ELEMENT 21 GOLF COMPANY
Exhibit 10.12
ELEMENT
21 GOLF COMPANY
Element
21 Golf Co. (Element) agrees to employ Xxxx X. Xxxxxx as its Chief Financial
Officer. Xx. Xxxxxx will work part time as an independent contractor, while
serving as Chief Financial Officer. The term of employment will begin January 1,
2008 for one year, renewable for an additional term. The total term of this
contract is two years. During the term of this agreement Element will pay Xx.
Xxxxxx $4,500 in cash per month and $7,500 in Element common stock per month.
The amount of stock to be issued will be based upon the average closing price of
Element common stock during the month. The Element common stock will be issued
within 30 days of the end of each month and will be registered stock. Element
will reimburse Xx. Xxxxxx’x expenses incurred on behalf of Element. Element will
not require Xx. Xxxxxx to relocate.
Element
will be able to terminate Xx. Xxxxxx at any time with complete repayment of any
outstanding obligations to Xx. Xxxxxx, a cash payment of the balance due on his
contract.
All stock
will be issued in whatever name Xx. Xxxxxx and in whatever denominations Xx.
Xxxxxx requests. All stock issuances will be adjusted for stock splits,
dividends or other changes to the common stock. All stock issued will be freely
tradable and issued without restriction. Element will extend any and all
indemnification rights and D and O insurance (if any) coverage to Xx. Xxxxxx in
his capacity as Chief Financial Officer as allowed by law.
/s/Xxxxxx
Xxxxxxxx
Xxxxxx
Xxxxxxxx
/s/
Xxxxxx Xxxxxxxx
Xxxxxx
Xxxxxxxx
/s/ Xxxx
Xxxxx
Xxxx
Xxxxx
/s/ Xxxxxxxx
Xxxxx
Xxxxxxxx Xxxxx
