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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Power2ship Inc

Date:

2006

Size:

Preview shows 5KB of 27KB total

Price:

$37

ID:

#2564594

 

 

► Employment ► Employment Agreements

 

 

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                              EMPLOYMENT AGREEMENT


THIS EMPLOYMENT AGREEMENT (the "Agreement"), dated as of September 15,
2006 by and between Power2Ship, Inc., a Nevada Corporation, its affiliates and
assigns (the "Company"), and David S. Brooks (the "Employee").


W I T N E S S E T H:

WHEREAS, the Company desires to employ the Employee as its Chief
Executive Officer and the Employee desires to be so employed; and

WHEREAS, Employee and the Company desire to set forth in writing all of
their respective duties, rights and obligations with respect to the Employee's
employment by the Company

NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and obligations hereinafter set forth, the parties hereto, intending
to be legally bound, hereby agree as follows:

1. Employment and Term. The Company hereby agrees to employ the Employee,
and the Employee hereby accepts such continued employment by the
Company, in the capacity and upon the terms and conditions hereinafter
set forth. The term of employment under this Agreement shall be for the
period commencing as of September 15, 2006 (the "Commencement Date")
and ending on the second anniversary of the Commencement Date or
September 15, 2008) unless earlier terminated as herein provided (the
"Term of Employment"). Thereafter, this Agreement shall be renewed for
successive one (1) year terms unless previously terminated pursuant to
Section 5 herein or if either party elects to terminate his Agreement
by written notice to the other party at least ninety (90) days prior to
the expiration of the then-current Term of Employment. The last day of
the Employee's Term of Employment shall be referred to in this
Agreement as the "Date of Termination."

2. Duties. During the Term of Employment, the Employee shall serve as the
Company's Chief Executive Officer and shall assume those
responsibilities customarily associated with and incident to the
position of Chief Executive Officer. The Employee shall serve the
Company faithfully, conscientiously and to the best of the Employee's
ability and shall promote the interests and reputation of the Company.
Unless prevented by sickness or disability, the Employee shall devote
all of his time, attention, knowledge, energy and skills, during normal
working hours, and at such other times as the Employee's duties may
reasonably require, to the duties of the Employee's employment. The
principal place of employment of the Employee shall be the Company's
{PAGE}
principal executive offices or at such other place(s) to be determined
by the Company and Employee. The Employee acknowledges that in the
course of his employment, Employee may be required, from time to time,
to travel on behalf of the Company at the Company's expense. The
Employee's principal work place shall be in Florida. The Company shall
not prohibit Employee from additional opportunities in his free time as
long as there is not a conflict of interest now or in the future with
Power2Ship and its affiliates. Employee must receive prior permission
in writing from the Board of Directors to execute additional
opportunities.

3. Compensation and Benefits. As full and complete compensation for the
Employee's execution and delivery of this Agreement and performance of
any services hereunder, the Company shall pay, grant or provide the
Employee with the following beginning upon the Commencement Date,
though the Company may elect to defer salary until the date that the
Company has received an additional aggregate funding of at least Three
Million Dollars:

(a) Base Salary. When the Company is funded with at least Three
Million Dollars, the Company shall pay the Employee a base

 

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