EXHIBIT 10.3
Employment Contract
The following are the specified terms of this employment
contract entered into on this day of February 7, 2000
between Xxxxxx Xxxxx (Employee) and xXxxxxXxxxxx.xxx,
Inc., (eTS) a California Corporation. The principal place
of business is 0000 Xxxxx Xxxx, Xxxxx 000, Xxxx Xxxx, XX
00000. Both parties agree they have the legal authority to
enter into this contract and that the recitals contained
herein are an accurate representation of both parties
positions.
Position: Employee shall perform the duties as Chief Financial
Officer and Chief Administrative Officer.
Salary: $96,000.00 per year / $8,000 per month. Balance of unpaid
salary shall be recorded in a note or preferred stock may
be substituted for payment at a rate of $1 per share for
each unpaid $1 of salary. This option shall be that of the
employee and shall be completed on a quarterly basis.
Auto Allowance: $500 per month or a car, plus actual expenses for any and
all fuel, service, insurance and other auto related costs.
If auto allowance is not paid due to lack of company
revenues, balance of unpaid car allowance and expenses
shall be recorded in a note. Preferred stock may be
substituted for payment at a rate of $1 per share for each
unpaid $1 of car allowance and expense. This option shall
be that of the employee and shall be completed on a
quarterly basis.
Company Related
Expenses All travel and other expenses related to eTS business
activities shall be paid by the company. Unless not
accepted, eTS American Express or other charge card shall
be used for all expenses.
Medical: eTS shall provide full medical benefits available through
the company. Any new benefits that become available during
this contract shall be offered to employee.
Vacation: 4 weeks per year and shall be rolled over into the next
year if not used.
Sales Commission: 10% on sales. An additional 5% shall be made available as
an override for payment of referral commission to
individuals who may assist employee in specific sales.
Bonus: $5 - 10 million company gross revenues - 25,000 shares or
$25,000 at employee option.
$10 - 15 million company gross revenues - 50,000 shares or
$50,000 at employee option.
$Above $15 million company gross revenues - 100,000 shares
or $100,000 at employee option.
Term of Contract: 36 month
Effective date: February 7, 2000
Buyout Provision: Yes
Place of Employment: eTS Corporate Headquarters
0000 Xxxxx Xxxx
Xxxx Xxxx, XX 00000
This contract can only be amended in a subsequent written agreement signed by an
officer of eTS and Xxxxxx Xxxxx.
The corporation, with the approval of the Board of Directors, may cancel this
contract upon 30 days written notice to Xxxxxx Xxxxx, however buyout provision
will apply. Xxxxxx Xxxxx may cancel this contract upon 30 days written notice to
the Board of Directors of eTS, however, buyout provision may be renegotiated by
eTS and Xxxxxx Xxxxx.
This contract is entered into at 0000 Xxxxx Xxxx, Xxxxx 000, Xxxx Xxxx, Xxxxxx
of Xxxxxx, California, on the 7th day of February 2000 by and between
xXxxxxXxxxxx.xxx, Inc. and Xxxxxx Xxxxx.
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XXxxxxXxxxxx.xxx, Inc. Officer Printed Name
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Xxxxxx Xxxxx Printed Name
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Witness Printed Name
Amendment to Employment Contract
For consideration, eTotalSource is extending the Employment Contract for Xxxxxx
Xxxxx, dated February 7, 2000, to December 31, 2005 with the same terms and
conditions in the original Employment Contract.
/s/ Xxxxxx Xxxxx 11/15/04
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Xxxxxx Xxxxx Date
/s/ eTotalSource 11/15/04
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eTotalSource Date
