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Employment Agreement

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Title:

Employment Agreement

Entities:

Nicole Industries Inc

Date:

2001

Size:

Preview shows 9KB of 29KB total

Price:

$44

ID:

#1532291

► Employment ► Employment Agreements

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EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT is made as of August 1, 2000 (the ?Effective Date?), by and between Nicole Industries, Inc., a Nevada corporation (the ?Company?) and Ju Young Park (?Employee?) with reference to the following facts.

A. The Company desires to retain Employee as its President and Chief Executive Officer, and Employee desires to serve the Company in such capacity.

B. The Company and Employee desire to set forth their agreement relating to the terms and conditions of such employment.

NOW, THEREFORE, in consideration of the mutual covenants set forth in this Agreement, and of other good and valuable consideration that the Company and Employee have received and accepts as sufficient, the Company and Employee agree as follows:

1. Employment. the Company hereby employs Employee to render exclusive and full-time services subject to the terms and provisions of this Agreement. Employee shall be an officer of the Company and shall have the titles ?President? and ?Chief Executive Officer?.

2. Acceptance of Employment. Employee hereby accepts employment by the Company subject to the terms and provisions of this Agreement, and agrees to devote his best talents and abilities to the service of the Company as the Company may direct during the term hereof. It is expressly understood and agreed that in the performance of his duties and obligations hereunder, Employee shall at all times be subject to the control and direction of the Board of Directors of the Company or such other person (the ?Reporting Person?) as the Board of Directors of the Company may designate from time to time.

3. Term. Notwithstanding the date on which this Agreement is actually executed by the Company and Employee or the date on which Employee is actually elected President and Chief Employee Officer of the Company, the term of this Agreement shall begin as of August 1, 2000, and shall continue until December 31, 2001, unless sooner terminated as hereinafter provided.

4. Duties.

4.1 Services. Employee shall perform the duties of the President and Chief Executive Officer of the Company. As President and Chief Executive Officer of the Company, Employee shall be responsible for performing the following duties:

4.1.1 the supervision of the Company?s day-to-day business operations;

4.1.2 the development and implementation of the Company?s business plan;

4.1.3 the negotiation of contractual relationships with the Company?s strategic partners and customers;

4.1.4 the hiring of such personnel as may be necessary to implement the Company?s business plan;

4.1.5 the preparation and implementation of the Company?s capital and operating budgets; and

4.1.6 such other duties as the Reporting Person or the Board of Directors of the Company (the ?Board of Directors?) may specify from time to time.

Employee shall perform his services under this Agreement within the framework of the Company?s then current business plan and budget, as approved by the Board of Directors, and shall advise and consult with the Board of Directors and the Reporting Person with respect to all significant personnel matters, including hirings and terminations, and capital expenditures.

5. Compensation.

5.1 Salary. In full consideration for his performance of services under this Agreement and in complete discharge of the Company?s salary obligations hereunder, the Company shall pay to Employee and Employee shall accept from the Company the following (subject to all withholding requirements which may be imposed by applicable federal, state or local authorities):

5.1.1 for the period from the Effective Date through June 30, 2001, the Company shall have no obligations to pay Employee any salary;

5.1.2 for the periods on and after June 30, 2001, the Company shall pay Employee a reasonable salary based on the Company?s revenues and cash requirements, which salary shall be mutually acceptable to the Company and employee;

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