EMPLOYMENT AGREEMENT
THIS AGREEMENT made as of the 1st day of March, 2005.
BETWEEN:
XXXXXX XXXXXXX,
(hereinafter referred to as the "Executive")
OF THE FIRST PART,
-and-
CANGLOBE INTERNATIONAL, INC.
(hereinafter referred to as "CGLO")
OF THE SECOND PART,
WHEREAS the parties wish to enter into an agreement for the employment
of the Executive by CGLO;
AND WHEREAS the parties desire to enter into this agreement;
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the
covenants and agreements herein contained the parties hereto agree as follows:
1.00 EMPLOYMENT
1.01 Position and Duties
Subject to the terms and conditions contained herein, CGLO shall employ
the Executive and the Executive shall serve CGLO as President and Chief
Executive Officer. The Executive shall be responsible for all duties and
obligations naturally arising from his position as President and Chief Executive
Officer.
1.02 Term of Employment
Subject to Section 5.00 hereunder, the employment of the Executive
shall commence on March 1, 2005 and shall be for renewable two year
terms. Renewal should be negotiated on or before six months prior to
expiry.
2.0 REMUNERATION
2.01 Base Salary
CGLO shall pay to the Executive or to his designated niminee, during
the term of this Agreement, a gross annual salary of One Hundred Twenty Thousand
U.S. Dollars ($120,000 U.S..) payable in accordance with CGLO's usual payroll
practices. The Board of Directors will, upon request of the executive, review
this Agreement and adjust the base salary to industry standards as of that date.
Executive has the right to assign amounts payable under this agreement to his
holding company.
2.02 Bonus
The Executive shall be entitled to receive an annual Bonus during his
employment. During 2005-6, the bonus shall be 2% of the EBITDA when it becomes
positive and paid quarterly.
2.03 Benefits
The Executive will be entitled to participate in CGLO's senior
executive benefit plans in accordance with the terms of such plans. Until these
plans are established the Company will pay for the Executive's health insurance.
2.04 Vacation
The executive shall be entitled to five (5) weeks paid annual vacation.
2.05 Expenses
The Executive will be reimbursed for all authorized expenses including
telephone, cellular telephone, high-speed internet service, and other business
expenses supported with appropriate statements and/or vouchers. For all travel
greater than two hours, the Executive is entitled to fly business class.
3.00 STOCK OPTIONS
3.01 Grant of Stock Options
The parties agree to enter into a separate Stock Option Agreement,
which will provide for the granting of stock options to the Executive once such
plan is put into place.
4.00 EMPLOYEE'S COVENANTS
4.01 Non-Disclosure
The Executive shall not disclose any information relating to the
private or confidential affairs of CGLO or relating to any secrets of CGLO to
any person other than for CGLO's purposes and shall not use for his own purposes
or for any other than CGLO's purposes any such confidential information.
4.02 Reasonableness
The executive acknowledges that covenants contained in this Section
4.00 are reasonable in scope and area and are necessary in furtherance of the
legitimate interest of CGLO.
5.0 TERMINATION OF EMPLOYMENT
5.01 Termination for Cause
CGLO may terminate this Agreement for cause at any time without payment
of any compensation either by way of anticipated earnings or damages of any
kind, subject to the laws of Ontario.
5.02 Termination for Other Than Cause
CGLO may terminate this agreement without cause at any time, and shall
pay to the Executive in the first year of this agreement, a lump sum of twelve
months pay, including usual expenses and benefits. In each subsequent year of
this agreement, the amount of lump sum payment shall increase by six months, up
to a maximum of twenty four months pay in lieu of notice.
5.03 Resignation by the Executive
The Executive may resign his employment at any time upon provision of
three month's notice, which notice may be waived by CGLO in whole or in part.
5.04 Events Upon Termination
Upon termination of employment for any reason, the Executive shall
return to CGLO all property in his possession belonging to CGLO, or its
affiliates and subsidiaries.
The parties have executed this Agreement as of the date below.
---------------------------- -----------------------------
May 11, 2005 May 11, 2005
Xxxxxx Xxxxxxx Xxxxx Xxxxx, Director
Canglobe International, Inc.
