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Title: |
Employment Agreement |
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Entities: |
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Date: |
2006 |
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Size: |
Preview shows 6KB of 25KB total |
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Price: |
$37 |
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ID: |
#1711228 |
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EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT dated as of the 22nd day of April, 2006, between Lam
Liang Corp., a Nevada corporation (the "the Company") and Darren R. Stevenson,
an individual (the "Employee").
WITNESSETH
WHEREAS, Employee wishes to serve as President and Chief Executive Officer
for the Company and the Company seeks to engage Employee on the terms and
conditions set forth below.
WHEREAS, the Company intends to cause Employee to be appointed to a seat
on its Board of Directors.
WHEREAS, simultaneously herewith Employee is entering into a Stock
Purchase Agreement (the "Stock Purchase Agreement") with a shareholder of the
Company pursuant to which, among other things, Employee is purchasing 1,000,000
shares of the common stock (the "Restricted Stock"), US$.001 par value (the
"Common Stock"), of the Company for a purchase price of US$0.025 per share, or
an aggregate purchase price of US$25,000.
WHEREAS, Company intends to file an Information Statement (the
"Information Statement" with the Securities and Exchange Commission (the "SEC")
pursuant to which it shall (i) solicit the consent of its shareholders to amend
its Articles of Incorporation to change its name to Blacksands Petroleum Inc.
and to increase its authorized capitalization to 300,000,000 shares of Common
Stock and (ii) announce the resignation of the current directors of the Company
and the appointment of Employee and another individual as directors of the
Company.
WHEREAS, within 20 days after clearance of the Information Statement by
the SEC the Company intends to declare a 30 for 1 stock split in the form of a
dividend (the "Stock Split").
WHEREAS, simultaneously herewith the Company and Employee are entering
into a Stock Option Agreement (the "Option Agreement") pursuant to which
Employee is being granted an option to purchase 1,000,000 shares of Common
Stock, after giving effect to the Stock Split, under certain circumstances.
NOW, THEREFORE, in consideration of the mutual covenants and premises
herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
<PAGE>
1. EMPLOYMENT. The Company hereby employs Employee and Employee accepts
employment upon the terms and conditions of this Agreement. Employee shall
devote Employee's full business time to Employee's duties in such capacity, and
Employee shall engage in no other full or part-time positions, consulting
arrangements or any other activities detracting from Employee's employment with
the Company, except as expressly provided below. In addition to Employee's other
duties, Employee shall at the request of the Company serve as an officer or
director of any subsidiary of the Company, with such additional compensation as
may be agreed to by the parties.
Notwithstanding the foregoing, Employee shall be entitled to continue his
current relationship with Bighorn Petroleum Ltd. ("Bighorn") until no later than
August 31, 2006. During the period from the effective date hereof until August
31, 2006 (the "Interim Period"), Employee is permitted to devote approximately
25% of his time to the affairs of Bighorn. From and after the end of the Interim
Period through the end of the Employment Period, as defined below, Employee
shall devote his full business time to his duties hereunder, but may remain as a
director of Bighorn.
2. TERM.
2.1 Initial Term. The Company hereby employs Employee and Employee
hereby accepts employment for an initial term commencing as of April 15, 2006
(the "Commencement Date") and expiring on April 14, 2008 (the "Termination
Date") unless sooner terminated or extended as hereinafter provided (the
"Employment Period").
2.2 Renewal. This Agreement will automatically be renewed on the
terms set forth herein (unless the parties mutually agree to other terms) for
successive one year periods unless either party provides the other party notice
of its intent not to renew 60 days prior to the Termination Date of the original
or renewed Employment Period.
2.3 Review of Terms. The parties shall review the provisions of this
Agreement in light of Employee's performance hereunder no later than April 15,
2007.
3. POSITION AND DUTIES. During the Employment Period, Employee shall serve
as President and Chief Executive Officer of the Company, reporting directly to
the Board of Directors of the Company (the "Board"), with full executive power
as Chief Executive Officer of the Company, subject to supervision of the Board
consistent with its fiduciary duties and obligations under laws, with duties,
authorities and responsibilities commensurate with such title and office.
Employee's duties shall include, but not be limited to:
3.1 Maintain an in-depth understanding of the background,
environment and performance of the Company's business;
3.2 With identified prospects, develop appropriate relationships
with decision makers;
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