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Title: |
Employment Agreement |
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Date: |
2002 |
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Preview shows 7KB of 29KB total |
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$38 |
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#1390629 |
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<SEQUENCE>3
<FILENAME>dec2001-ex10f.txt
<DESCRIPTION>EXHIBIT 10(F)
<TEXT>
SEC FILE NO. 0-22954
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________
EXHIBITS
TO
FORM 10-KSB
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
_______________________________
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2001
OF
SEALANT SOLUTIONS, INC.
<PAGE>
10(f) Michael E. Fasci Employment Agreement
EMPLOYMENT AGREEMENT
--------------------
THIS AGREEMENT entered into and effective September 09, 2001, in
Broward County, Florida, by and between SEALANT SOLUTIONS, INC., a
Delaware corporation with corporate offices at 9313 W. Sample Rd., Coral
Springs, Florida 33065 (hereinafter referred to as "Employer") and
Michael Fasci, an individual, residing at 100 Narrows Rd, Assonet, MA
02702, (hereinafter referred to as "Employee"); (hereinafter sometimes
collectively referred to as AParties@ or singularly as AParty@).
WHEREAS, SSLU is engaged in the business of selling and marketing
the Employer=s products and services;
WHEREAS, Employer=s will provide retail consumable products and
services to consumers and accounts;
WHEREAS, incident to the performance of Employee's duties for
Employer, Employee will occupy a position of trust and confidence and
will be given access to proprietary and confidential and privileged
information regarding the business, operations, assets and trade secrets
of Employer, including but not limited to, access to vendor identity,
pricing, sales techniques, customer identification, contact with
customers and potential customers and the like;
WHEREAS, Employee understands and acknowledges that Employer has
expended and will continue to expend substantial amounts of time and
money to develop Employer=s unique manner of offering these products and
services, as well as advertising, distribution and other relationships in
furtherance of its unique marketing approach, which techniques and
information Employee agrees constitute trade secrets, the sole property
of Employer;
WHEREAS, Employee seeks the opportunity to be employed by Employer,
and Employer is willing to employ Employee, on the terms, covenants, and
conditions set forth in this agreement;
WHEREAS, Employee acknowledges that the business which employer is
engaged is and/or may be subject to extensive governmental or other rules
or regulations; and
NOW THEREFORE, in consideration of the mutual covenants and promises
of the parties, and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, Employer and Employee
covenant and agree as follows:
EMPLOYER:___ EMPLOYEE:___ PAGE 1 OF 10
<PAGE>
NATURE OF EMPLOYMENT
1. Employer does hire and employ Employee as the Chief Executive
Officer of Employer and Employee does accept and agree to such
hiring and employment. Subject to the supervision and pursuant to
the orders, advice, and directions of Employer, Employee shall act
subject to the direction and control of the board of directors, have
general supervision, direction and control of the business and
affairs of the Employer, and shall perform such other duties as are
customarily performed by one holding such position in other similar
businesses or enterprises as that engaged in by Employer, and shall
also additionally render such other and unrelated services and
duties as may be assigned to Employee from time to time by Employer.
2. Employee agrees to follow the terms, rules and regulations
established for publicly traded companies or other federal, state
and governmental authorities establishing the same or similar
guidelines unless otherwise notified.
MANNER OF PERFORMANCE OF EMPLOYEE'S DUTIES
------------------------------------------
3. Employee agrees to perform, at all times faithfully, industriously,
and to the best of his ability, experience, and talent, all of the
duties that may be required of and from him pursuant to the express
and implicit terms of this Agreement, to the satisfaction of
Employer. Such duties shall be rendered at 9313 W. Sample Rd., Coral
Springs, Florida 33065 and at such other place or places as Employer
shall in good faith require or as the interests, needs, business,
and opportunities of Employer shall require or make advisable.
DURATION OF EMPLOYMENT
----------------------
4. The term of this Agreement shall be for a period of one year,
commencing on September 9, 2001, subject, however, to prior
termination as provided below:
PAYMENT AND REIMBURSEMENT
-------------------------
5. Employer shall pay Employee and Employee agrees to accept from
Employer, in full payment for Employee's services under this
Agreement, compensation as follows:
A. Base annual gross salary of $50,000 per year payable in
twenty-six installments on Friday of every other week during
the term hereof, less applicable federal and state deductions.
B. A bonus at the end of the twelve month period during the term
hereof based on the gross sales of the company for the
preceding 12 month period. If gross sales exceed $1,000,000
(one million dollars), the Employee's bonus will be 10% of the
Employee's gross salary for the preceding 12-month period.
EMPLOYER:___ EMPLOYEE:___ PAGE 2 OF 10
<PAGE>
C. Any bonus payable hereunder shall be paid (less applicable
deductions) to Employee by no later than 30 days after the end
of the applicable twelve (12) month period.
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