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Title: |
Executive Employment Agreement |
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Entities: |
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Date: |
2005 |
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Price: |
$32 |
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ID: |
#1508804 |
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EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT (this "Agreement") is made and entered
effective as of June 3, 2005 ("Effective Date"), between Radium Ventures, Inc, a
Nevada corporation, (the "Company"), and Charles Prast, an individual (the
"Executive").
RECITALS:
A. The Company, through its wholly-owned subsidiary, is in the Internet
Protocol Television subscription based business that will sell an Internet
appliance allowing subscribers to view content using proprietary hardware
and software that connects a television set to the Internet (the
"Business").
B. Executive has experience in the Business and the Company wishes to employ
Executive pursuant to the terms and provisions of this Agreement.
NOW, THEREFORE, in consideration of the mutual agreements herein made, the
Company and the Executive hereby agree as follows:
1. Employment. The Company hereby agrees to employ Executive as Chief
Executive Officer of the Company, and Executive hereby accepts such employment,
upon the terms and conditions hereinafter set forth. During the "Term"
(including any renewals thereof) as defined herein, Executive's duties and
responsibilities shall be limited to supervisory duties generally performed by
Chief Executive Officers of publicly traded companies. Executive shall report to
the Board of Directors. In no event shall Executive be required to travel or
perform services outside of Los Angeles or Orange County more than fourteen
nights in any calendar month. Employer will provide appropriate staff and office
space within Los Angeles County or Orange County. Executive shall devote
substantially all of his time and effort to his duties to the Company, provided,
however, that Executive shall not be prevented from serving as a director in
other companies or investing his personal assets or personal time in investments
in business entities which are not a Competitive Business, as hereinafter
defined.
2. Compensation/Benefits.
a. Salary. Company shall pay Executive a base salary of Two Hundred
and Forty Thousand Dollars ($240,000) per year during the Term. Said salary
shall be paid in twenty-four (24) equal payments of Ten Thousand Dollars
($10,000) and each payment shall be paid on the 1st and the 15th day of each
calendar month (the "Base Salary").
b. Equity Compensation. Company shall pay Executive a signing bonus
of Five Hundred Eighty One Thousand Seven Hundred and Sixty Seven (581,767)
shares of the Company's common stock as consideration for the Executive agreeing
to become an officer of the Company (hereafter, the "Shares"). The Shares are
valued at Ten Cents ($.10) per share based on a recent sale of the Company's
common stock between a shareholder and an unrelated third party. As such, upon
issuance of the Shares, the Executive shall be deemed to have received
compensation of Fifty Eight Thousand One Hundred and Seventy Six Dollars
($58,176) and shall pay the Company Sixteen Thousand Seven Hundred and Fourteen
Dollars ($16,714) for the relevant withholding taxes the Company is required to
withhold.
<PAGE>
c. Piggyback Registrations. The Company shall notify Executive in
writing at least thirty (30) days prior to the filing of any registration
statement under the Securities Act for purposes of a public offering of
securities of the Company (including, but not limited to, registration
statements relating to secondary offerings of securities of the Company,
offerings of securities of the Company initiated by any party exercising its
demand registration rights and registration statements relating to employee
benefit plans) and will afford Executive an opportunity to include in such
registration statement all or part of any securities of the Company held by
Executive (the "Securities"). If Executive desires to include in any such
registration statement all or any part of his Securities, Executive shall,
within fifteen (15) days after receipt of the above-described notice from the
Company, so notify the Company in writing. If Executive decides not to include
all of his Securities in any registration statement thereafter filed by the
Company, the Executive shall nevertheless continue to have the right to include
any Securities in any subsequent registration statement or registration
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