Employment Agreement between MCY Music World, Inc. and Xxxxx Xxxxxx,
000 Xxxx 000xx Xxxxxx, Xxxxxxxxx 0X, Xxx Xxxx, Xxx Xxxx 00000
TITLE: Senior Website Producer
SALARY: $140,000 per year paid bimonthly on the 1st and 15th of each month. The
employees salary will be increased to $175,000 on October 1st, 1999.
RESPONSIBILITIES: Employees responsibility as Senior Website Producer of MCY
Music World, Inc. will be to extend his best endeavors in order to achieve the
best possible production and development of the MCY website. Responsibilities
include the following:
Overall responsibility for development of the MCY website
Determining new features and functionalities to be added to the MCY website
Timely implementation of new features and functionalities
Oversight and coordination of activities between the departments
responsible for development and implementation of new features and
functionalities
Coordination with all other departments in integrating the MCY website and
other MCY development activities
REPORTING: Employee will be working to the instructions of the Chief Executive
Officer or another person to be appointed by him. Written reports on activities
may be required from time to time.
BENEFITS:
a. Employee will be enrolled on the Company health plan.
b. Employee will be enrolled in the executive stock option plan provided
to all executives of the company and allowed 100,000 stock options
vesting over 3 years according the company's stock option plan which
will be delivered soon.
c. Employee will be allotted 2 weeks paid vacation per year and 5 sick days.
d. Employee will be allotted paid traditional holiday vacation in accordance
with MCY policy and US law.
EXPENSES: MCY will cover business-related expenses incurred by the employee
during the course of his work. In order to receive remuneration for expenses,
Employee must report his expenses monthly in a manner to be prescribed by MCY.
MCY reserves the right to impose a limit on the amount of expenses for which the
Employee will be reimbursed.
TERM: The term of this agreement starts on July 21, 1999 and shall extend for 3
years. Any alterations to this contract must be made in writing and must be
mutually agreed upon in a duly signed amendment form.
EARLY TERMINATION: Either party may terminate this contract at any time and for
any reason with 30 days prior notice. Any breach of contract shall constitute
grounds for termination without notice. If the company terminates the contract
the employee will be compensated with 3 months salary. If the employee
terminates at will then the employee will not receive a compensation.
CONFIDENTIAL NATURE OF WORK: The nature of employees work for MCY will mean
that confidential information may from time to time be disclosed to him and that
he may be involved in the creation of works of MCY. Accordingly it is agreed
that employee will keep all information that he receives and work carried out in
the course of employment strictly private and confidential, and all copyright
and intellectual property rights in the employees work will be the property of
MCY. The employee agrees to sign MCYs Trust and Confidentiality Agreement,
which is attached.
ASSIGNMENT: In the event MCY is acquired in part or in whole by an affiliate,
parent company, or third party obtaining a substantial portion of MCYs assets
or stock, this employee agreement shall continue to be binding.
AMENDMENTS: Changes or amendments to this contract may be made in written form
only and must be signed by both parties to the contract.
Agreed and accepted this August 5, 1999.
MCY Music World, Inc. Xxxxx Xxxxxx
Xxxxxxxx Xxxxxxx, CEO and President Senior Website Producer
By: /s/ Xxxxxxxx Xxxxxxx By: /s/ Xxxxx Xxxxxx
