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EXHIBIT 10.5
EMPLOYMENT AGREEMENT
Employment Agreement this 22nd day of March 1999 by and between parties hereto
e-Net Corporation (Employer) and Xxxx Xxxxxx (Employee).
Employer employs the Employee and the Employee accepts employment upon the
term's conditions and covenants as follows:
1. The term of the employment shall be for one year commencing from April 5th,
1999 and renewable annually automatically unless terminated by either party by
written 30 day notice to the other.
2. Employee shall receive for all services a salary of $1,375.00 per week
payable biweekly within three days after the end of each pay period. Salary
payments shall be subject to withholding and other applicable deductions.
3. The duties of the Employee shall be to serve as the Comptroller for the
Employer and for the subsidiaries and affiliates of the Employers business.
4. Employee shall have an office, facilities and services that are suitable to
the position and appropriate for the performance of the Employee's duties.
5. Employer shall reimburse Employee for all reasonable expenses incurred in the
performance of Employee's business, e.g. entertainment, travel, etc. Employee
will be reimbursed upon submission of an itemized account of such expenditures
with receipts where practicable.
6. Employee shall be entitled to two weeks of paid vacation each year.
7. If employee is unable to perform Employee's duties by reason of illness or
incapacity for a consecutive period of more than two weeks, the compensation
payable after the aforesaid period shall be $500.00 per week for the following
12 weeks. Upon return to full employment full compensation shall be reinstated.
8. Notwithstanding any provision in this Employment Agreement to the contrary,
if Employee's unable to perform or is absent from employment for a period of
more than three months. Employer may terminate this Employment Agreement,
without further cause and all obligations of Employer hereunder shall terminate.
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9. The Employment Agreement may be terminated at anytime and without cause by
either party upon thirty days written notice to the other. If Employer elects to
terminate, Employer shall pay to the Employee on the last day of employment
severance pay of $5,000.00 subject to withholding and deductions. If Employee
elects to terminate Employee shall receive salary up to the last day of
employment but no severance pay.
10. In the event Employee dies during the term of employment, Employer shall pay
to employee's estate the salary that would otherwise be payable to the end of
the month in which the Employee died and as a death benefit the sum equal to
$10,000.00. Employee agrees to be covered by insurance procured by Employer at
Employer's expense for this purpose.
11. Any controversy or claim arising out of or relating to this Employment
Agreement or the breach thereof shall be settled by arbitration in the City of
Irvine, State of California, in accordance with the then governing rules of the
American Arbitration Association. Judgement upon the award rendered by the
arbitrator(s) may be entered in any court of competent jurisdiction.
12. Any notice required to be given shall be either: (i) personally delivered,
or (ii) sent by U S Postal Service, postage prepaid, Certified Mail, Return
Receipt Requested to the Employer at the place of employment and the Employee at
the residence address given to and on file with the Employer.
13. A waiver of a breach of any provision of this Employment Agreement shall not
operate or be construed as a waiver of any subsequent breach.
14. The services of Employee are personal and unique and therefore Employee may
not assign this Employment Agreement nor delegate the duties and obligations
hereunder except in the normal course of business.
15. This Employment Agreement contains the entire understanding of the parties,
except as may be set forth in writing signed by the party against whom
enforcement may be sought simultaneously with or subsequent to the execution of
this Employment Agreement.
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INTENDING TO BE LEGALLY BOUND, the parties have executed this Employment
Agreement as of the date first above written.
Employer:
e-Net Corporation
BY: /s/ XXXXXXX X. XXXX
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XXXXXXX X. XXXX
Employee:
/s/ XXXX XXXXXX
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EMPLOYMENT AGREEMENT
Addendum
XXXX XXXXXX
This is an addendum to the contact between e-Net Financial Corporation and Xxxx
Xxxxxx dated March 22,1999. The following paragraphs are to be read as being
consistent with the terms of that employment agreement.
Stock Purchase Option:
Effective July 6, 1999 as further compensation you will be entitled to the
following stock options:
1. Stock purchase option
The corporation hereby grants the employee the option, for five years to
purchase Fifty Thousand (50,000) shares of stock at one dollar and fifty cents
per share. The rights granted under this option vest after one year following
the effective date of this contract and are subject to the terms and conditions
of the Stock Purchase Option Agreement.
2. Deferred Stock Option
Each quarter any salary payment which has been deferred by the employee (not to
exceed 1/3 of the total quarterly salary) may at the election of the employee be
converted to an option to purchase stock at one dollar per share, exercisable by
giving seven days written notice following the close of the quarter subject to
the terms and conditions of the Stock Purchase Agreement.
Rights granted hereby are assignable and may be hypothecated.
I have read and understood the statements contained in this document.
BY: /s/ XXXXXXX X. XXXX
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XXXXXXX X. XXXX
BY: /s/ XXXX XXXXXX
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XXXX XXXXXX
