ContractElement 21 Golf Co • October 13th, 2006 • Sporting & athletic goods, nec
Element 21 Golf Co. (Element) agrees to employ John T. Grippo as its Chief Financial Officer. Mr. Grippo will work part time as an independent contractor, while serving as Chief Financial Officer. The initial term of employment will begin March 1, 2006 and expire the earlier of the raising of $1,000,000 of its expected convertible debt offering or August 31,2006. During the initial term of this agreement Element will pay Mr. Grippo $3,000 in cash per month and $5,000 in Element common stock per month. The amount of stock to be issued will be based upon the lowest closing price of Element common stock during the initial period. The Element common stock will be issued within 30 days of the end of the initial period. Element will reimburse Mr. Grippo’s expenses incurred on behalf of Element. Element will not require Mr. Grippo to relocate.
ELEMENT 21 GOLF COMPANYElement 21 Golf Co • October 13th, 2006 • Sporting & athletic goods, nec
Element 21 Golf Co. (Element) agrees to employ Nataliya Hearn as its President and CEO. Dr. Hearn will work full time as an independent contractor, while serving as President and CEO. The term of employment will begin January 1, 2006 for one year, renewable for additional two terms. The total term of this contract is three years. During the term of this agreement Element will pay Dr. Hearn $20,000 per month in cash/stock or option as requested by Dr. Hearn. The value of the shares is set at the closing price of the day of this agreement ($0.08). The Element common stock will be issued on monthly basis. Element will reimburse Dr. Hearn’s expenses incurred on behalf of Element. Dr. Hearn will also receive a stock option package of 2,000,000 per year at an exercise price of $0.08.
