Global Wataire Inc. Employment Agreement FOR CFO
Global
Wataire Inc.
FOR
CFO
Dear
Xx.
Xxxxxx:
The
following employment agreement between Global Wataire Inc. (The Company or
GW)
and Xxxxxx Xxxxxx outlines the terms of your contract as CFO of the
company.
1. Position
You
will
be appointed as CFO of the Company.
2. Term
The
appointment shall be for a term of Twenty-four month (Two years) commencing
on
the 1st day of
August 2007.
3. Compensation
|
a)
|
Annual
compensation of $US 150,000 annually, to be invoiced by you to the
Company
at the rate of $ 12,500.00 monthly. This compensation rate will be
reviewed annually by the Board of Directors, the first such review
to
occur within twelve months of the starting
date.
|
|
b)
|
You
will be entitled to participate in the company’s stock option plan when
grants are determined by the Board of
Directors.
|
|
c)
|
You
will be entitled to a cash or stock bonus of up to 50% of your annual
compensation if and when granted by the Board of Directors subject
to the
achievement of annual performance criteria as approved by the
Board.
|
|
d)
|
You
will invoice the company periodically for you’re out of pocket expenses
such as travel, meals and entertainment and other such expenses related
to
the execution of your duties.
|
|
e)
|
You
will be entitled to receive a payment of $500.00 per month as health
and
dental allowance.
|
4. Non
competition
The
Contract will contain the usual provision prohibiting you from competing with
the company anywhere in the world for a period of two (2) years from the expiry
or termination of your services.
5. Duties
Your
duties shall include:
|
·
|
Day
to day financial management of the
company
|
|
·
|
Preparation
of financial reports, forecasts, budgets etc. to ensure effective
management and financial reporting
|
|
·
|
Supervision
of finance department staff
|
|
·
|
Assure
compliance with all regulatory
authorities
|
|
·
|
Liaison
with auditors, Audit Committee, Compensation Committee, Board of
Directors, Investors and financial
institutions
|
|
·
|
Any
other duties as determined by the
CEO
|
6. Termination
for any reason
The
Company shall have the right to terminate your contract at any time with a
payment of twice your remaining compensation rate at the time of termination.
These payments will be in the form of either cash or company stock or any
combination thereof as determined by the Board of Directors at that
time.
7. Termination
by Employee
The
Employee shall provide a minimum of two (2) months notice of his desire to
terminate the contract.
Please
sign this letter below to indicate your agreement with the above
terms.
Yours
truly
Xxxxxx
Xxxxxxx
President
& CEO
Global
Wataire Inc.
Agreed
this 1st day of
August, 2007.
__________________________
Xxxxxx
Xxxxxx
