Employment Contract
between HitCom Corporation and
Xxxxx X. Xxxxx
Contract Term. The employment period (Contract) between
HitCom Corporation (the Company) and Xxxxx X. Xxxxx will be
from January 12, 1998 through December 31, 1998. The
period from January 12 through February 14, 1998 Xx. Xxxxx
will be treated as a consultant receiving $1,500 per week
in consulting fees. The Contract may be renewed by the
Company and Xx. Xxxxx upon the mutual agreement of both
parties. If the Company elects not to renew the Contract,
the Company will notify Xx. Xxxxx at least 90 days prior to
the term of the Contract. If the Company does not notify
Xx. Xxxxx of its intent not to renew said contract at each
subsequent expiration date, the Contract will automatically
renew at the discretion of Xx. Xxxxx for one calendar year.
Job Title. Xx. Xxxxx will serve as Executive Vice
President and Chief Financial Officer of the Company.
Severance. If the Company releases Xx. Xxxxx prior to the
term of the contract, either by dismissal or non-renewal of
Contract, unless for acts of gross negligence, Xx. Xxxxx
will be entitled to severance equal to 9 months of Xx.
Xxxxx' monthly base pay. For each calendar year Xx. Xxxxx
is employed at the Company, the available severance will be
increased by 1 1/2 months not to exceed twelve months.
Base Salary. Base salary for calendar year 1998 will be
equal to $80,000. On January 1, 1999, base salary will
increase to not less than $100,000.
Options. The Company will issue Xx. Xxxxx options to
purchase 240,000 shares of HitCom stock at the closing
price on January 12, 1998 ($1 per share). The shares vest
as follows:
25,000 shares upon signing employment contract
35,000 shares at March 31, 1998
35,000 shares at June 30, 1998
35,000 shares at September 30, 1998
35,000 shares at December 31, 1998
50,000 shares once 10-SB is filed
25,000 shares upon completing private placement memorandum
Any additional shares issued will be at the discretion of
management and/or the Board of Directors.
Vacation. Xx. Xxxxx may have up to four weeks of Company
paid vacation per calendar year. Which vacation shall be
taken at mutually agreeable times so as not to interfere
with the company's business.
Higher-Level Tuition Costs. Xx. Xxxxx' higher-level
tuition costs will be paid at 100% upon advance approval of
the CEO or President. This is in excess of the current
Company's policy. If Xx. Xxxxx should voluntarily leave
the Company he will be responsible for reimbursing the
Company for the past 12 months of excess tuition costs.
Professional Dues and CPE Credits. The Company will
sponsor all relevant and reasonable professional dues and
CPE credits required for Xx. Xxxxx to keep such
professional titles that he brought with him to the
Company.
Medical, Dental and Other Employee-Related Insurance.
Reasonable medical, dental and other employee-related
insurance costs shall be made available to Xx. Xxxxx where
the Company pays for 50% of said premiums. All premiums
paid by Xx. Xxxxx in excess of $1,800 will be reimbursed by
the Company, net of any tax implications.
This Contract is hereby agreed to by the undersigned below:
/s/ Xxxxx X. Xxxxx
Xxxxx X. Xxxxx
/s/ Xxxxx X. Xxxx
Xxxxx X. Xxxx
Chairman & CEO
HitCom Corporation
