Exhibit 10.2
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT is executed on the dates set forth below the
signatures hereon but effective as of SEPTEMBER 1, 2011, and is by and between
GLOBAL EQUITY INTERNATIONAL INC, a Nevada Corporation ("Employer"), and Xx. XXXX
XXXXXX a resident of Malaga, Spain ("Employee").
1. DUTIES; ASSIGNMENT
During the term of employment hereunder, Employee shall initially perform the
duties of CHIEF FINANCIAL OFFICER (CFO) of Employer, or such other duties as
assigned by and at the location determined by the Board of Directors of
Employer. Employee shall oversee the financial affairs of the Employer to the
best of his ability.
2. COMPENSATION
In consideration of the services rendered by Employee to Employer hereunder,
Employer shall pay to Employee an annual salary of no less than $120,000,
subject to annual review and adjustment of no less than a 5% PERCENTAGE
INCREASE, if any, in the U.S. Consumer Price Index during such year ("Base
Salary"). This Salary shall be paid on a monthly basis to the employee or a
Company owned by the Employee at the option of the Employee.
3. EMPLOYMENT
Employer hereby employs Employee and Employee hereby accepts employment on the
terms set forth herein COMMENCING ON THE FIRST DAY OF SEPTEMBER, 2011.
(a) Employment will continue for 36 MONTHS and until terminated as
hereafter set forth.
(b) The Company agrees to ACCRUE THE MONTHLY SALARY FROM SEPTEMBER 2011
onwards. PAYMENT OF THE ACCRUED AMOUNTS shall commence no later than
JANUARY 2ND 2012 and payment of the ONGOING MONTHLY SALARY shall
commence on the last working day of JANUARY 2012.
(c) Employer shall have the right to terminate this Agreement and all of
Employee's rights shall thereupon terminate upon the disability (for
180 or more days, whether or not consecutive, in any 360 day period)
of Employee ("Disability") and the Employer giving written notice
thereof, and this Agreement shall automatically terminate upon the
death of Employee ("Death").
(d) Employer shall have the right to terminate Employee's employment (1)
for any reason or no reason with either (i) 60 days prior written
notice of termination or (ii) immediate notice of termination with an
undertaking to continue payment of Employee's compensation under this
Agreement for 90 days, (2) at any time during the thirty six month
period following the execution of this agreement and with 30 days
prior written notice or (3) for Cause (as defined below), upon
Employee's receipt of notice thereof. . As used herein, "Cause" means
(i) willful or serious misconduct or dishonesty in the performance of,
Employee's duties hereunder or (ii) the indictment or conviction of
Employee for a felony under state or federal criminal laws. Upon the
effective date of termination specified in such notice, this Agreement
shall terminate except for the provisions, which expressly survive
termination, and Employee shall vacate the offices of Employer.
(e) Employee shall have the right to terminate employment hereunder by
providing 30 days written notice. Thereafter, this Agreement shall
terminate except for the provisions, which expressly survive
termination.
4. SEVERANCE PAYMENTS
(a) If Employer terminates this Agreement for any reason other than
Disability, Death, Employee shall be entitled to receive, and Employer
shall make, the following severance payments:
(i) continue to pay a sum equivalent to SIX MONTHS' SALARY.
(b) If Employer terminates this Agreement by reason of the Disability of
Employee or if this Agreement is automatically terminated upon the
Death of Employee pursuant to Section 3(b), Employee or his estate
shall be entitled to receive, and Employer shall make, the following
severance payments:
(i) continue to pay a sum equivalent to FIVE YEARS ANNUAL SALARY via
the life assurance scheme to be put in place January 2012
5. EXPENSES
Employer shall reimburse Employee's expenses reasonably incurred in carrying out
his duties hereunder within 30 days of submittal of an itemized account of such
expenses together with such receipts and forms as are required by Employer's
normal policies and practices. In the event of cash advances such reimbursements
will be credited against the advanced account.
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6. BENEFITS
Employer shall provide and Employee shall be entitled to participate in an all
benefit plans and programs generally available to employees of Employer on the
same terms as other employees except as follows:
(a) Vacation: Employee shall be entitled to four weeks paid vacation per
year scheduled at times mutually convenient to Employee and Employer.
Employee shall be entitled to carry over unused vacation days into the
next year in accordance with Employer's policy, as modified from time
to time. Employee shall be entitled to all holidays as allowed to
other employees of the Employer with similar responsibilities.
(b) Life Insurance: The employee shall be entitled a life insurance
coverage equivalent five years of gross salary.
(c) Medical: The employee and his family shall be entitled to full health
insurance coverage by a reputable insurance company of the employee's
choice.
(d) Stock Options: The employee shall be entitled to stock options to be
agreed before September 30, 2011.
7. CONFIDENTIALITY; NON-DISCLOSURE
(a) For the purpose of this Agreement, "Confidential Information" is
defined to include any information, designs, software, processes,
practices, plans, proposals, markets, pricing, personnel or financial
or business information relating to Employer, its affiliates
(including the Subsidiary), and their respective businesses,
customers, suppliers, products or services, whether in written, oral
or other form. Confidential Information shall not include information,
which at the time of disclosure is in the public domain by publication
or otherwise through no fault of Employee, or information furnished by
a third party which was not received directly from Employer or
otherwise under an obligation of secrecy.
(b) At all times after the date hereof, including after termination of
this Agreement, Employee shall not, except with the expressed prior
written consent of Employer, directly or indirectly communicate,
disclose or divulge any of the Confidential Information or use any of
the Confidential Information for any purpose other than performance of
his duties hereunder.
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(c) Employee agrees that Employer will own all work products of any type
and in any form or media produced or created by Employee in the course
of his employment. Employee hereby acknowledges that all such work
products are specially ordered or commissioned by Employer and shall
be considered works made for hire as such terms is defined in the
United States Copyright Act of 1976, 17 U.S.C.
8. AGREEMENT NOT TO COMPETE
For so long as Employee is entitled to receive severance payments under Sections
4(a), 4(b) or 4(c), or (ii) for a period of one year from the effective date of
termination if Employee voluntarily terminates his employment hereunder or if
Employee is terminated by Employer for Cause, Employee agrees that he will not,
directly or indirectly, (1) be employed by, serve as a consultant or advisor to,
or have a material ownership interest in any corporation or other entity whose
business is competitive (as reasonably determined by the Board of Directors of
Employer) with the business of Employer, the Subsidiary or any of their
affiliates; provided, however that this clause (1) shall not prohibit any such
employment or other relationship with an entity which itself is not, but has a
separate corporate affiliate which is, engaged in such competitive business so
long as Employee does not provide services to, assist or advise such competitive
affiliate in any way, or (2) induce or solicit any other person who was employed
by Employer, Subsidiary or any of their affiliates at any time during Employee's
employment by Employer to engage in any line of business competitive with that
of Employer, Subsidiary or their affiliates.
9. NO CONFLICTING AGREEMENTS
Employee represents and warrants that he is not a party to or bound by any
agreement or subject to any restriction arising out of any current or prior
employment or relationship which would be violated by his entering into and
performing his obligations under this Agreement, including, without limitation,
restrictions relating to non-competition or the protection of confidential
information.
10. NOTICES
All notices and other communication which are required or permitted hereunder
shall be given in writing and either delivered by hand or overnight courier
service or mailed by certified mail, return receipt requested, postage prepaid,
to the following addresses:
GLOBAL EQUITY INTERNATIONAL INC.
0 Xxxxxxxx Xxxxxx,
Xxxxxx, X0 0XX,
Xxxxxx Xxxxxxx.
XXXX XXXXXX
Avenida Marques del Duero 67,
Xxxxxxxx Xxxxx 0-X,
00000 Xxx Xxxxx xx Xxxxxxxxx,
Xxxxxx (Xxxxx)
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11. MISCELLANEOUS
(a) This Agreement shall be binding upon, inure to the benefit of, and
enforceable by the successors and assigns of the Employer and the
heirs, estate, personal representatives and beneficiaries of Employee.
The rights, obligations and duties of the Employee hereunder shall be
personal and are not assignable or delegable in any manner whatsoever;
provided, however, that this Agreement shall be assigned to and
assumed by the Subsidiary if and when required by Section 1.
(b) The obligations of the parties in Sections 4, 7, 8 and 11 shall
survive any termination of this Agreement.
(c) This Agreement constitutes the entire understanding of the parties
with respect to subject matter hereof, and shall not be modified,
terminated or any provisions waived orally, including this clause. Any
such modification, termination or waiver must be in writing and signed
by each of the parties hereto.
(d) No failure to exercise or delay in exercising any right, power or
remedy hereunder shall preclude any other or further exercise of the
same or any other right, power or remedy.
(e) This Agreement shall be construed and enforced in accordance with the
laws of the State of Nevada applicable to contracts made and to be
performed solely therein, and each party consents to the exclusive
jurisdiction of and venue in the State and Federal courts of Nevada to
resolve any disputes between the parties.
IN WITNESS WHEREOF, the parties have executed this Agreement on the date
indicated below intending to be legally bound hereby.
GLOBAL EQUITY INTERNATIONAL INC. EMPLOYEE
/s/ Xxxxx Xxxxx /s/ Xxxx Xxxxxx
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Xxxxx Xxxxx Xxxx Xxxxxx
CEO
Dated: September 1, 2011 Dated: September 1, 2011
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