EMPLOYMENT AGREEMENT
This employment Agreement (the "Agreement") is made
effective the 16th day of February, 2001, by and between X-
Net Services Corp., a Nevada corporation ("X-Net") and Xxxxxx
X. Xxxxxxxxxx ("Xx. Xxxxxxxxxx").
W I T N E S S E T H
WHEREAS, Xx. Xxxxxxxxxx has developed information,
materials, products and technologies dealing with providing
e-business solutions;
WHEREAS, X-Net desires to secure the employment Xx.
Xxxxxxxxxx for the purpose of developing and marketing e-business
solutions for and in behalf of X-Net in accordance with the terms and
conditions of this Agreement;
THEREFORE, in consideration of the covenants and
promises contained herein and other good and valuable
consideration, the receipt, adequacy and legal sufficiency
of which are hereby acknowledged, X-Net and Xx. Xxxxxxxxxx
hereby agree as follows:
1. Employment. X-Net hereby hires Xx. Xxxxxxxxxx
and Xx. Xxxxxxxxxx hereby accepts the position to produce,
market and further develop information, materials, products
and technologies related to e-business solutions (the
"Products").
2. Duties. Xx. Xxxxxxxxxx shall diligently
market, promote and further develop the Products during the
term of this Agreement and any renewal thereof. Xx.
Xxxxxxxxxx shall spend a minimum of 40% of his business time
performing his duties under this Agreement.
3. Compensation. Xx. Xxxxxxxxxx shall receive
from X-Net a monthly salary of $2,000. Xx. Xxxxxxxxxx will
receive no other benefits from X-Net during the initial term
of this Agreement. At the time of any renewal of this
Agreement, Mr. Purtschert's salary will be renegotiated and
a profit sharing arrangement will be included based upon the
economic performance of X-Net during the prior term. Mr.
Purtschert's salary during the initial term shall accrue
without payment until revenues from operations are available
for payment of the salary or until funding is received from
a public offering to be conducted by X-Net.
4. Term. The term of this Agreement shall
commence on the date hereof and shall continue for 12
months. The term shall renew automatically in increments of
12 months unless either party notifies the other party of
its desire to not renew the term. Such notice must be given 90
days prior to the end of the initial term or any renewal thereof.
5. Attorneys' Fees. In any action or proceeding
brought to enforce this Agreement, the prevailing party
shall be entitled to recover all costs and expenses,
including reasonable attorneys' fees and costs, incurred in
connection therewith, whether such costs and expenses are
incurred with or without suit, or before or after judgment.
6. Enforceability. If any provision herein is
found to be void, voidable or unenforceable, it shall be
enforced to the extent allowed by law, and the remaining
provisions hereof shall remain in full force and effect.
7. Captions. The captions set forth in this
Agreement are for reference purposes only and are not to be
considered to form a part of this Agreement.
8. Entire Agreement. This Agreement sets forth
the entire agreement and understanding of the parties and
supersedes all prior understandings, agreements or
representations by or among the parties.
9. Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws the
state of Utah without giving effect to any conflict of laws
provisions.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed as of the date first above
written.
X-NET SERVICES CORP.
a Nevada corporation
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx, President
/s/ Xxxxxx X. Xxxxxxxxxx
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Xxxxxx X. Xxxxxxxxxx, Individual
