Modified Employment Contract
This Employment Contract ("Employment Contract") between Westland Development
Co., Inc. (hereinafter called "Westland" or "Employer") and Xxxxx Xxxxx
(hereinafter called "Xxxxx" or "Employee") is as follows:
1. Westland hereby agrees to employ Xxxxx as Vice President for a period of six
(6) years from the date of execution of this document on the following terms and
conditions.
2. The Salary paid to Xxxxx shall be not less than $62,296 per year plus all
employee benefits, which said amount may be increased but may not be decreased,
as determined by Westland's Board of Directors.
3. The term of the contract will automatically extend for two additional periods
of three (3) years at the end of the initial six (6) year term under the same
terms and conditions.
4. The Employee may terminate this Employment Contract upon the giving of at
least 15 days notice in writing. Westland may terminate this Employment Contract
upon the giving of at least 60 days notice in writing. If Westland terminates
the contract, Westland agrees to pay to Employee as consideration and
compensation six (6) year's salary, plus the cash value of all other employment
benefits on the date of termination.
5. If any of the provisions of this Employment Contract is held to be invalid,
illegal, or unenforceable, that determination will not affect the enforceability
of any other provisions of this Employment Contract, and the remaining
provisions of the Employment Contract will be valid and enforceable according to
their terms.
Dated April 22, 2005
Westland Development Co., Inc. Employee
By:
Xxxxxxx Xxxx, President Xxxxx Xxxxx
Xxxxxx Xxxxxxx, Chairman of the Board
