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Executive Employment Agreement

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Title:

Executive Employment Agreement

Entities:

Blue Holdings, Inc.

Date:

2007

Size:

22KB total

Price:

$38

ID:

#3115484

► Employment ► Employment ► Executive Employment Agreements

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EXECUTIVE EMPLOYMENT AGREEMENT

This Executive Employment Agreement (the ?Agreement?), is made and is effective as of July 1, 2007 (the ?Effective Date?), by and between Blue Holdings, Inc., a Nevada corporation (the ?Company?), and Glenn S. Palmer, a resident of the State of New Jersey (?Executive?).

PRELIMINARY STATEMENTS

A. The Company desires to employ Executive in the capacity of Chief Executive Officer and President, upon the terms and conditions hereinafter set forth; and

B. Executive is willing to enter into this Agreement with respect to his employment and services upon the terms and conditions hereinafter set forth.

Now, therefore, for good, valuable and binding consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, now agree as follows:

STATEMENT OF AGREEMENT

1. Term of Employment. The term of employment under this Agreement shall commence on the Effective Date and shall expire on December 31, 2010 (the ?Expiration Date?), unless such employment is terminated or extended prior to the expiration of said period as hereinafter provided. Subject to the provisions of Section 8 of this Agreement, this Agreement and the employment of Executive hereunder shall be automatically renewed for successive renewal periods of one (1) year each (each, a ?renewal period?), upon and subject to the terms and conditions hereof, commencing on the Expiration Date and on each anniversary of the Expiration Date thereafter, unless either party hereto gives the other party hereto notice of such former party?s intent to terminate this Agreement and Executive?s employment hereunder at least ninety (90) days prior to the Expiration Date or the end of any renewal period.

2. Duties of Executive.

2.1. During the term of this Agreement Executive shall serve as the President and Chief Executive Officer of the Company. Executive agrees that during the term of this Agreement, he will devote his full professional and business-related time, skills and efforts to the businesses of the Company. In addition, Executive shall devote all necessary time and efforts in the performance of such duties for the benefit of the Company and its affiliates as is consistent with Executive?s position or related thereto and as may be assigned to him from time to time by the Board of Directors of the Company (?Board?). Executive shall devote his full professional and business skills to the Company as his primary responsibility. Executive may engage in personal, passive investment activities provided such activities do not interfere with the performance of his duties hereunder or violate the provisions of the Employee Proprietary Information and Inventions Agreement attached hereto as Exhibit A.

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2.2. Within ninety (90) days of the Effective Date the Company shall cause Executive to be elected to its Board and at each annual meeting of its shareholders during the term hereof the Company shall nominate Executive for re-election to its Board.

3. Compensation.

3.1. Base Salary. The Company shall pay Executive as follows: $87,500 for the third quarter of fiscal 2007; $87,500 for the fourth quarter of fiscal 2007; and at an annual rate of Four Hundred Thousand Dollars ($400,000) (the ?Base Salary?) for the remainder of the term of employment. Executive?s Base Salary shall be reviewed by the Board (or a committee thereof) on an annual basis no later than January 15 of each year commencing 2008 to determine if Executive?s Base Salary should be increased. Executive?s Base Salary shall be subject to all appropriate federal and state withholding taxes and shall be payable in accordance with the Company?s standard payroll practices for executive employees.

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