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Title: |
Employment Agreement |
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Date: |
2006 |
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Preview shows 6KB of 32KB total |
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Price: |
$43 |
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ID: |
#1334753 |
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EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (the Agreement) is made effective as of June 1, 2005 (the Effective Date), by and between Whos Your Daddy, Inc. (formerly Snocone Systems Inc.), a Nevada corporation (the Company), and Reuven I. Rubinson (the Executive). The Company and the Executive are hereinafter collectively referred to as the Parties, and individually referred to as a Party.
RECITALS
A. The Company desires assurance of the association and services of the Executive in order to retain the Executives experience, skills, abilities, background and knowledge, and is willing to engage the Executives services on the terms and conditions set forth in this Agreement.
B. The Executive desires to be in the employ of the Company, and is willing to accept such employment on the terms and conditions set forth in this Agreement.
AGREEMENT
In consideration of the foregoing Recitals and the mutual promises and covenants herein contained, and for other good and valuable consideration, the Parties, intending to be legally bound, agree as follows:
1. EMPLOYMENT.
1.1 Term. The Company hereby employs the Executive, and the Executive hereby accepts employment by the Company, upon the terms and conditions set forth in this Agreement. The term of this Agreement will begin on the Effective Date and will continue until the third (3rd) anniversary of the Effective Date, unless terminated earlier in accordance with Section 3 and/or 4 below (the Term).
1.2 Title. The Executive will have the title of Chief Financial Officer of the Company and will serve in such other capacity or capacities as may be prescribed by the Company or the Executives superiors. The Executive will report to the Chief Executive Officer of the Company or such other person or persons designated by the Policies established by the Companys Board of Directors (the Board).
1.3 Duties. The Executive will do and perform all services, acts or things reasonably consistent with his position, in accordance with the bylaws of the Company and the Policies established by the Board.
1.4 Policies and Practices. The employment relationship between the Parties will be governed by the policies and practices established by the Company and the Board. The Executive will acknowledge in writing that he has read the Companys Employee Handbook, which will govern the terms and conditions of his employment with the Company, along with this Agreement. If the terms of this Agreement differ from or are in conflict with the Companys policies or practices or the Companys Employee Handbook, this Agreement will control. The
Executive also acknowledges that he has received a copy of the Companys Code of Conduct Manual and will follow its guidelines for ethical business behavior.
2. COMPENSATION OF THE EXECUTIVE.
2.1 Base Salary. The Company will pay the Executive a base salary as set forth below (the Base Salary), less payroll deductions and all required withholdings, payable in regular periodic payments in accordance with Company policy. Such Base Salary will be prorated for any partial year of employment on the basis of a 365-day fiscal year at the then-current rate. The Executives Base Salary may be increased at the sole discretion of the Board.
2.1.1 June 1, 2005 to July 31, 2005: Paid $12,500 in cash, for time worked.
2.1.2 August 1, 2005 to August 31, 2005: Paid $7,000 in cash
2.1.3 September 1, 2005 until the Company receives additional financing in excess of $4,000,000 or has cumulative revenues of $4,000,000, $8,000 per month in cash
2.1.4 Thereafter, the Company shall pay Executive $10,000 per month in cash
2.2 Warrants. The Company shall issue to Executive warrants with piggyback registration rights, such warrants to be eligible for cashless exercise, as follows:
2.2.1 One warrant for the purchase of 175,000 shares of Common Stock of the Company, exercisable for a period of forty-eight months, commencing in month 12 and terminating at the end of month 60, at an exercise price of $1.00 per share; these warrants are conditional on the Executive still being employed by the Company at the time of exercise;
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