Eagle Capital International, Ltd., referred to as EMPLOYER, and Xxxxxxx
X'Xxxxx, referred to as EMPLOYEE, agree:
EMPLOYEE is engaged to act as Chief Executive Officer and President of Eagle
Capital International, Ltd., beginning on May 15, 1999. This contract shall run
for a period of two years from signing.
The job description is attached herein.
As compensation for EMPLOYEE's services herein, EMPLOYEE shall receive
compensation of One Hundred Ninety Eight Thousand ($198,000.00) per annum. In
addition the Employee will receive 250,000 shares of the companies common stock
for year one, and 125,000 shares of the companies common stock for year two.
This stock shall be restricted pursuant to rule 144 of the SEC code.
Bonus Schedule:
If the EMPLOYER exceeds Fifty Million Dollars ($50,000,000.00) in sales for
fiscal 2000 the EMPLOYEE shall receive a bonus of 125,000 shares of the
companies common stock.
If the EMPLOYER exceeds One Hundred Million Dollars ($100,000,000.00) in sales
for fiscal 2001 the EMPLOYEE shall receive a bonus of 125,000 shares of the
companies common stock.
EMPLOYER may during the course of EMPLOYEES service reveal certain
confidential/trade secret or proprietary information to EMPLOYEE. The items
which are confidential/trade secret or proprietary information shall be
identified as confidential.
EMPLOYEE shall for a period of 24 months after termination not accept employment
with the following firms:
All direct competitors.
EMPLOYEE agrees to promptly disclose to EMPLOYER any inventions or processes
discovered by the EMPLOYEE which are made at the behest or in connection with
the duties of employee, or which are reasonably related to the business of
EMPLOYER during the term of employment, and shall assign all rights in said
inventions or processes to EMPLOYER
EMPLOYEE shall execute any documents reasonably requested by EMPLOYER for
patents or other legal steps which EMPLOYER may desire to prefect its rights in
the inventions.
EMPLOYER may terminate this agreement upon 120 days notice to the EMPLOYEE. Upon
termination, EMPLOYEE shall return all materials from EMPLOYER to the EMPLOYER.
If EMPLOYER terminates the EMPLOYEE, EMPLOYEE shall be entitled to full
compensation due immediately upon termination.
Any disputes under this agreement, including those relating to non-competition
shall be submitted to arbitration with a single arbitrator under the rules of
the American Arbitration Association. Any ruling made by the arbitrators shall
be final and may be entered as a judgment in any court of competent
jurisdiction.
This contract shall be renewed every two years with the consent of both
parties. The compensation will be addressed as a separate issue each time the
contract comes up for renewal.
Agreed to on this 1 day of June, 1999.
/s/ Xxxxxxx X'Xxxxx 6-1-99
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Xxxxxxx X'Xxxxx Date
/s/ Xxxxx Xxxxxxx 6-1-99
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Xxxxx Xxxxxxx Date
Board Member/Secretary
Eagle Capital Investment Ltd.
