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Title: |
Employment Agreement |
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Entities: |
Golden Phoenix Minerals Inc.; Golden Phoenix Minerals Inc.; Bullivant Houser Bailey |
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Date: |
2006 |
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Size: |
Preview shows 13KB of 36KB total |
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Price: |
$35 |
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ID: |
#2414141 |
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EMPLOYMENT AGREEMENT
BETWEEN
GOLDEN PHOENIX MINERALS, INC.
AND
DONALD R. PRAHL
THIS EMPLOYMENT AGREEMENT (the Agreement), is dated as of August 14, 2006 (the Execution Date) and is entered into by and between Golden Phoenix Minerals, Inc., a Minnesota corporation (the Company) and Donald R. Prahl (the Executive), collectively referred to herein as the parties.
WHEREAS, the Company wishes to employ Executive as of August 7, 2006 to serve as its Vice President of Operations and Interim General Manager of the Ashdown Mine as well as to perform other duties on behalf of the Company, as determined by the Chairman of the Board (the Chairman) and/or Board of Directors (the Board).
NOW, THEREFORE, for and in consideration of the mutual promises and conditions made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows.
ARTICLE I
EMPLOYMENT AND TERM OF EMPLOYMENT
1.1. Employment and Term. The Company hereby employs Executive to render full-time services to the Company, subject to Section 2.2 of the Agreement, and except during vacation periods and reasonable periods of absence due to sickness, personal injury or other disability, upon the terms and conditions set forth below, from August 7, 2006 (the Effective Date) until the employment relationship is terminated in accordance with the provisions of this Agreement (the Employment Term).
1.2 Acceptance. Executive hereby accepts employment with the Company and agrees to devote his full-time attention and best efforts to rendering the services described below. Executive shall accept and follow the direction and authority of the Board in the performance of his duties, and shall comply with all existing and future regulations applicable to employees of the Company and to the Companys business.
ARTICLE II
DUTIES OF EMPLOYEE
2.1. General Duties. Executive shall serve as the Vice President of Operations and the Interim General Manager of the Ashdown Mine. In such capacity, Executive shall do and perform all lawful services, acts, or other things necessary or advisable to assist the Company. To the extent consistent with the Companys Articles of Incorporation, as amended (Articles) and Bylaws, Executive shall have all powers, duties and responsibilities necessary to carry out his duties, and such other powers and duties as the Chairman of the Board and/or the Board may prescribe consistent with the Companys Articles and Bylaws.
2.2. Exclusive Services. Except as set forth on Exhibit A hereto, it is understood and agreed that Executive may not engage in any other business activity during the Employment Term, whether or not for profit or other remuneration, without the prior written consent of the Company; provided, however, that Executive may (i) manage personal and family investments (ii) engage in charitable, philanthropic, educational, religious, civic and similar types of activities to the extent that such activities
do not materially hinder or otherwise interfere with the business of the Company or any affiliate or subsidiary of the Company, or the performance of Executives duties under this Agreement and (iii) subject to the approval of the Board, serve as a director or as a member of an advisory board of another business enterprise.
2.3. Reporting Obligations. In connection with the performance of his duties hereunder, Executive shall report directly to, and take direction from, the Board.
ARTICLE III
COMPENSATION AND BENEFITS OF EMPLOYEE
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3.1. |
Annual Base Salary. |
(a) The Company shall pay Executive salary for the services to be rendered by him during the Employment Term at the rate of One Hundred Thousand and No/100 Dollars ($100,000) annually (prorated for any portion of a year), subject to increases, if any, as the Board may determine in its sole discretion after periodic review of Executive's performance of his duties hereunder not less frequently than annually. Such base salary shall be payable in periodic installments in accordance with the terms of the Company's regular payroll practices in effect from the time during the term of this Agreement, but in no event less frequently than once each month.
(b) In the event that Executive achieves three (3) shipments of twelve (12) superstacks, each carrying in excess of 3900 pounds of MoS2, within a consecutive four (4) week period, the Company shall adjust the annual base salary provided for in Section 3.1(a) to the rate of One Hundred Twenty Five Thousand and No/100 Dollars ($125,000) annually (prorated for any portion of a year).
(c) In the event that Executive achieves six (6) shipments of twelve (12) superstacks, each carrying in excess of 3,900 pounds MoS2, within a consecutive four (4) week period, the Company shall adjust the annual base salary provided for in Section 3.1(a) to the rate of One Hundred Fifty Thousand and No/100 Dollars ($150,000) annually (prorated for any portion of a year).
3.2. Bonuses. In addition to the Annual Base Salary provided for in Section 3.1 of this Agreement, and other benefits provided to Executive hereunder, the Company shall pay the Executive a performance bonus under an Executive Bonus Plan to be approved by the Board.
3.3. Expenses. The Company shall pay or reimburse Executive for all reasonable, ordinary and necessary business expenses actually incurred or paid by Executive in the performance of Executives services under this Agreement in accordance with the expense reimbursement policies of the Company in effect from time to time during the Employment Term, upon presentation of proper expense statements or vouchers or such other written supporting documents as the Company may reasonably require.
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