EXHIBIT 10.11
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT is made as of the 31st day of January 2001
BETWEEN:
International PBX Ventures Ltd.THE FOREST INDUSTRY ONLINE INC., a bod
corporate formed pursuant to the laws of the Province of British Columbia
(the "Forest Industry")
AND:
xxxxxxxxxxxxxx.xxx, Inc., a body corporate formed pursuant to the laws of
the State of Delaware and having its registered office located at Xxxxx 00,
0000 Xxxxxxxx Xxxx, Xxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0
(the "Company")
AND:
XXX XXXXXXXX, Businessman, of 0000 Xxxxxxxxx Xxx, Xxxxxxxxxx, Xxxxxxx
Xxxxxxxx, X0X 0X0
(the "Employee")
WHEREAS:
A. Forest Industry is a subsidiary of the Company and entered into an
employment agreement (the "agreement") with the Employee on January 31,
2000;
B. the Employee is experienced in and knowledgeable in the business of the
Company, and the industry within which the Company operates;
C. the Company requires the services of the Employee and wishes to replace the
agreement with this employment agreement as permitted by section 5.3 of the
agreement; and,
D. the Company wishes to employ the Employee on the terms and conditions set
forth herein;
NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the premises and
the mutual covenants, agreements, representations and warranties contained
herein, the parties hereto hereby agree as follows:
ARTICLE 1
EMPLOYMENT
Employment
1.1 The Company hereby agrees to employ the Employee as its president and the
Employee agrees to continue to act as President for the Forest Industry and the
Employee accepts such employment. In such capacity, the Employee shall have the
duty and responsibility to operate the daily business of the Company and shall
report to and be directly responsible to the boards of directors of the Company
(the "Board").
Term
1.2 The term of this Agreement shall be for a period of two years commencing on
the date of this Agreement (the "Term") and this Agreement shall be
automatically extended on a monthly basis thereafter unless terminated in
accordance with the provisions of section 1.5 hereof.
Salary
1.3 The Company shall pay to the Employee, in the aggregate, a salary of
Cdn$70,000 annum, payable semi-monthly or at such other interval to be agreed
upon by the Board. The parties hereto agree that the Board will review the said
salary when any other senior management employee is hired, and in addition on at
least an annual basis and will make any adjustments it determines are reasonable
in the sole opinion of the Board, which adjustments may take into account but
not limited to the Employee's performance and the financial and operating
success of the Company in the preceding period.
Benefits
1.4 The Employee shall be entitled to participate in any benefits package put
in place by the Company from time to time for the benefit of employees
generally.
Termination
1.5 Either party may terminate this Agreement without cause upon 90 days
written notice (or salary in lieu thereof) being provided to the other
party.
Entire Agreement
1.6 This Agreement constitutes the entire understanding between the parties
concerning the subject matter hereof and supersedes in whole any other
written agreements between the Company or Forest Industry and the Employee.
Amendment
1.7 This Agreement may be modified or amended and any modification or amendment
shall be in writing and signed by both parties.
3
Successors and Assigns
1.8 This Agreement shall enure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns.
IN WITNESS WHEREOF the parties have executed this Agreement effective as of the
day and year first above written.
THE FOREST INDUSTRY ONLINE INC.
By:
----------------------- -----------------------
Witness Authorized Signatory
-----------------------
Name
-----------------------
Address
XXXXXXXXXXXXXX.XXX, INC.
By:
----------------------- -----------------------
Witness Authorized Signatory
-----------------------
Name
-----------------------
Address
By:
----------------------- -----------------------
Witness XXX XXXXXXXX
-----------------------
Name
-----------------------
Address
This is Page 3 to the Employment Agreement dated January , 2001 between The
Forest Industry Online Inc., -------------- xxxxxxxxxxxxxx.xxx, Inc. and Xxx
Xxxxxxxx.
