Employment Agreement
This
agreement made this 19th day of January, 2004, by and between Xxxx Streams,
whose address is 00 Xxxxxxxx Xxxxx, Xxxxxxx, Xxxxxxxxxxx, 00000, hereinafter
referred to as the “Employee”, and Tactica International, Inc., whose address is
00 Xxxx 00xx Xxxxxx,
Xxx Xxxx, Xxx Xxxx, 00000, hereinafter referred to at the “Company” and together
referred to hereinafter as the “Parties”.
Whereas,
the Parties have agreed to enter into an employer-employee relationship, and
wish to memorialize the terms and conditions of said relationship, it is hereby
agreed as follows:
| 1. |
The
Employee shall commence employment with the Company on , 2004, as Chief
Financial Officer of the Company reporting to Xxxx Xxxxxxxxxxx and Avi
Sivan. |
| 2. |
The
Employee shall perform all duties commonly associated with the position of
Chief Financial Officer in a competent; honest and professional manner,
and shall devote his full time and attention to the duties and
responsibilities of said position. |
| 3. |
The
annual salary paid to the Employee shall be two hundred thousand dollars,
payable weekly and subject to annual review, but in no event will it
decrease. |
| 4. |
In
addition to salary, Employee shall receive an annual allowance of four
thousand eight hundred dollars for automobile usage, payable
monthly. |
| 5. |
The
following additional terms of employment shall
apply: |
| a. |
Medical
Insurance: The Employee will be provided medical insurance under the plan
currently adopted (or as from time to time may be adopted) by the Company
for the benefits of its employees and their
families. |
| b. |
Vacation
and Holidays: The Employee shall receive three weeks(for the first year
and thereafter four weeks) vacation per calendar year, fully paid, in
addition to major holidays, as defined by Company
policy. |
| c. |
Other
Time Off: The Employee shall be subject to the terms and conditions of the
Company policy for sick leave, personal days and the
like. |
| d. |
Qualified
Plans: In the event the Company shall adopt a 401(k) plan; Section 125
plan; or their equivalent, the Employee shall become immediately eligible
for participation, to the extent consistent with law or governmental
regulation. |
| e. |
Stock
Options: Upon adoption of a Company stock option plan, the Employee shall
receive options in Company stock. The number of options granted, xxxxx
xxxxx, vesting and other option terms and conditions shall be in accord
with the plan terms and commensurate with the Employee’s
position. |
| f. |
Termination: |
| 1. |
The
Company may terminate this agreement at any time upon 30-days prior
written notice, or sooner, if for cause, which shall be defined as any
breach of this agreement, including paragraph 2 above, by the
Employee. |
| 2. |
The
Employee may terminate this agreement upon 45-days prior written notice to
the Company. |
| 3. |
If
the Company is not in compliance with paragraph 5a or 5i, the Employee may
terminate this agreement immediately. |
| x. |
Xxxxxxxxx:
In the event of termination described above on or after October 31, 2004,
except for termination for cause or failure to give notice required on
paragraph 5f.2 above, the Employee shall receive a lump-sum severance
payment upon termination equal to four months pay plus any Bonus that
would be payable. In the event of termination described above prior to
October 31, 2004, except for termination for cause or failure to give
notice required on paragraph 5f.2 above, the Employee shall receive a
lump-sum severance payment upon termination equal to two months
pay. |
| h. |
Bonus:
The Parties shall agree from time to time upon specific performance
criteria which if met shall result in an annual bonus payment of between
10% and 20% of Employee’s annual salary. |
| i. |
Liability
Insurance: The Company shall, at all times, maintain adequate insurance
for general liability and directors’ and officers’
liability. |
| 6. |
The
parties agree and acknowledge that the nature of the employer's business
is such that in the course of the work, labor and services
provided to
the Company by the employee, of necessity, certain customer
lists; purchasing
and trade practices, strategies; financial information and
general business
practices of the Company will become known to the
Employee, therefore
it is agreed as follows: |
|
a)
The Employee hereby agrees that the Employee will not reveal
to anyone
after the Employee resigns or departs from the Company, whether
by resignation or discharge, any information whatsoever
obtained in
the course of his employment relating to any aspect whatsoever of
the Employer's
business, or strategies decision making process,
finances, customers,
sources or related information, to any other person,
company, entity
group or
individual. |
|
b)
The Employee shall keep confidential any and all information
obtained in
the course of employment about the Company, its affairs,
relationships to
actual or potential customers, and the needs and requirements
of any such
actual or potential customers, and shall not directly or
indirectly solicit
the like. |
| 7. |
|
Xxxx
Streams
|
Tactica
International, Inc
By: | ||
| /s/ Xxxx Streams | /s/ Xxxx Xxxxxxxxxx | ||
|
|
| ||
