Exhibit 10.1
Employment agreement dated as of April 20, 2006 between Genco Power
Solutions, Inc. and Xxxx Xxxxxxx
EMPLOYMENT CONTRACT
It is the understanding of the undersigned that the employment relationship of
Xxxx X. Xxxxxxx (Xxxx), of XXXXXXXXXXXXXXXXXXXXXXXXX with Genco Power Solutions,
Inc, (Genco) of 0000 X. Xxxxxx Xxxxxx, Xxxx Xxxxx, XX 00000 is as follows:
Xxxx shall serve on the Board of Directors and is employed as the President of
Genco whose duties and responsibilities are separately delineated and
understood. In exchange for fulfilling and discharging those duties and
responsibilities Xxxx is to or has receive(d):
1. Beginning on 1st May 2006, a base salary of one hundred eighty-five
thousand ($185,000.00) dollars annually calculated at approximately
three thousand, five hundred fifty-seven and 69/100 ($3,557.69)
dollars weekly and salaries of one hundred ninety-five thousand
($195,000.00) in year two and two hundred five thousand ($205,000.00)
dollars in year three and two hundred fifteen thousand ($215,000.00)
dollars in year four and two hundred twenty-five thousand
($225,000.00) dollars in year five, with each weekly check arrived at
by dividing the annual salary by fifty-two (52).
2. Fully paid health insurance benefits plus a family allowance of three
hundred fifty ($350.00) dollars monthly,
3. Fully paid by Genco, auto expenses, company cell phone, sun pass and
all travel related expenses (as authorized).
4. Paid vacation annually at two weeks in year one and thereafter three
weeks per year through contract period.
5. Upon the signing of this agreement and surrender of Genco stock the
sum of fifty thousand ($50,000.00) dollars.
6. Upon reaching five million ($5,000,000.00) dollars in sales fifty
thousand ($50,000.00) dollars.
7. Upon reaching ten million ($10,000,000.00) dollars in sales fifty
thousand ($50,000.00) dollars.
8. Five (5%) percent of all equipment sold calculated by multiplying the
equipment cost price by five (5%) percent, with an annual cap of one
million ($1,000,000.00) dollars and paid on a monthly basis. This
paragraph is independent of any termination provisions of this
agreement, and shall survive any termination of employment for any
reason whatsoever and shall, for purposes of probate, be considered a
non-corporeal hereditament.
9. Five (5%) percent of the selling price of all extended service
agreements sold, with no caps and paid on a monthly basis. This
paragraph is independent of any termination provisions of this
agreement, and shall survive any termination of employment for any
reason whatsoever and shall, for purposes of probate, be considered a
non-corporeal hereditament.
10. Stock options in the following amounts totaling one million
(1,000,000) shares and based at seventy-five ($0.75) cents vested as
follows: two hundred thousand (200,000) shares annually at the start
of each year for five years concurrent with the employment contract
dates.
11. Additional options calculated at seven (7%) percent of net profit -
earned annually within each year, and calculated on a per share basis
of seventy-five ($.75) cents, fully vested.
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Exhibit 10.1
Employment agreement dated as of April 20, 2006 between Genco Power
Solutions, Inc. and Xxxx Xxxxxxx
12. One hundred thousand (100,000) shares at ten million ($10,000,000.00)
dollars in sales calculated at market price as of date sales goal is
met.
13. In the event of early termination of this contract with its mandatory
thirty (30) days written notice, Employee shall receive the greater of
fifty (50%) percent of the salary due over the full term of the
contract and all stock options which shall be immediately exercisable,
or one year salary and all stock options which shall be immediately
exercisable, due through the full term of the contract, whichever is
greater.
14. All stock options shall be fully vested upon sale of Genco "division"
or Adsouth Partners, Inc. or early termination of this agreement.
Though all details shall be separately discussed and understood the omission of
any detail shall not relieve Genco from complying with these terms.
DATE: April 20, 2006
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/S/ Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx
AGREED AND CONSENTED TO: DATE:
/S/ Xxxxx Xxx Xxxxxxxx Xxxxx 20, 2006
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Xxxxx Xxx Xxxxxxxx
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FOR Genco Power Solutions, Inc.
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