EMPLOYMENT AGREEMENT
This Agreement made this _____ day of May 2001, by and between XxxxxXxx.xxx,
Inc., a Nevada corporation (Company), and Xxxxxx X. Xxxxx (Employee).
Duties. The Company hereby employs Employee as Chief Executive Officer and
President of the Company, his powers and duties to include complete oversight
on all day to day activities and future growth of the Company. During the
term of this Agreement, Employee shall also serve as a member of the Board of
Directors.
Compensation.. The Company shall pay to Employee as full compensation for
services rendered to the Company hereunder, a salary of $120,000 per year,
payable bi-weekly. If, during the term of this Agreement, Employee is absent
from employment because of illness, or any other incapacity, for more than
four weeks in the aggregate in any one year, the Company shall not be
obligated to pay him any compensation for any period of absence that exceeds
four weeks in that year. Employee to receive a cash bonus of $25,000 each and
every time the Company generates $1,000,000 in gross revenues.
Term. The term of employment shall be three years, effective June 1, 2001,
and will be automatically renewable in one year increments, unless
notification in writing is received by Employee sixty days before expiration
of any such term. Additionally, the term is subject to the following
conditions:
The Company may, without cause, terminate this Agreement at any time by
giving thirty days notice to Employee. In that event, the Company shall
pay
to Employee his compensation up to the date of termination, plus any
additional compensation remaining for the term of this Agreement. Such
additional compensation shall be paid within thirty days of the giving of
said notice in the form of certified funds or wire transfer.
Employee may terminate this Agreement, at any time, by giving thirty days
notice to the Company. In that event, the Company shall pay Employee his
compensation up to the day of termination.
Reimbursement of Expenses. Employee may incur reasonable expenses for
promoting and overseeing the Companies business, including expenses for
entertainment, travel, cellular phone, and similar items. Company will
reimburse Employee for all business expenses after Employee presents an
itemized account of his expenditures, together with receipts. Such expenses
shall be paid within thirty days of substantiated receipts and expense
reports.
Vacations. Employee is entitled to an annual vacation of two weeks at full
pay. If Employee does not use all his vacation time in any one year, the
unused portion can be carried into subsequent years.
Medical Insurance. Effective July 1, 2001, Company shall provide or
reimburse Employee for the costs of medical insurance for Employee and his
dependents.
Signing Bonus. As an inducement to enter into this Agreement, and in
recognition of past services performed on behalf of the Company, Employee
shall receive $30,000 within 180 days of the date of this Agreement.
Common Stock. As an inducement to enter into this Agreement, and in
recognition of past services performed on behalf of the Company, Employee
shall be awarded 750,000 shares of common stock of the Company. Such stock
shall be issued to Employee within 10 days of the date hereof. Such stock
shall be restricted pursuant Rule 144 of the Securities and Exchange
Commission. If the Company over the first 24 months of this Agreement exceeds
10 million dollars in cash revenues, Employee will earn a additional 250,000
shares of common stock. Said stock shall be restricted pursuant rule 144 of
the Securities and Exchange commission
Notices. Any and all notices required under this Agreement shall be sent by
either certified mail, return receipt requested, or by overnight courier to
the addresses specified below, or any subsequent addresses provided, as
follows:
To Company: To Employee
000 X. Xxxxxx Xxx., Xxxxx 000 000 X. Xxxxxxx Xxxx. Xxx 000
Xxxxxxx, XX 00000 Xxxxxxx, XX 00000
Back Pay. It is understood and agreed that Employee, as of May 4, 2001, is
owed back pay from Company in the amount of $20,510.00. This amount may be
increased depending upon the amounts received by Employee for his usual and
customary salary during May, 2001. Employee to receive said back pay owed on
or before October 1, 2001.
Entire Agreement. This Agreement contains the entire Agreement and
supersedes all prior agreements and understandings. This Agreement applies
to all successors or affiliates of the Company, and may only be changed by
an agreement in writing signed by the party against whom any amendment or
modification is sought.
Attorneys Fees. In any action arising out of or relating to this Agreement,
the prevailing party shall be entitled to reasonable attorneys fees.
In witness whereof, the parties have entered into this Agreement on the date
and year first above written.
Xxxxxxxx.xxx,Inc
_________________________
____________________
By:______________________ Xxxxxx X. Xxxxx
Title: ____________________
