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Title: |
Executive Employment Agreement |
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Entities: |
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Date: |
2000 |
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Preview shows 6KB of 29KB total |
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Price: |
$43 |
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ID: |
#1380520 |
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<SEQUENCE>16
<FILENAME>0016.txt
<DESCRIPTION>EXECUTIVE EMPLOYMENT AGREEMENT - WILLIAM BARNETT
<TEXT>
COMPANY CONFIDENTIAL
--------------------------------------------------------------------------------
EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into
this December 20, 1999 (the "Effective Date"), by and between WordCruncher
Internet Technologies, Inc., a Nevada corporation, with a principal office at
405 East 12450 South, Suite B. Draper, Utah 84020 ("Company"), and Bill Barnett
("Employee").
RECITALS
1. Company is engaged in the process of developing, manufacturing and
marketing internet technologies and other products and services.
2. Employee's title will be Director, Advertising Sales.
3. In consideration of the benefits of new or continued employment by Company,
as well as to her good and valuable consideration set froth herein,
Employee agrees to enter into this Agreement.
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants
herein contained and for good and valuable consideration, the receipt of which
is hereby acknowledged, the parties hereto intending to be legally bound, hereby
agree as follow:
1. DEFINITIONS The following terms shall have the definitions stated
-----------
below:
a. Cause - shall mean Employee's termination only upon:
-----
i. Employee's continued violations of Employee's obligations
which are demonstrably willful or deliberate on Employee's
part after there has been delivered to Employee a written
demand for performance from Company which describes the basis
for Company's belief that Employee has not substantially
performed his or her duties;
ii. Employee's engaging in willful misconduct which is
injurious to Company or its affiliates;
iii. Employee's committing a felony, an act of fraud against
or the misappropriation of property belonging to Company or
its affiliates;
iv. Employee's breaching, in any material respect, the terms
of this Agreement or any confidentiality or proprietary
information agreement between Employee and Company; or
v. A determination by Company, acting in good faith upon
information then available to Company, that Employee has
committed a material violation of the standards of employee
conduct, which standards may be altered from time to time by
Company, as defined in the most current version of Company's
Employee Handbook.
b. Change of Control shall be deemed to have occurred if:
-----------------
i. Company sells or otherwise disposes of all or substantially
all of its assets;
ii. There is a merger or consolidation of Company with any
other corporation or corporations, provided that the
shareholders of Company, as a group, do not hold immediately
after such event, at least 50% of the voting power of the
surviving or successor corporation;
iii. Any person or entity, including any "person" as such term
is used in Section 13(d)(3) of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), becomes the "beneficial
owner" (as defined in the Exchange Act) of Common Stock of
Company representing 50% or more of the combined voting power
of the voting securities of Company (exclusive of persons who
are now officers or directors of Company.
c. Code - shall mean the Internal Revenue Code of 1986, as
----
amended.
d. Restricted Business - shall mean:
-------------------
i. The design, development, manufacture, marketing or support
of Internet search technology, related services, or any other
software products of the type designed, developed,
manufactured, sold or supported by Company or as proposed to
be designed, developed, manufactured, sold or supported by
Company pursuant to a development project which is actually
being pursued during the Term of this Agreement; and
ii. Any business which competes directly or indirectly with
the products or services of Company.
e. Restricted Territory shall mean the geographies within the
United States, European Community, --------------------- and
Canada.
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