EX-10.9
EMPLOYMENT AGREEMENT
Xx. Xxxxxxxx Xxxxxx
XX Xxx 00
Xxxxxxxxxxxx, Xxxxxx
X0X 0X0 June 12, 2000
Dear Xx. Xxxxxx,
Further to our recent discussion, it is my pleasure to confirm an
Offer of Employment with "Platforms International Corporation"
(PIC), upon your acceptance of this letter, as Executive Vice
President and Chief Operating Officer (EVP & COO), for a period of
three (3) years, effective June 15, 2000.
1. EMPLOYMENT TERMS
The terms of your employment will be as follows:
Compensation:
Your annual salary will be set at US $180,000, paid monthly, and will
be reviewed annually on the anniversary date of this contract. You
will be eligible for an Annual Performance Bonus, to be determined at
a later date.
Employee Stock Plan
Restricted shares in PIC will be vested to you as follows:
- 500,000 shares will be vested to you immediately upon signing;
- an additional 1 million shares each year, during the 1st year, 2nd
year and 3rd year, to be vested to you quarterly;
- If, for any reason PIC were to be sold or bought out, all shares
remaining as stated above will be vested to you automatically.
Allowances & Benefits
- You will be provided with a "Class A" car allowance for your
personal and business use. This allowance will cover the costs
of a lease/purchase for this vehicle, as well as insurance
operating and maintenance expenses for the vehicle;
- You will be furnished with an apartment at company expense,
covering rental and utility expenses;
- You will be given an allowance to cover the costs of an
"executive package" medical and dental plan;
- You will be reimbursed for expenses relating to a relocation to
the United States, if required, including the following;
- Guaranteed sale price for your home, based on the average value
of three independent evaluations;
- Lawyer, brokerage and/or real estate fees for the sale of your
home;
- Moving expenses for your furniture and effects;
- Transportation costs for you and your dependents:
A holiday package once per year and free of tax: 2 tickets business
class and an additional US $15,000.00.
You will be provided with Taxation Services through the Company CPA.
2. COMPANY EXPENSES
You will be reimbursed for reasonable business related travel and
living expenses in accordance with PIC's policy.
3. SEVERANCE PACKAGE
At the conclusion of your employment with PIC, on year's annual
salary will be given to you as a severance amount in full and final
settlement of its obligations toward you employment.
I trust this appropriately describes our intent. If you accept this
offer, please sign a duplicate of this letter and return the same by
July 1, 2000.
4. SURVIVING MEMBER BENEFITS
It is agreed that in the event of Xx. Xxxxxx'x demise, within the
timeframe of this contract, all benefits due to him will be paid in
full to his named beneficiary, Xxx. Xxxxxxx Xxxxxxxxx Xxxxxx, his
spouse; or in the event of his primary beneficiary's coincidental
death, all benefits due to him will be paid in full to his secondary
beneficiaries, equally, Xx. Xxxxxxxx Xxxxxxxx Xxxxxx and Mr. Marc
Xxxx Xxxxxx Xxxxxx.
Yours sincerely,
/s/ Xxxxxxx Xxxxxx Date: 7/19/00
Xxxxxxx Xxxxxx
CEO, Platforms International Corp.
/s/ Xxxxxx Xxxxx Date: 7/19/00
Xxxxxx Xxxxx
President, Platforms International Corp.
Accepted:
/s/ Xxxxxxxx X. Xxxxxx Date: 7/19/00
Xxxxxxxx X. Xxxxxx
