EMPLOYMENT AGREEMENT
This Agreement shall be deemed effective January 1, 2005 regardless of execution
date
Between: Xxxxxxx Xxxxxxx (The employee.)
AND
Smitten Press: Local Lore and Legends, Inc.
Whereas The Employer desires to obtain the benefit of the services of the
Employee, and the Employee desires to render such services in the terms and
conditions set forth in this Agreement.
EFFECTIVE DATE: This agreement shall be deemed effective January 1, 2005.
IN CONSIDERATION of the promises and other good and valuable considerations set
forth, the Employee and Employer agree as follows, subject to a 1 year review:
The Employment: The Employer appoints the Employee as Chairman and a President
and CEO (Chief Executive Officer) and to undertake the duties and exercise the
powers of such position as may be requested by the Employer, such duties to
include those duties normally performed by CEO as directed by the board and
specifically the Chairman of the board of directors, on the terms and conditions
set forth in this Agreement. The Employee agrees that he or she will at all
times faithfully, industriously, competently and to the best of the Employee's
skill, ability, experience and talents, perform all of the duties required of
the Employee's position. In carrying out these duties and responsibilities, the
Employee shall comply with all Employer's policies, procedures, and rules and
regulations, both written and oral, as are announced by the Employer from time
to time.
The Employment shall be for a one year term extendable for two more years,
subject to the provisions of this agreement.
Compensation--As full compensation for all services provided herein, the
Employer shall pay or cause to be paid to the Employee, and the Employee shall
accept a salary, at an annual rate of $ 120,000.00 U.S. funds, in equal
installments, to be paid monthly. In addition, Employee shall be paid a bonus of
$100,000 effective January 1, 2005.
The Employer agrees that the Employee's compensation will be reviewed annually
by assessing the Employee's achievement of the overall objectives established by
the Employer. The Employee agrees that increases in compensation are wholly
within the discretion of the Employer.
In addition to the fixed remuneration, the Employee may receive from the
Employer a bonus payment based upon the Employee achieving personal and
corporate financial objectives. The entitlement to and the amount of the bonus
payment will be in the absolute discretion of the Employer, and should not be
deemed to be part of salary. The payments referred to herein shall be subject to
such deductions by the Employer as the Employer is from time to time required to
make pursuant to law, government regulations order, or by agreement or consent
of the Employee.
Expenses:
The Employee shall be entitled to reimbursement by the Employer for reasonable
expenses actually incurred on behalf of the Employer in the course of the
Employee's employment by the Employer, upon the presentation by the Employee,
form time to time, of an itemized account of such expenditures together with
such receipts as the Employer may request.
Benefits
The Employee shall participate in all the Employer's standard benefits plan,
and/or stock option plans, but such plans may be amended or canceled, from time
to time at the sole discretion of the Employer, and all other terms in this
Agreement shall prevail notwithstanding any such amendment or cancellation.
Termination
The parties understand and agree that this Agreement may be terminated as
follows in each of the specified circumstances:
By the Employer, at any time, without the requirement of providing either notice
of termination, pay in lieu thereof, severance, or any other payments, for any
material breach of this Agreement by the Employee, or for any other reason that
constitutes just cause, including, but not limited to the following:
Neglect of duties;
Dishonesty or fraud;
Theft;
Breach of fiduciary duties;
Breach of the covenants set out herein.
By the Employee, at any time, for any reason whatsoever, upon the Employee
giving the Employer one (1) months written notice. However, the Employer may
waive such notice, in whole or in part, in which case the Employee will be
deemed to have resigned immediately.
By the Employer, in the Employer's sole discretion and for any reason
whatsoever, by providing the employee with 2 (two) weeks' written notice of
termination, or immediately, by paying the Employee an amount equal to the
period of notice. Should the aforesaid notice, or pay in lieu thereof be less
than the amount prescribed by law.
The Employer retains the discretion to provide the Employee additional notice,
or pay in lieu thereof, without forfeiting or prejudicing its right to terminate
the Employee pursuant to this agreement.
_________________/S/______________________ 2/15/05
Accepted by: Xxxxxxx Xxxxxxx, The Employee Dated
_________________/S/___________________ 2/15/05
Accepted by: Xxxxxxx Xxxxxxx, Chairman
Dated
Smitten Press: Local Lore and Legends, Inc. The Employer
