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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Snocone Systems Inc.

Date:

2006

Size:

Preview shows 6KB of 33KB total

Price:

$36

ID:

#1334759

 

 

► Employment ► Employment Agreements

 

 

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EMPLOYMENT AGREEMENT

          This EMPLOYMENT AGREEMENT (the Agreement) is made effective as of April 1, 2005 (the Effective Date), by and between Whos Your Daddy, Inc. (formerly Snocone Systems Inc.), a Nevada corporation (the Company), and Edon Moyal (the Executive). It is entered into as of December 27, 2005 and replaces the employment agreement previously signed on April 26, 2005 and amended May 6, 2005. 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 fifth (5th) 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 Executive Officer of the Company and will serve in such other capacity or capacities as may be prescribed by the Company. The Executive will report to the person or persons designated 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, all 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 of $144,000 per year (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. In addition, salary accrued from January 1 to March 31, 2005, in the amount of $36,000, will be paid to the Executive from earnings once the Company has reached cumulative revenue of $4,000,000 and the Company, in its sole discretion, determines there are funds to pay such accrued salary.

          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 1,000,000 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;

                    2.2.2 One warrant for the purchase of an additional 1,000,000 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 one dollar and fifty cents ($1.50) per share; these warrants are conditional on the Executive still being employed by the Company at the time of exercise;


 

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