1
Exhibit 10.10
REALM PRODUCTION AND ENTERTAINMENT, INC.
EMPLOYMENT AGREEMENT
LOAN OUT AGREEMENT WITH A.U.W., INC.
Employment Agreement, between Realm Production and Entertainment, Inc.,
(the "Company") Xxxxxx Xxxxxxxxx (the "Employee") and A.U.W., Inc., collectively
called the "Parties".
It is fully acknowledged by the parties that Xxxxxx Xxxxxxxxx is currently
employed by A.U.W., Inc. until December 31, 2005 and A.U.W., Inc. consents to
Xxxxxx Xxxxxxxxx entering into an employment agreement with the Company,
subject to the following terms and conditions.
1. For good consideration, the Company employs the Employee on the
following terms and conditions.
2. Term of Employment: Subject to the provisions set forth below this
agreement will begin on, January 1, 1996 and end December 31, 2000, unless
sooner terminated.
3. Loan Out Arrangement (between A.U.W., Inc. and the Company pertaining
to the services of Xxxxxx Xxxxxxxxx):
It is understood between the Realm Production and Entertainment, Inc., the
Company and A.U.W., Inc., that all services rendered by Xxxxxx Xxxxxxxxx are
specifically under a Loan Out arrangement. The following are to be fully
included in said employment agreement:
a. Any and all warrants issued by the Company to Xxxxxx Xxxxxxxxx
shall be issued to A.U.W., Inc., and or assigns until December 31, 2005.
b. Commencing January 1, 1998 thru December 31, 1999, Xx. Xxxxxxxxx
shall be paid directly from the Company an annual salary of $36,000 plus normal
fringe benefits. All excess payments shall be remitted as consulting fees
pursuant to the Loan Out arrangement and each of the Parties shall be
responsible for their taxes accordingly. For example: for the total year 1998,
if Xx. Xxxxxxxxx, under the Loan Out arrangement, is paid a total of $150,000,
$36,000 shall be paid directly to Xx. Xxxxxxxxx and appropriate payroll
withholdings shall be the responsibility of Xx. Xxxxxxxxx, individual, and the
balance $114,000 shall be remitted to A.U.W., Inc. and accordingly, A.U.W., Inc.
is responsible for said taxes.
c. Commencing January 1, 2000 thru December 31, 2005, Xx. Xxxxxxxxx
shall be paid directly from the Company an annual salary of $48,000 plus normal
fringe benefits. All excess payments shall be remitted as consulting fees
pursuant to the Loan Out arrangement and each of the Parties shall be
responsible for their taxes accordingly. For example: for the total year 2000,
if Xx. Xxxxxxxxx, under the Loan Out arrangement, is paid a total of $200,000,
$48,000 shall be paid directly to Xx. Xxxxxxxxx and appropriate payroll
withholdings shall be the responsibility of Xx. Xxxxxxxxx, individual, and the
balance $152,000 shall be remitted to A.U.W., Inc. and accordingly, A.U.W., Inc.
is responsible for said taxes.
1
2
4. 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.
5. 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.
6. 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 day of January 15, 1996
REALM PRODUCTION AND ENTERTAINMENT, INC.:
/s/ XXXXXX XXXXXXXXX
-----------------------------------
By: President
EMPLOYEE:
/s/ XXXXXX XXXXXXXXX
-----------------------------------
A.U.W., INC.
/s/ XXXXXX XXXXXXXXX
-----------------------------------
By: President
2
