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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Gaming & Entertainment Group Inc.

Date:

2005

Size:

Preview shows 4KB of 32KB total

Price:

$37

ID:

#1070599

 

 


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EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into as
of this 1st day of September 2004, by and between Gaming & Entertainment Group,
Inc., a Nevada corporation ("COMPANY"), and Kevin J. Burman, an individual
("EMPLOYEE").

WITNESSETH:

WHEREAS, COMPANY and EMPLOYEE deem it to be in their respective best
interests to enter into an agreement providing for COMPANY's employment of
EMPLOYEE pursuant to the terms herein stated.

NOW, THEREFORE, in consideration of the premises and the mutual
promises and agreements contained herein, it is hereby agreed as follows:

1. Term. COMPANY hereby employs and EMPLOYEE hereby accepts
employment with COMPANY for a period of twelve (12) months beginning on the date
hereof ("Term"). Unless COMPANY or EMPLOYEE provides written notice that this
Agreement shall be allowed to expire and the employment relationship thereby
terminated at least thirty (30) days prior to the expiration of the Term or any
Renewal Term (as defined herein), this Agreement shall continue in effect for
additional terms of twelve (12) months each ("Renewal Term").

2. Duties of Employee. EMPLOYEE's position with COMPANY will be
Chief Operating Officer. EMPLOYEE shall do and perform all services, acts, or
things reasonably necessary or advisable to accomplish the objectives and
complete the tasks assigned to EMPLOYEE by COMPANY's Board of Directors. COMPANY
may assign EMPLOYEE to another position so long as the compensation paid to
EMPLOYEE is equal to or greater than the compensation provided in this
Agreement.

3. Devotion of Time to Company's Business. EMPLOYEE shall be a
full-time EMPLOYEE of COMPANY and shall devote such substantial and sufficient
amounts of his productive time, ability, and attention to the business of
COMPANY during the Term of this Agreement as may be reasonable and necessary to
accomplish the objectives and complete the tasks assigned to EMPLOYEE. EMPLOYEE
may devote reasonable time to activities other than those required under this
Agreement, including activities involving professional, charitable, community,
educational, religious and similar types of organizations, speaking engagements,
membership on the boards of directors of other organizations and similar types
of activities to the extent that such activities do not inhibit or prohibit the
performance of services under this Agreement.

4. Uniqueness of Services. EMPLOYEE hereby acknowledges that the
services to be performed by him under the terms of this Agreement are of a
special and unique value. Accordingly, the obligations of EMPLOYEE under this
Agreement are non-assignable.

5. Compensation of EMPLOYEE.

a. Base Annual Salary. Subject to other specific provisions in
this Agreement, as compensation for services hereunder, EMPLOYEE shall receive a
Base Annual Salary at the rate of not less than GBP 72,000 per annum payable in
accordance with the Company's ordinary payroll practices (and in any event no
less frequently than monthly). On each anniversary date hereof, EMPLOYEE's Base
Annual Salary will be reviewed and may be increased by the COMPANY'S Board of
Directors.


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b. Overseas Living Expenses. EMPLOYEE shall receive pro-rata
an accommodation allowance of GBP 2,000 per month, a vehicle allowance of GBP
800 per month, and a living expense allowance of GBP 1,000 per month spent
outside Australia.

c. Cash Bonus. EMPLOYEE shall receive a bonus of $35,000 if
COMPANY achieves the EBITDA target approved by the Board of Directors for the
calendar year. In addition, EMPLOYEE shall receive 5% of the amount by which the
EBITDA target is exceeded up to a total bonus not to exceed $100,000.

d. Commission. EMPLOYEE shall receive commissions in respect

 

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