EX-10.1
EMPLOYMENT AGREEMENT
This Agreement is made and entered into as of the 15th day of
November, 2001 by and between XxxxXxxxx.xxx, Inc., a Nevada
corporation, (herein called "Corporation", and Xxxxxx Xxxxxx (herein
called "Employee"), upon the terms and conditions hereinafter stated:
1. Employment
Corporation hereby engages and employs Employee to render services to
the Corporation (except as otherwise provided in Paragraph 3 hereof)
as in which capacity Employee shall render such services as are
customarily rendered by and are required. Employee hereby accepts
such employment and agrees to keep and perform, diligently and
conscientiously, all the duties, obligations and agreements assumed
and entered into by him hereunder.
2. Term
The term of employment hereunder shall commence as of the date
hereof, and shall continue for a period ending December 31, 2004
3. Services
A. Employee shall render all services, subject to the supervision
and direction of the Corporation's Chairman of the Board of
Directors, usual and customarily rendered by and required of
persons employed in the capacities designated above and such
other services as may be reasonably requested by Corporation.
Employee agrees that throughout the term of this hereof he will
render the above provided services solely the Corporation and
Employee shall not render such services for any other person
firm or corporation without the Corporation's prior permission.
B. Employee agrees to render services as requested and to devote
sufficient time, attention, skills and efforts in connection
with the Company's business, and to comply with all
instructions, directions, requests, rules, and regulations made
and issued by Corporation; and to perform services
conscientiously and to the best of his ability at all reasonable
time and whenever and wherever reasonably required. This
agreement, however, shall not be construed to prevent Employee
from having investments, and devoting time to such personal
matters that may require attention so long as such activities
will not interfere with the performance of services as required
under this Agreement.
4. Compensation
On the condition that Employee fully performs his obligations
hereunder; Corporation agrees to pay Employee compensation in the
sum of 4,800,000 shares of the Corporation stock issued at the rate
of 400,000 per quarter for 12 consecutive quarters commencing with
the initial issue being December 31,2001. The shares will be issued
under the terms of the Company's Employees Stock Incentive plan per
Form S-8 bearing full registration and trading rights.
5. Expenses
Employee shall be reimbursed by the Corporation for all reasonable
and ordinary expenses incurred in connection with his employment
hereunder upon presentation to the Corporation of proper
documentation of such expenses.
6. Vacations
Corporation agrees to give Employee, during the term hereof, fifteen
(15) business days of vacation, the time of taking of which shall be
determined by Employee and Corporation in consultation with each
other. In the event that Employee fails to use all of his vacation
days in any given year, Employee may carry over and accumulate such
vacation days for use in subsequent years.
7. Death During Employment
In the event of the Employee's death prior to the expiration of the
term hereof, this Agreement shall be deemed continued and Corporation
shall have all the obligations to Employees estates are set forth
hereinabove.
1. Miscellaneous
A. Nothing contained in this Agreement shall be construed to
require the commission of any act contrary to law.
B. This Agreement was made in the State Of Minnesota, and its
validity, construction and effect shall be governed by and
enforced pursuant to the substantive laws of the State of
Minnesota applicable to contracts made and to be performed therein.
C. This Agreement constitutes the entire agreement between the
parties hereto and shall supersede any and all prior written
or oral agreements between Corporation and Employee relating
to the subject matter hereof and cannot be amended or modified
excepts by written instrument signed by the parties hereto.
Employee acknowledges that he has not executed this Agreement
in reliance upon any representation or promise made by
Corporation or any representative of Corporation, excepts as
expressly provided for in this Agreement. This contract shall not
become
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date and year first above written.
XxxxXxxxx.xxx, Inc., a Corporation
By: /s/ Xxxx X. Xxxxxxxx
Xxxx X. Xxxxxxxx
Xxxxxx Xxxxxx, an Individual
/s/ Xxxxxx Xxxxxx
