EMPLOYMENT AGREEMENT
Employment Agreement, between OXIR Investments, Inc., (the
"Company") and Xxxxxx Xxxxxxxxx (the "Employee").
1. For good consideration the Company employs the Employee on the
following terms and conditions.
2. Term of Employment: Subject to the provisions for termination
set forth below the employment shall begin on September 1, 1998.
3. Salary: The Company shall pay the Employee a salary of $ 60,000
dollars per year and other considerations, for the services of the
Employee. The salary is due on the first of every month and
payable through the companies payroll.
4. As a signing bonus Xx. Xxxxxxxxx is to receive 2% (two percent)
of the entire companies stock. As of September 1, 1998 this number
is equal to 270,000 (two hundred seventy thousand) shares and is
calculated based on 13,500,000.00 outstanding shares.
5. Duties and Position: The Company hires the Employee in the
capacity of Secretary and Treasurer. The Employee's duties may be
reasonably modified at the Company's direction from time to time.
6. Confidentiality of Proprietary Information: Employee agrees,
during or after the term of this employment, not to reveal
confidential information, or trade secrets, to any person, firm,
corporation, or entity. Should Employee reveal or threaten to
reveal this information the Company shall be entitled to an
injunction restraining the Employee from disclosing same, or from
rendering any services to any entity to whom said information has
been or is threatened to be disclosed. The right to secure an
injunction is not exclusive, and the Company may pursue any other
remedies it has against the Employee for a breach or threatened
breach of this condition, including the recovery of damages from
the Employee.
7. Reimbursement of Expenses: The Employee may incur reasonable
expenses for furthering the Company's business, including expenses
for entertainment, travel and similar items. The Company shall
reimburse Employee for all business expenses after the Employee
presents an itemized account of expenditures, pursuant to Company
policy.
8. Vacation: The Employee shall be entitled to a yearly vacation of
four weeks at full pay.
9. Automobile: The Employee shall be provided with the Company car
that he is allowed to use after "regular business hours". The
company takes an obligation of paying for insurance coverage,
repair and maintenance for this car.
10. Disability: If Employee cannot perform the duties because of
illness or incapacity for a period of more than 12 weeks, the
compensation otherwise due during said illness or incapacity will
be reduced by 50 percent. The Employee's full compensation will be
reinstated upon return to work. However, if the Employee is absent
from work for any reason for a continuous period of over 12 months,
the Company may terminate the Employee's employment, and the
Company's obligations under this agreement will cease on that date.
11. Termination of Agreement: The Company may terminate this
agreement at any time upon 14 days written notice to the Employee.
If the Company requests, the Employee will continue to perform
his/her duties and be paid his/her regular salary up to the date of
termination. In addition, the Company will pay the Employee on the
date of termination a severance allowance of $20,000 less taxes and
social security required to be withheld. Without cause, the
Employee may terminate employment upon 14 days written notice to
the Company. Employee may be required to perform his/her duties.
Employee will be paid the regular salary to date of termination but
shall not receive a severance allowance. Notwithstanding anything
to the contrary contained in this agreement, the Company may
terminate the Employee's employment upon 14 days notice to the
Employee should any of the following events occur:
c) The sale of substantially all of the Company's assets to a single
purchaser or group of associated purchasers; or
d) The sale, exchange, or other disposition, in one transaction of
the majority of the Company's outstanding corporate shares, or
e) The Company's decision to terminate its business and liquidate
its assets;
f) Bankruptcy or Chapter 11 Reorganization.
12. Death Benefit: Should Employee die during the term of
employment the Company shall pay to Employee's estate any
compensation due through the end of the month in which death
occurred plus severance in the amount of $60,000 dollars,
13. Assistance in Litigation: Employee shall upon reasonable
notice, furnish such information and proper assistance to the
Company as, it may reasonably require in connection with any
litigation in which it is, or may become, a party either during or
after employment.
14. Effect of Prior Agreements: This agreement supersedes any prior
agreement between the Company or any predecessor of the Company and
the Employee, except that this agreement shall not affect or
operate to reduce any benefit or compensation inuring to the
Employee of a kind elsewhere provided and not expressly provided in
this agreement.
15. Settlement by Arbitration: Any claim or controversy that arises
out of or relates to this agreement or the breach of it, shall be
settled by arbitration in accordance with the rules of the American
Arbitration Association. Judgment upon the award rendered may be
entered in any court with jurisdiction.
16. Limited Effect of Waiver by Company. Should Company waive
breach of any provision of this agreement by the Employee, that
waiver will not operate or be construed as a waiver of further
breach by the Employee.
17. Severability: If for any reason, any provision of this
agreement is held invalid. all other provisions of this agreement
shall remain in effect. If this agreement is held invalid or
cannot be enforced, then to the full extent permitted by law any
prior agreement between the Company (or any predecessor thereof)
and the Employee shall be deemed reinstated as if this agreement
had not been executed.
18. Assumption of Agreement by Company's Successors and Assignees:
The Company's rights and obligations under this agreement will
inure to the benefit and be binding upon the Company's successors
and assignees.
19. Oral Modifications Not Binding: This instrument is the entire
agreement of the Company and the Employee. Oral changes shall have
no effect it may be altered only by a written agreement signed by
the party against whom enforcement of any waiver, change,
modification, extension or discharge is sought.
Signed this First day of September 1998.
SIGNATURE SIGNATURE
Xxxxxxx Xxxxxx
President Xxxxxx Xxxxxxxxx
