EMPLOYMENT AGREEMENT BETWEEN JOHN G. SIMMONDS (the “employee”) King City, Ontario L7B 1A3 and WIRELESS AGE COMMUNICATIONS, INC. (the “company”) MISSISSAUGA, ON L5T 1M3
Exhibit
10.42
EMPLOYMENT
AGREEMENT BETWEEN
XXXX
X. XXXXXXXX (the “employee”)
0000
00xx
Xxxxxxxx
Xxxx
Xxxx, Xxxxxxx X0X 0X0
and
WIRELESS
AGE COMMUNICATIONS, INC. (the “company”)
0000
XXXXXXXXX XXXXX
XXXXXXXXXXX,
XX X0X 0X0
Dated
this 28th day of May 2007.
The
terms of employment between Xxxx X. Xxxxxxxx and Wireless Age Communications,
Inc. are as outlined below;
1.
This
Employment Agreement is retroactive to February 1, 2007 and is effective until
March 31, 2008.
2.
Your
responsibilities will include Chief Executive Officer and Chairman of the Board
of Wireless Age Communications, Inc.
3.
Your
salary will be $200,000 CDN base salary per annum. It will be paid on the
15th
and last
day of each month in the amount of $8,333.33 CDN per payment. Subject to minimum
statutory deductions as required by Revenue Canada.
4.
You
will be entitled to a bonus as determined and agreed to by the employee and
Chairman’s of the Compensation and Audit Committee’s.
5.
You
will be granted stock options when approved by the Board of Director’s at the
next board meeting.
6.
The
Company will cover out of pocket travel expenses relating to company business.
Please submit expense reports (with applicable receipts) to the Chairman of
Compensation Committee for approval.
7.
The
Company will reimburse Xxxx Xxxxxxxx for office rent including utilities in
the
amount of $3,000.00 CDN per month. This payment will be reviewed if and when
the
office relocates.
8.
The
Company will pay a car allowance in the amount of $1,000.00 CDN per
month.
9.
The
Company will provide you with a cellular phone/blackberry. Please submit monthly
invoice to the Company for reimbursement.
10.
As
a
senior executive of Wireless Age Communications, Inc. you are entitled to
participate in our standard employee benefit plans. Our obligation under these
plans shall be limited to payment of the employer's share of the premiums (if
any). We reserve the right to amend the benefits from time to time.
11.
The
Company may terminate your employment with 30 days written notice.
If
this
employment agreement is acceptable to you, please sign the enclosed copy of
this
letter in the designated space below .
Wireless
Age Communications, Inc.
| /s/ Xxxxxxx Xxxxxxx | May 28, 2007 | ||
|
Xxxxxxx Xxxxxxx |
Date
|
|
|
|
Chairman
of the Compensation Committee
|
| /s/ Xxxxx Xxxxx-Xxxxx | May 30, 2007 | ||
|
Xxxxx Xxxxx-Xxxxx |
Date
|
|
|
|
Chairman
of Audit Committee
|
I
have
read and understood this employment agreement. I accept the terms and conditions
and outlined in the employment agreement.
Dated
28
of May, 2007.
/s/
Xxxx X. Xxxxxxxx
Xxxx
X.
Xxxxxxxx
Chairman
& CEO
