Employment Agreement - David Stocknoff
Employment
Agreement - Xxxxx Xxxxxxxxx
This
agreement made this 14th day of July, 2006, by and between Xxxxx Xxxxxxxxx,
(hereinafter referred to as the “employee”) and Diet Coffee, Inc., (hereinafter
referred to as the “Company
Whereas,
the parties have agreed to enter into an employer-employee relationship, and
wish to memorialize the terms and conditions of said relationship, it is hereby
agreed as follows:
1.
The employee shall commence employment with the Company on December 19, 2005,
as
President of the Company.
2.
Employee shall perform all duties commonly associated with the position of
President in a competent; honest and professional manner, and shall devote
his
full time and attention to the duties and responsibilities of said
position.
3.
The salary paid to employee shall be -
$2019.23payable
weekly.
4.
The following additional terms of employment shall apply:
a.)Medical
Insurance under the plan currently adopted (or as from time to time may be
adopted) by the Company for the benefits of its employees and their families.
b).
Vacation: up to two weeks per year, calculated at the rate of one day of
vacation earned for every eighteen days for which employee is paid pursuant
to
paragraph 3 above, fully paid, together with major holidays, as defined by
the
Company policy.
c.)
The terms and conditions of the Company policy for sick leave; personal days
and
the like.
d).)
In the event the company shall adopt a 401 (k); Section 125 Plan; or their
equivalent, the Employee shall become immediately eligible for participation,
to
the extent consistent with law or governmental regulation.
e).
In the event the company shall become publicly traded, Employee shall receive
stock options in accord with the terms adopted by the company for senior
management employees. The parties acknowledge that employee is currently the
owner of 2,500,000 shares of the Company.
f).
Termination: The Company may terminate this agreement at any time. However,
upon
such termination, employee shall retain all stock and vested options in shares
of the company than owned by him, and shall receive one month severance pay
for
every year of employment, not to exceed six months, nor to be less than one
month.
g).
Bonus: The parties shall target an annual bonus based upon specific performance
criteria which the parties shall from time to time agree
to.
6.
The parties agree and acknowledge that the nature of the employer's business
is
such that in the course of the work, labor and services provided to the Company
by the employee, of necessity, certain customer lists; purchasing and trade
practices, strategies; financial information and general business practices
of
the Company will become known to the Employee, therefore it is agreed as
follows, to the extent Employee obtains such knowledge or information while
employed by the Company:
a)
The Employee hereby agrees that the Employee will not reveal to anyone after
the
Employee resigns or departs from the Company, whether
by resignation or discharge, any information whatsoever obtained in the course
of his employment relating to any aspect whatsoever
of the Employer's business, or strategies decision making process, finances,
customers, sources or related information, to any other person, company, entity
group or
individual.
b)
The Employee shall keep confidential any and all information obtained in the
course of employment about the Company, its affairs, relationships to actual
or
potential customers, and the needs and requirements
of any such actual or potential customers, and shall not directly or indirectly
reveal any fact about employers, its business practices, finances, pricing;
customers or the like.
c)
The employee shall not, for a period of two years after his termination as
an
employee of the Company, for any reason whatsoever, compete, directly or
indirectly with the Company, or be employed by any person or entity who so
competes.
7.
This agreement shall be governed by the laws of the State of New York, without
regard to conflict of laws, and any action for the enforcement or breach of
this
agreement may be brought solely in the Supreme Court of the State of New York,
County of New York.
| Xxxxx Xxxxxxxxx | Diet Coffee, Inc | ||
| By: | |||
| /s/ Xxxxx Xxxxxxxxx | /s/ Xxxxx Xxxxxxxx | ||
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