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EXHIBIT 10.8
SUITE 333
000 XXXXXX XXX XXX XXXXX
XXX XXXXX, XXXXXXXXXX 00000-0000
TELEPHONE (000) 000-0000
FACSIMILE (000) 000-0000
REPLY TO FILE NO. 3159K
NOVEMBER 21, 1998
Xx. Xxxxxxx X. Xxxxxxxx
0000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxx 00000
Re: YOUR EMPLOYMENT AGREEMENT AS PRESIDENT
OF CORSAIRE, INC.
Dear Xx. Xxxxxxxx:
The undersigned is the attorney for Corsaire, Inc. also known as Corsaire
Snowboard, Inc. ("Corsaire").
Pursuant to your discussions with our Xx. Xxxx X. Hamouth ("Hamouth") and
yourself ("Xxxxxxxx"), please let this letter serve as your agreement with
respect to your employment as the President of Corsaire.
Accordingly, the following are the agreed upon terms and conditions of
your employment agreement:
1. TITLE, JOB DESCRIPTION AND TERM OF EMPLOYMENT: Xxxxxxxx agrees to
serve as the "President" of Corsaire for a period of three (3) years beginning
November 20, 1998 with the duties and responsibilities customarily required of
a president of a U.S. publicly traded company.
2. APPOINTMENT AS DIRECTOR: In addition to the services to be provided
as the President of Corsaire, Xxxxxxxx hereby accepts the appointment as a
Director of Corsaire to fill a vacancy that presently exists on the Corsaire
Board of Directors.
3. ACKNOWLEDGEMENT OF APPOINTMENT OF ADDITIONAL DIRECTORS: Xxxxxxxx
acknowledges that concurrent with his appointment as a Director, that the
present sole Director of Corsaire is appointing four (4) still additional
Directors to fill still other vacancies on the Board of Directors. Xxxxxxxx
shall have the right to select one (1) of these four (4) additional Directors.
4. RESIGNATION OF HAMOUTH AS A DIRECTOR: Upon appointment of Xxxxxxxx
and the additional four (4) Directors, Hamouth will resign as a Director of
Corsaire.
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5. STOCK COMPENSATION: In addition to a salary to be determined by the
new Board of Directors, Corsaire agrees to issue to Xxxxxxxx the following
restricted shares of common stock:
1. ONE MILLION (1,000,000) shares upon execution of this Employment
Agreement.
2. An additional ONE MILLION (1,000,000) shares at such time as
Corsaire achieves annual earnings of $.50 per share or achieves
annual sales revenue of $10,000,000 or achieves annual before
tax earnings of $5,000,000.
6. ADDITIONAL EMPLOYMENT BENEFITS: Xxxxxxxx shall be entitled to such
additional employment benefits as are normal and customary for a President of a
U.S. publicly traded company that is similar in size and nature as Corsaire.
7. COUNTERPARTS: This Agreement may be signed in one or more
counterparts.
8. FACSIMILE TRANSMISSION SIGNATURES: A signature received pursuant to a
facsimile transmission shall be sufficient to bind a party to this Agreement.
If the above meets with your approval and agreement, please initial each
page in the lower right hand corner, sign and date the signature page where
indicated and fax myself and Mr. Hamouth a copy of the initialed and signed
letter. Mr. Hamouth will likewise fax you a copy of his initialed and signed
letter.
Very truly yours,
/s/ Xxxxxxx X. Xxx, III
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XXXXXXX X. XXX, III
CJB: dic
cc: Mr. Rene Hamouth (via fax)
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AGREED AND ACCEPTED
DATED: November 21, 1998 /s/ XXXXXXX X. XXXXXXXX
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XXXXXXX X. XXXXXXXX
CORSAIRE, INC.
DATED: November 21, 1998 /s/ XXXX X. HAMOUTH
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XXXX X. HAMOUTH
President and Director
WITNESSES: Illegible
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11/20/98
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