EXHIBIT 10.16
AGREEMENT
Between
XXXXXX X. XXXXXXX
Chairman and COO of CGPE and CCSF
And
XXXXXXX XXXXX
Made in Palm City on June 29, 2001
01 - POSITION TITLE: President & CEO for CGPE & CCSF
02 - POSITION REPORTS TO: Board of Directors
03 - JOB DESCRIPTION: as per draft given to Xxx Xxxxxxx
04 - CHART OF AUTHORITY: will be established in due course
05 - COMPENSATION PER YEAR:
. BASE: $ 75,000 - cash - to be reviewed every 90 days
. BONUS/INCENTIVE FORMULA:
2.0% of Corporate Revenues up to $ 2 million of Revenue 1.5% of
Corporate Revenues for Revenue between $ 2 and $ 5 million 1.0% of
Corporate Revenues for Revenue exceeding $ 5 million, with no ceiling
Bonus/Incentive payable in cash
. SIGN-ON BONUS: stock options for 250,000 shares at a price of $ 0.25
per share, vested in 90 days, and stock options for 250,000 shares at
a price of $ 0.25 per share, vested on July 1, 2002.
06 - BENEFITS:
. DIRECTORS' LIABILITY INSURANCE: yes, in force
. HEALTH INSURANCE: yes, per Company's plan
. LIFE INSURANCE: yes, per Company's plan
. DISABILITY INSURANCE: yes, per Company's plan
. WORKERS' COMPENSATION: not available at present
. PENSION PLAN: to be established in due course
. 401 (k): to be established in due course
. VACATION TIME: liberal, in view of position
. CO'S CAR: car allowance at Federal Rate.
07 - CONTRACT: yes
08 - STARTING DATE: July 1, 2001
09 - DURATION: 2 years
10 - TERMINATION PROVISION: 120 days notice/indemnity
11 - UNFRIENDLY TAKE-OVER OR SALE OF COMPANY: indemnity equal to 3 years of
total compensation (base+bonus/incentive+benefits) payable in cash
12 - PROFESSIONAL SERVICES UP TO JUNE 30, 2001: lump sum compensation equal to
30,000 free trading shares, to be delivered upon registration of shares, in
approx 120 days.
Signed by: /s/Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx: Chairman/COO
/s/ Xxxxxxx Xxxxx
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Xxxxxxx Xxxxx
/s/ Xxxxxx X. Xxxxxxxx
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Witness
Signed on: June 29, 2001