EMPLOYMENT AGREEMENT
Employment Agreement, between Netgen 2000 (the "Company") and Xxxxxx
Xxxxxxx (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 this agreement will begin on April 1, 1999, [for a period of one (1)
year] LPD,AA
3. Salary: The Company shall pay Employee a salary of 60,000 shares of
restricted common stock per year payable to the employee 5,000 shares per month,
for the services of the Employee, payable on the 15th of each month during the
term of employment.
4. Duties and Position: The Company hires the Employee in the capacity
of CFO. The Employee's duties may be reasonably modified at the Company's
direction from time to time.
5. Employee to Devote 4 Full days per month to Company: The Employee
will devote full time, attention, and energies to the business of the Company
and during this employment, will not engage in any other business other than own
accounting practice. , Real Estate and Mortgage Company.Employee is not
prohitited from making personal investments in any other businesses provided
those investments do not require active involvement in thy operation of said
companies.
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. Disability: If Employee cannot perform the duties
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because of illness or incapacity for a period of more than 2 weeks, the
compensation otherwise due during said illness or incapacity will be reduced by
one hundred (100) 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 1 month, the Company may terminate the
Employee's employment, and the Company's obligations under this agreement will
cease on that date.
9. Termination of Agreement: Without cause, the Company may terminate
this agreement at any time upon 30 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 [3 months compensation LPN, AA $______] less taxes and social security
required to be withheld. Without cause, the Employee may terminate employment
upon 30 days' written notice to the Company. Employee may be required to perform
his/her duties and 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 30 days [notice to the employee; however, the Company will pay
the employee full salary as agreed]
10. 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.
11. Restriction on Post Employment Competition: For a period of one (1)
years after the end of employment, the Employee shall not control, consult to or
be employed by any business similar to that conducted by the Company, either by
soliciting any of its accounts or by operating within Employer's general trading
area.
12 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.Any expense for litigation
borne by the company.
13. 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.
14. Settlement by Arbitration: Any claim or controversy that arises out
of or relates to this agreement, or the breach of
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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.
15. 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.
16. 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.
17. 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.
18. 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 ~ 14th day of April, 1999.
/s/ Xxxx X. Xxxx /s/ Xxxxxx Xxxxxxx
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Company Employee
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