00000
Re: Employment Agreement
Dear Xxxx:
This is to confirm the terms and conditions of your employment by 5th
Avenue Channel Corp., a Florida corporation ("5TH AVENUE"), pursuant to our
agreement which has been implemented as of the beginning of 1999.
1. EMPLOYMENT TERM. You shall be employed by 0xx Xxxxxx for a term of
five years, which began on January 1, 1999 and which shall continue through
December 31, 2003. 5th Avenue shall have the right to extend your term of
employment for three (3) successive one-year periods, by so notifying you in
writing by a date no later than November 30 of each year in which 0xx Xxxxxx
elects to extend your employment term.
2. TITLE AND DUTIES. Your position with 5th Avenue shall include the
title of Senior Vice President, and you shall be in charge of all marketing and
sales. Your duties shall include the continuation of the same duties you
performed as president of International Broadcast Consultants of America, Inc.
("IBC") prior to the acquisition by 5th avenue of the assets and business
operations of IBC.
3. COMPENSATION. You shall be paid an annual salary of $150,000 in
equal installments on the same dates that 5th avenue pays its other senior
executives their regular salaries, together with annual bonuses and stock
options to be based upon the performance of 5th Avenue's business operations.
Your salary for the period ending December 31, 1999 shall total such $150,000
amount, notwithstanding that this letter agreement is dated in May 1999. In
addition, you shall receive a bonus for the months of December 1998 and January
1999 for services rendered to 0xx Xxxxxx during that time, as we have previously
agreed.
4. OTHER EMPLOYMENT BENEFITS. You also shall receive the same health
insurance, life insurance, and disability insurance coverage and benefits that
5thAvenue provides to its other senior executives, and 0xx Xxxxxx shall
reimburse you for all reasonable business expenses incurred by you on behalf of
0xx Xxxxxx. You shall also be authorized to use and shall receive 0xx Xxxxxx
credit cards and a 0xx Xxxxxx cellular telephone for 0xx Xxxxxx business
purposes. You also shall be entitled to all salary continuation benefits that
0xx Xxxxxx provides its senior executives, for any partial or total disability
that you may suffer.
5. SEVERANCE BENEFITS. In the event you are terminated by 0xx Xxxxxx or
any successor or assignee of 5th Avenue, prior to the end of the initial term or
any extended term of
The 5th Avenue Channel
0000 X.X. 000xx Xxxxxx, Xxxxx Xxxxx Xxxxx, Xxxxxxx 00000
(000) 000-0000/Fax (000) 000-0000/email xxxxxxx@0xxxxxxxxxxxxxxx.xxx
your employment, without Cause (as defined below), you shall receive the full
remaining salary and health insurance benefits (or reimbursement for the cost of
COBRA insurance) for the entire remaining two-year term or extended term,
promptly upon your termination. Termination "FOR CAUSE" shall mean termination
based upon (A) a material and substantial breach of fiduciary duties to 0xx
Xxxxxx; (B) repeated, continual and flagrant failure to perform your duties as
requested by the 5th Avenue Board of Directors; (C) conviction of, or admission
to, a crime involving moral turpitude; or (D) engaging in business activities in
conflict with the business activities of 0xx Xxxxxx.
This employment agreement shall inure to the benefit of and shall be
binding upon any of 5th avenue's successors or assigns. In order to confirm the
above stated terms and conditions of your employment by 5th Avenue, please
countersign this letter agreement, below.
Sincerely,
5th Avenue Channel Corp.
By: /S/ XXXXXX XXXXX
----------------------------------
Xxxxxx Xxxxx, President
I agree to the above terms and conditions of employment.
/S/ XXXX XXXXXXXXX
---------------------------
Xxxx Xxxxxxxxx
The 5th Avenue Channel
0000 X.X. 000xx Xxxxxx, Xxxxx Xxxxx Xxxxx, Xxxxxxx 00000
(000) 000-0000/Fax (000) 000-0000/email xxxxxxx@0xxxxxxxxxxxxxxx.xxx
