Exhibit 10.2
Form 8-K dated January 2, 2002
Xxxxxxx.xxx, Inc.
File No. 000-26027
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (hereinafter the "Agreement") is
made effective the 2nd day of January, 2002, between Xxxxxxx.xxx,
Inc., a Utah corporation (hereinafter the "Company"), and X.
Xxxxxxx Xxxxxxx (hereinafter the "Employee").
WITNESSETH
A. The Employee in conjunction with the execution of this
Agreement, will become an employee of the Company.
B. The Company and the Employee desire to enter into this
Agreement to set forth the terms and conditions of the Employee's
employment by the Company.
NOW, THEREFORE, in consideration of the employment of
Employee, and of the covenants and agreements herein made, the
parties hereto agree as follows:
I. RECITALS. The above recitals are incorporated by
reference herein and made a part hereof as if set forth verbatim.
II. EMPLOYMENT. Company hereby employs Employee, and
Employee hereby accepts employment with Company upon the terms
hereof.
III. TERM. Subject to the provisions for termination as
hereinafter provided, the term of this Agreement, as amended from
time to time, shall begin on January 2, 2002, and shall terminate
on the date which is two (2) years after such date, and shall be
automatically renewable from year to year thereafter except upon
sixty (60) days' prior written notice from one party to the other
either before the end of the initial term of this Agreement or
before the end of any renewal period.
IV. DUTIES. Employee shall be engaged in such pursuits,
shall have such duties and responsibilities, and shall hold such
positions as may from time to time be designated by the Company.
The duties of the Employee are expected to be in the area of
training of trip hazard removal to other employees and
franchisees and may do research for the Company with regard to
trip hazard removal.
V. LOYALTY. The Employee shall devote his full time (40
hours per week) and best efforts to the performance of his
employment under this Agreement. Employee, in his discretion,
the hours and the time of work. Employee shall not be required
to work 8 hours per
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day, 5 days per week. Company acknowledges
that Employee may pursue the trade of clock repair and
maintenance.
VI. COMPENSATION. Company shall pay Employee an annual
salary of Seventy Five Thousand Dollars ($75,000.00) payable, in
arrears, in equal installments pursuant to the normal business
practices of the Company, but in any event no less frequently
then monthly.
VII. BENEFITS.
A. Employee shall be entitled to receive the normal
federal and state holidays, as recognized by the Company, as time
off with no deduction to the above Compensation.
B. Employee shall be entitled to receive in addition
to the above holiday's, three (3) weeks of paid vacation for each
calendar year. Employee shall use his best efforts to coordinate
and schedule said vacations with Company.
VIII. TERMINATION. Notwithstanding the term of
employment set forth in Article III, the Company expressly
reserves its full rights as an employer during the term of the
Agreement to discharge Employee for cause and to cancel this
Agreement on that account. Such cause shall consist, by way of
illustration and not limitation, of one or more of the following:
conviction of a felony, fraud, inattention to duties, moral
turpitude, continual drunkenness, or embezzlement. The Company
shall also have the right to cancel this Agreement and terminate
the Employee's employment hereunder at any time for material
violation of the terms of this Agreement by the Employee. In any
such case of discharge, cancellation, or termination, written
notice thereof shall be given to the Employee and shall be
effective as of the date mailed in accordance with this Agreement
or, if delivered, upon delivery to the Employee. In the event
that Company shall discharge, cancel or terminate this Agreement,
without cause, Company shall be obligated to pay the Compensation
as defined in Article VI, above. Said payments may be made in
equal payments for the remaining term of the Agreement or in a
lump sum, in the discretion of the Company. The parties may
terminate this Agreement by mutual consent.
IX. NO ASSIGNMENT. This Agreement is personal to Employee.
Employee may not assign or delegate any of his or her rights or
obligations hereunder without first obtaining the written consent
of the Company.
X. ATTORNEY'S FEES. In the event of a default by either
party, the other party shall be entitled to recover from the
defaulting party the costs and expenses, including a reasonable
attorney's fee arising out of the breach of this Agreement or
incident to the enforcement hereof, whether by suit or otherwise,
and including appeals and bankruptcy proceedings.
XI. NOTICE. Any notice required or permitted to be given
under this Agreement shall be sufficient if in writing, and if
sent by registered mail to his residence in the case of the
Employee, or to its principal office in the case of the Company.
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XII. WAIVER. No failure to exercise, delay in exercising or
single or partial exercise of any right, power or remedy by
either party hereto shall constitute a waiver thereof or shall
preclude any other or further exercise of the same or any other
right, power, or remedy.
XIII. BINDING EFFECT. This Agreement shall be binding
upon and inure to the benefit of the parties and their respective
heirs, representatives and successors.
XIV. AMENDMENT. No amendments or additions to this
Agreement shall be binding unless in writing and signed by both
parties.
XV. SEVERABILITY The Company and Employee agree that if
any provision of this Agreement, as written, is held by a court
of competent jurisdiction to be invalid, illegal or
unenforceable, such provision shall be applied in the broadest
manner possible within the scope of its express language such
that it would be valid, legal and enforceable. In the event any
provision shall be held to be invalid by any competent court,
then the remaining provisions hereof shall not be affected
thereby and this Agreement shall be interpreted as if such
invalid provision were not included.
XVI. ENTIRE AGREEMENT. This Agreement shall be deemed to
express, embody and supersede all previous understandings,
agreements and commitments, whether written or oral, between the
parties hereto with respect to the subject matter hereof and to
fully and finally set forth the entire agreement between the
parties hereto. No modifications shall be binding unless stated
in writing and signed by both parties hereto with the approval of
the President of the Company.
XVII. GOVERNING LAW. This Agreement shall be governed
by the laws of the State of the Utah.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.
Xxxxxxx.xxx, Inc., a Utah corporation EMPLOYEE:
By: /s/ Xxxxxx Xxxxxxxx, President /s/ X. Xxxxxxx Xxxxxxx
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