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Title: |
Employment Agreement |
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Date: |
2006 |
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Preview shows 6KB of 21KB total |
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$32 |
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ID: |
#2410021 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the Agreement) dated June 26, 2006, between RORY OLSON, an individual (the Executive) and NEUTRON ENTERPRISES INC., a corporation governed by the laws of the State of Nevada (Neutron).
RECITALS
Neutron is publicly traded media company operating from its head office in Mississauga, Ontario (the Business).
Rory Olson is an experienced Business Executive with sufficient business experience to act as Chief Executive Officer and President of Neutron Enterprises, Inc.
Neutron and the Executive wish to enter into an agreement for the provision of services by the Executive to Neutron. This agreement shall also cover responsibilities to all subsidiaries.
AGREEMENT
In consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1. Employment agreement
(a) Neutron agrees to employ the Executive and the Executive agrees to be employed by Neutron for the provision of the services described in the attached Schedule A on the terms and conditions set out in this Agreement. The term of this agreement shall be eighteen (18) months. Subject to the forgoing, the Executive and Neutron agree that the engagement is non-exclusive provided that the Executive shall not directly or indirectly provide services to any entity that operates a business competitive to Neutron and that the Executives primary focus will be Neutron.
(b) The Employment Services may be amended from time to time provided that such amendment is agreed to in advance and in writing by the undersigned parties. In the event of such an amendment, Schedule A shall be revised accordingly and shall be deemed to be incorporated into, and form part of, this Agreement as so amended.
(c) The Executive may perform his services from Neutrons offices in Montreal.
2. Costs
Neutron shall be responsible for:
(i) reasonable travel and related meal and accommodation costs arising from the performance of Employment Agreement; and
(ii) any reasonable additional out-of-pocket expenses incurred in performing the Employment Agreement in accordance with Neutrons usually applicable policies.
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In the event that any cost described above is incurred by the Executive, Neutron shall reimburse the Executive in the full amount of the corresponding invoice(s) and such reimbursement shall be paid within 30 calendar days of presentment.
The Executive will use reasonable efforts to notify the chief financial officer of Neutron in advance of any single item costs expected to exceed $5,000.
3. Remuneration
(a) The remuneration of the Executive for his services shall be 500,000 Common Stock Shares which will be outside the Companys Stock Option plan (SAR Grant), vesting equally over the next six (6) quarters in advance, to be issued within sixty (60) days from the date of this Agreement. The certificates representing such shares shall be issued in unlegended form but placed in custody of Corsair Advisors, Inc, to be released upon vesting. Neutron will promptly register to permit the resale of shares under the SAR Grant and Stock Options issuable hereunder to ensure that such shares are freely tradable subject to restrictions on the volume of affiliate resales under Rule 144 (e) under the U.S. Securities Act of 1933, as amended. Subject to generally applicable laws regarding insider trading, it is understood that upon vesting, the Executive shall be entitled to sell the vested portion of shares into the market. The remuneration shall be reviewed at the end of this agreement. The review will be undertaken by assessing the Executives achievement of the overall objectives established by the Company with regard to the market rates of remuneration paid for similar duties and responsibilities. The remuneration will be determined by the Board of Directors Compensation Committee. Unless terminated for cause, it is understood 250,000 shares of Common Stock Grants being awarded as remuneration will immediately vest upon termination by either party with the balance vesting after three months following the commencement of this agreement. Provided that if the Executive is terminated other than for cause or is constructively dismissed, all such shares shall vest immediately.
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