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Title: |
Employment Agreement |
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Date: |
2007 |
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Preview shows 6KB of 38KB total |
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Price: |
$41 |
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ID: |
#2706562 |
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EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT (the Agreement) effective as of the 1st day of October,2001 between Amour Fiber Core and or American Fiber Green Products, INC., with its successors and assigns referred to herein as the Corporation), with principal executive offices located at 9401 oak street Riverview Florida 33569 and Kenneth W. McCleave, residing at 9401 oak street Riverview Florida 33569 (the Executive).
W I T N E S E T H:
WHEREAS, the Corporation desires to employ Executive as the CEO / President to engage in such activities and to render such services under the terms and conditions hereof and has authorized and approved the execution of this Agreement; and
WHEREAS, Executive desires to be employed by the Corporation under the Terms and conditions hereinafter provided;
NOW, THEREFORE, in consideration of the mutual covenants and undertakings herein contained, the parties agree as follows:
1. EMPLOYMENT, DUTIES AND ACCEPTANCE.
1.1 SERVICES. The Corporation hereby employs Executive, for the Term (as hereinafter defined in Section 2 hereof), to render services to the business and affairs of the Corporation in the office referenced in the recitals hereof And, in connection therewith, shall perform such duties as directed by the Board Of Directors of the Corporation from time to time, in its reasonable discretion, And shall perform such other duties as shall be consistent with the responsibilities of such office (collectively the Services). Executive shall perform activities related to such office as he shall reasonably be directed or requested to so perform by the Corporations Board of Directors, to whom he shall report. Executive shall use his best efforts, skill and abilities to Promote the interests of the Corporation and its subsidiaries.
1.2 ACCEPTANCE. Executive hereby accepts such employment and agrees to render the Services.
1.3 REPRESENTATIONS OF THE EXECUTIVE. The Executive represents and warrants to the Corporation that his execution and delivery of this Agreement, his performance of the Services hereunder and the observance of his other obligations contemplated hereby will not (i) violate any provisions of or require the consent or approval of any party to any agreement, letter of intent or other document to which he is a party or (ii) violate or conflict with any arbitration award, judgment or decree or other restriction of any kind to or by which he is subject or bound.
1.4 EXECUTIVES ABILITY TO CONTRACT. The Executive has no ability to independently contract unless authorized, in writing, by the Executive Committee of the Board of Directors or the full Board of Directors for a specific contract.
2. TERM OF EMPLOYMENT.
The term of Executives employment under this Agreement (the Term) shall commence on October 1, 2001 and shall terminate on September 30, 2005, unless sooner terminated pursuant to Sections 9 or
5.1 of this Agreement; PROVIDED, HOWEVER, if the Corporation shall fail to give Executive notice of non-renewal not less than 60 days prior to the scheduled expiration of the term hereof, the Term shall automatically be extended for an additional two (3) year period. Notwithstanding anything to the contrary contained herein, the provisions of this Agreement governing Protection of Confidential Information shall continue in effect as specified in Section 10 hereof.
3. BASE SALARY, EXPENSE REIMBURSEMENT AND STOCK OPTIONS.
3.1 BASE SALARY. During the Term, as full compensation for the Services, the Corporation agrees to pay Executive a minimum base salary (Base Salary) at the annual rate of $60,000 for the period from October 1, 2001 to September 30, 2006. Such Base Salary shall be (i) increased four percent (4%) annually effective October, 1st of each year during the term of this Agreement, (ii) reviewed periodically for possible increases promptly after each future acquisition by the Corporation of any other corporation or business or other material increase in the Corporations revenues or scope of the Corporations business and (iii) renegotiated in good faith effective as of December 15, 2003 for possible increase based upon the Corporations historical performance and projections for future performance. Such Base Salary shall be subject to withholding and other applicable taxes, payable during the term of this Agreement in accordance with the Corporations customary payment practices, but not less frequently than monthly.
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