Executive Contractual Agreement
Exhibit10.3
| A. |
CLORACKS is engaged in the business of Manufacturing Xxxxx Xxxxx will primarily perform the job duties at the following location: 0000 X Xxxxxxx Xxxx. Xxx # 000, Xxx Xxxxx, XX 00000
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| B. | CLORACKS desires to have the services of XXXXX XXXXX |
| X. | XXXXX XXXXX is willing to be employed by CLORACKS Therefore, the parties agree as follows: |
EMIPLOYMENT. CLORACKS shall employ XXXXX XXXXX as a(n) CEO. XXXXX XXXXX shall provide to CLORACKS the services described on the attached Exhibit A, which is made a part of this Agreement by this reference. XXXXX XXXXX accepts and agrees to such employment, and agrees to be subject to the general supervision, advice and direction of CLORACKS and CLORACKS's Board of Directors. XXXXX XXXXX shall also perform (i) such other duties as are customarily required to direct and manage all of the day-to-day operations of XXXXX XXXXX, and (ii) such other and unrelated services and duties as may be assigned to XXXXX XXXXX from time to time by CLORACKS.
BEST EFFORTS OF EMPLOYEE. XXXXX XXXXX agrees to perform faithfully, industriously, and to the best of XXXXX LUISA's ability, experience, and talents, all of the duties that may be required by the express and implicit terms of this Agreement, to the reasonable satisfaction of CLORACKS. Such duties shall be provided as such place(s) as the needs, business, or opportunities of CLORACKS may require from time to time. XXXXX XXXXX shall devote his full business time to the rendition of such Services, subject to absences for customary vacations and for temporary illness.
C0MPENSATION OF EMPLOYEE. As compensation for the services provided by XXXXX XXXXX under this Agreement, CLORACKS will pay XXXXX XXXXX an annual salary of approximately y no less than One Hundred Fifty Thousand Dollars ($150,000.00) payable I on accordance with CLORACKS usual payroll procedures in cash and/or in lieu of stocks certificates (preferred and/or common stocks). Upon termination of this Agreement, payments under this paragraph shall cease; provided, however, that XXXXX XXXXX shall be entitled to payments for periods or partial periods that occurred prior to the date of termination and for which XXXXX XXXXX has not yet been paid, and for any commission earned in accordance with CLORACKS's customary procedures, if applicable. Accrued vacation will be paid in accordance with state law and CLORACKS's customary procedures. This section of the Agreement is included only for accounting and payroll purposes and should not be construed as establishing a minimum or definite term of employment.
Exhibit 10.3 -- Page 1
EXPENSE REIMBURSEMENT. CLORACKS will reimburse XXXXX XXXXX for "out of pocket" expenses incurred by XXXXX XXXXX in accordance with CLORACKS's policies i n effect from time to time.
UNAUTHORIZED DISCLOSURE OF INFORMATION. If it appears that XXXXX XXXXX has disclosed (or has threatened to disclose) information in violation of this Agreement, CLORACKS shall be entitled to an injunction to restrain XXXXX XXXXX from disclose any, in whole or in part, such Information, or from providing any services to any party to whom such Information has been disclosed or may be disclosed. CLORACKS shall not be prohibited by this provision from pursuing other remedies, including a claim for losses and damages, attorneys' fees and costs incurred while seeking to enforce this Agreement.
CONFIDENTIALITY AFTER TERMINATION OF EMPLOYMENT. The confidentiality provisions of this Agreement shall remain in full force and effect for a "I -year" period, period after the termination of XXXXX LUISA's employment. During such a "I -year" period. period, neither party shall make or permit the making of any public announcement or statement of any kind that MA RIALUISA was formerly employed by or connected with CLORACKS.
BENEFITS.
CLORACKS CORPORATION. in its sole discretion may, from time to time, award XXXXX XXXXX a bonus (the Bonus).
CLORACKS CORPORATI ON in its sole discretion may, from time to time award XXXXX XXXXX option to purchase shares of the Employers capital stock (the Stock).
TERM/TERMINATION. XXXX XXXXXX'x employment under this agreement shall be for an unspecified term on an "at will" basis. This agreement may be terminated by CLORACKS upon "10 days" written notice, and by XXXXX XXXXX upon "10 days" written notice. If CLORACKS shall so terminate this agreement, XXXXX XXXXX shall be entitled to compensation for 2 weeks beyond the termination date of such termination, unless XXXXX XXXXX is in violation of this agreement. If XXXXX LUISA's employment is terminated by CLORACKS without cause.
XXXXX XXXXX shall continue to receive base salary, bonus and benefits (including car allowance, health care as applicable) for a period of 2 weeks from the effective date of termination (the "Severance Period")
RETURN OF PROPERTY. Upon termination of this Agreement, XXXXX XXXXX shall deliver to CLORACKS all property which is CLORACKS's property or related to CLORACKS's business (including keys, records, notes, data, and equipment) that is in XXXXX LUISA's possession or under XXXXX LUISA's control. Such obligation shall be governed by any separate confidentiality or proprietary rights agreement signed by XXXXX XXXXX.
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APPLICABLE LAW. This Agreement shall be governed by the laws of the State of Nevada.
EMPLOYER:
CLORACKS CORPORATION
0000 X Xxxxxxx Xxxx. Xxx 000
Xxx Xxxxx, XX 00000
Dhan Dev Kaushal, Director
/s/ Xxxxxx Xxxxx
Xxxxxx Xxxxx, Director
AGREED TO AND ACCEPTED
EXECUTIVE:
/s/ Xxxxx Xxxxx Xxxxxx
Xxxxx Xxxxx Xxxxxx
0000 X Xxxx Xxxxx Xx
Xxx Xxxxx, XX 00000
Exhibit 10.3 -- Page 3
