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EXHIBIT 10.5
EMPLOYMENT AGREEMENT
Employment Agreement this 22nd day of March 1999 by and between parties
hereto e-Net Corporation (Employer) and Xxxx Xxxxxx (Employee).
Employer employs the Employee and the Employee accepts employment upon the
term's conditions and covenants as follows:
1. The term of the employment shall be for one year commencing from April
5th, 1999 and renewable annually automatically unless terminated by
either party by written 30 day notice to the other.
2. Employee shall receive for all services a salary of $1,375.00 per week
payable biweekly within three days after the end of each pay period.
Salary payments shall be subject to withholding and other applicable
deductions.
3. The duties of the Employee shall be to serve as the Comptroller for the
Employer and for the subsidiaries and affiliates of the Employers
business.
4. Employee shall have an office, facilities and services that are suitable
to the position and appropriate for the performance of the Employee's
duties.
5. Employer shall reimburse Employee for all reasonable expenses incurred
in the performance of Employee's business, e.g. entertainment, travel,
etc. Employee will be reimbursed upon submission of an itemized account
of such expenditures with receipts where practicable.
6. Employee shall be entitled to two weeks of paid vacation each year.
7. If employee is unable to perform Employee's duties by reason of illness
or incapacity for a consecutive period of more than two weeks, the
compensation payable after the aforesaid period shall be $500.00 per
week for the following 12 weeks. Upon return to full employment full
compensation shall be reinstated.
8. Notwithstanding any provision in this Employment Agreement to the
contrary, if Employee's unable to perform or is absent from employment
for a period of more than three months. Employer may terminate this
Employment Agreement, without further cause and all obligations of
Employer hereunder shall terminate.
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9. The Employment Agreement may be terminated at anytime and without cause
by either party upon thirty days written notice to the other. If
Employer elects to terminate, Employer shall pay to the Employee on the
last day of employment severance pay of $5,000.00 subject to withholding
and deductions. If Employee elects to terminate Employee shall receive
salary up to the last day of employment but no severance pay.
10. In the event Employee dies during the term of employment, Employer shall
pay to employee's estate the salary that would otherwise be payable to
the end of the month in which the Employee died and as a death benefit
the sum equal to $10,000.00. Employee agrees to be covered by insurance
procured by Employer at Employer's expense for this purpose.
11. Any controversy or claim arising out of or relating to this Employment
Agreement or the breach thereof shall be settled by arbitration in the
City of Irvine, State of California, in accordance with the then
governing rules of the American Arbitration Association. Judgement upon
the award rendered by the arbitrator(s) may be entered in any court of
competent jurisdiction.
12. Any notice required to be given shall be either: (i) personally
delivered, or (ii) sent by U S Postal Service, postage prepaid,
Certified Mail, Return Receipt Requested to the Employer at the place of
employment and the Employee at the residence address given to and on
file with the Employer.
13. A waiver of a breach of any provision of this Employment Agreement shall
not operate or be construed as a waiver of any subsequent breach.
14. The services of Employee are personal and unique and therefore Employee
may not assign this Employment Agreement nor delegate the duties and
obligations hereunder except in the normal course of business.
15. This Employment Agreement contains the entire understanding of the
parties, except as may be set forth in writing signed by the party
against whom enforcement may be sought simultaneously with or subsequent
to the execution of this Employment Agreement.
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INTENDING TO BE LEGALLY BOUND, the parties have executed this Employment
Agreement as of the date first above written.
Employer:
e-Net Corporation
BY: /s/ XXXXXXX X. XXXX
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XXXXXXX X. XXXX
Employee:
/s/ XXXX XXXXXX
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XXXX XXXXXX
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This is an addendum to the contact between e-Net Financial Corporation
and Xxxx Xxxxxx dated March 22,1999. The following paragraphs are to be read as
being consistent with the terms of that employment agreement.
Stock Purchase Option:
Effective August 1, 1999 as further compensation you will be entitled to
the following stock options:
1. Stock purchase option
The corporation hereby grants the employee the option, or five years to
purchase Fifty Thousand(50,000)shares of stock at one dollar per share.
The rights granted under this option vest after one year following the
effective date of this contract and are subject to the terms and
conditions of the Stock Purchase Option Agreement; or
2. Deferred Stock Option
Each quarter any salary payment which has been deferred by the employee
(not to exceed 1/3 of the total quarterly salary) may at the election of the
employee be converted to an option to purchase stock at one dollar per share,
exercisable by giving seven days written notice following the close of the
quarter subject to the terms and conditions of the Stock Purchase Agreement.
Rights granted hereby are assignable and may be hypothecated.
I have read and understood the statements contained in this document.
BY: /s/ XXXXXXX X. XXXX
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XXXXXXX X. XXXX
BY: /s/ XXXX XXXXXX
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XXXX XXXXXX
