Xxxx.xxx, Inc.
("Company")
Rice Employment Agreement
Effective Date: 01/01/00
THIS AGREEMENT is made effective as of the 1st day of January 1, 2000
Xxxx.xxx, Inc. a Nevada corporation (the "Company") and Xxxxxx Xxxxxx ("Xxx")
Xxxx.
DUTIES. Rice shall serve as the Chief Executive Officer (CEO) of the Company and
shall report to the Board of Directors of the Company of Xxxx.xxx, Inc. (the
"Board") and shall perform such duties that are assigned to him by the Board of
Directors of the Company (the "Board"). Company understands and agrees Rice has
other Business interest. Company will not interfere with or with strain such
Business relationship interest.
EMPLOYMENT TERM. The Company hereby employs Rice for a three (3) year term
commencing on January 1, 2000 and terminating on January 1, 2003. Rice hereby
accepts such employment and agrees to perform the services specified herein, all
upon the terms and conditions hereinafter stated. At the end of the initial
Employment Term, this Agreement shall be automatically extended for a one-year
period and subsequent one-year periods unless at least thirty (90) days prior to
the end of the initial term or any such subsequent term, either party to this
Agreement gives the other written notice to terminate this Agreement at the end
of the initial Employment Term or any subsequent term thereafter.
SALARY. Starting January 1, 2000, The Company shall pay to Rice a salary of
Ninety Thousand Dollars ($90,000) per year. In installments in accordance with
the payroll policies of the Company in effect from time to time during
Employment; however, in any event, such installments shall be paid at least
monthly. Upon $1.0 million Capital infusion, or Company monthly Revenues exceed
150,000 per month, Company shall pay Rice a salary of One Hundred Fifty Thousand
Dollars ($150,000) per year, payable in installments in accordance with the
payroll policies of the Company then in effect. . Upon Public Offering of its
Securities resulting in a capital infusion of $5 Million Dollars ($5,000,000) or
more, Rice will be paid Two Hundred Thousand Dollars ($200,000) per year. From
time to time hereafter, the salary of Rice may be increased by and at the sole
discretion of the Board. Employee shall be entitled to an additional payment of
Six Hundred Dollars ($600) each month as an automobile allowance; such
additional compensation shall not be adjusted or reduced by, or considered part
of his base compensation.
OTHER BENEFITS. At Rice's election, Company shall pay for premiums for
hospitalization, dental and major medical insurance (covering Rice and his
family), the terms, conditions and policy limits of which shall be determined by
the Company. At Rice's election, Company shall maintain life insurance on Rice
in the amount of One Million Dollars ($1,000,000), payable to Rice' estate or
such other beneficiary as designated by Rice. Rice shall be eligible for such
other fringe benefits and options as may from time to time be applicable to
other employees of the Company. In addition, Company shall provide appropriate
coverage under an errors and omissions policy to be retained by the Company for
the protection and indemnification of its officers and directors.
TERMINATION. This agreement may be terminated by either party upon giving
written notice thereof to the other party at least sixty (60) days prior to the
date of such termination. Either party may without cause terminate this
Agreement upon the giving such written notice. The Company's obligation to
Employee and Employee's right to compensation hereunder shall terminate as of
the effective date of said termination. However, if the Company terminates
Employee's employment without cause, the Company's obligations hereunder,
including his entitlement to a car allowance and coverage under the Company's
group medical and dental plan, shall continue for a period of twelve (12) months
from the date of termination
VACATIONS. Rice shall be entitled to a leave of four (4) weeks, twenty (20)
working days, per calendar year for vacation; provided, however, that Rice shall
take no more than two (2) weeks (10 working days) as a vacation, consecutively,
without the prior approval of the Board.
EXPENSES. The Company shall pay for all of the reasonable expenses incurred by
him on behalf of the Company. Rice shall maintain such records as may be
reasonably requested by the Board to document such expenses.
ENTIRE AGREEMENT. This Agreement constitutes the entire agreement (and
supercedes all prior understandings and agreements) between the parties relating
to the subject matter hereof and may only be amended by an instrument in writing
executed by both of them.
GOVERNING LAW. This Agreement shall be construed under and governed by the laws
of the State of Texas.
IN WITNESS WHEREOF, this Agreement has been executed and delivered as of
the day and year first above written.
/s/ XXXX XXXXX /s/ XXXXXX X. XXXX
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Xxxx XxXxx Xxx Xxxx
Director, Xxxx.xxx, Inc. CEO Director Xxxx.xxx, Inc.
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