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Title: |
Employment Agreement |
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Entities: |
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Date: |
2005 |
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Preview shows 5KB of 32KB total |
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Price: |
$44 |
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ID: |
#1605028 |
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EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT
THIS AGREEMENT (this "Agreement") is entered into as of the day set
forth below, by and between InZon Corporation, a Florida corporation
("COMPANY"), and James B. Smith or his Corporate assignee(s) jointly,
(hereinafter referred to as "EMPLOYEE").
RECITALS
WHERAS, THE COMPANY does plan to provide telecommunications services
of which EMPLOYEE is a principal shareholder and,
WHERAS, THE COMPANY desires to employ EMPLOYEE and EMPLOYEE desires
to Serve the COMPANY as the COMPANY'S Chief Operating Officer (COO).
WHEREAS, EMPLOYEE'S services for and on behalf of the COMPANY are of
material Importance to the enhancement of the value of the COMPANY'S
business.
NOW, THEREFORE, in consideration of the premises and mutual covenants
herein set forth, and for other good and valuable consideration, the
receipt and adequacy of which is hereby Acknowledged, the COMPANY and
EMPLOYEE do hereby agree as follows:
I. EMPLOYMENT
THE COMPANY hereby employs EMPLOYEE in its business as COO. EMPLOYEE
hereby accepts such employment, all upon the terms and conditions
hereinafter set Forth.
II. TERM
Unless sooner terminated pursuant to the provisions of this
Agreement the term of Employment under this Agreement shall be for
five (5) years commencing June 1, 2004 ("Employment Period"). The
Employment Period shall be automatically rollover and renewed at the
end of each year succeeding terms of five (5) year ("Successive
Employment Period"), unless either party gives written notice of his
intention not to renew said Agreement to the other party, at least
one-hundred-eighty (180) days prior to the end of the initial five-
year-term, or any extended term.
III. DUTIES
III.1 During the Employment Period EMPLOYEE shall serve in the
Office of COO and perform appropriate executive services for the
COMPANY. in accordance with the historical nature and scope of duties
performed by EMPLOYEE as COO of the COMPANY.
III.2 EMPLOYEE shall be entitled to make all normal executive
level management decisions of the COMPANY that involve matters within
the COMPANY'S usual course of business and are duties customary for
the employee in his or her capacity of COO. EMPLOYEE'S authority to
manage the COMPANY shall be subject to review and direction from the
Board of Directors of the company. Compensation paid to employees of
the COMPANY shall be at industry standards. Bonuses, if any, for
said employees shall be based on the individual employees performance
and tied to a formula adopted by the COMPANY'S board of Directors.
III.3 During the term of this Agreement, EMPLOYEE shall devote
the majority of his time, energy, and skill to the service of the
COMPANY and the promotion of the COMPANY'S interests, and shall use
his best efforts in the performance of his services hereunder.
EMPLOYEE agrees to abide, by all rules and regulations established
from time to time by the Board; and all commissions, fees or other
income earned and received by EMPLOYEE, if any furtherance of the
business of the Company, or its affiliates of from any other business
or financial opportunity endeavor in which EMPLOYEE is an active
participant and not a passive investor, shall be accepted by EMPLOYEE
for the account of Company, and shall be remitted to the Company
within three (3) days of EMPLOYEE'S receipt thereof.
III.4 The services of EMPLOYEE shall be rendered in such places
and localities as the COMPANY may require from time to time, and he
shall do such traveling on behalf of the COMPANY as may reasonably be
required consistent with the historical requirements of the office of
the COO of the COMPANY.
III.5 EMPLOYEE shall comply with all COMPANY policies for the
employees; as such policies may exist from time to time.
IV COMPENSATION
IV.1 The COMPANY will compensate and pay EMPLOYEE for his services
during the term of this Agreement a base salary of $180,000, per year
("Base Salary"). The Base Salary shall be paid to EMPLOYEE at no
less than monthly intervals in accordance with the current normal
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