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Employment Agreement

 

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Title:

Employment Agreement

Entities:

GulfWest Energy Inc.

Date:

2005

Size:

Preview shows 6KB of 46KB total

Price:

$45

ID:

#865827

 

 


► Energy ► Oil & Gas Operations

 

 

Start of Preview


                             EMPLOYMENT AGREEMENT


This Employment Agreement (this "Agreement") is made and entered into
on April 1, 2005 (the "Effective Date") by and between Steve Mengle ("Employee")
and GulfWest Energy Inc. (the "Company").

WHEREAS, the Company desires to employ Employee as Senior Vice
President of Engineering, and Employee desires to be employed by the Company in
said capacity; and

WHEREAS, each party desires to set forth in writing the terms and
conditions of their understandings and agreements.

NOW, THEREFORE, in consideration of the mutual covenants and
obligations contained herein, the Company hereby agrees to employ Employee and
Employee hereby accepts such employment upon the terms and conditions set forth
in this Agreement:

ARTICLE 1

EMPLOYMENT; RESPONSIBILITIES; COMPENSATION

Section 1.1 Employment. Subject to Article 3, the Company hereby agrees to
employ Employee and Employee hereby agrees to be employed by the Company, in
accordance with this Agreement, for the period commencing as of the Effective
Date and ending on the second anniversary of the Effective Date ("Initial
Term"); provided, however, that beginning on the day immediately preceding the
second anniversary of this Agreement and on the day immediately preceding each
anniversary of this Agreement thereafter, the Initial Term shall automatically
be extended one additional year unless either party gives written notice to the
other party between 90 and 120 days prior to the next anniversary of this
Agreement that it or he, as applicable, does not wish to extend this Agreement.
Employee's continued employment after the expiration of the Initial Term shall
be in accordance with and governed by this Agreement, unless modified by the
parties to this Agreement in writing.

Section 1.2 Responsibilities; Loyalty.

(a) Subject to the terms of this Agreement, Employee is employed in
the position of Senior Vice President of Engineering, and shall perform the
functions and responsibilities of that position. Additional or different
duties may be assigned by the Company. Employee's position, job
descriptions, duties and responsibilities may be modified from time to time
in the sole discretion of the Company.

(b) Employee shall devote the whole of Employee's professional time,
attention and energies to the performance of Employee's work
responsibilities and shall not, either directly or indirectly, alone or in
partnership, consult with, advise, work for or have any interest in any
other business or pursuit during Employee's employment under this
Agreement. During the term of Employee's employment with the Company, it
shall not be a violation of this Agreement for Employee to (i) serve on
corporate, civic or charitable boards or committees; (ii) deliver lectures
or fulfill speaking engagements; and (iii) subject to Section 2.3, manage
personal investments, in each case, so long as such activities do not
materially interfere with the performance of Employee's responsibilities as
an employee of the Company in accordance with this Agreement. Employee
further agrees to comply with all policies of the Company in effect from
time to time, and to comply with all laws, rules and regulations, including
those applicable to the Company

1

<PAGE>

Section 1.3 Compensation. As consideration for the services and covenants
described in this Agreement, the Company agrees to compensate Employee in the
following manner:

(a) The Company will pay Employee a base salary of $180,000 per year
("Base Salary").

(b) Employee shall be entitled to employment benefits including
holidays, leaves of absence, health insurance, dental insurance, 401(k)
plan participation, etc., if any, available to employees of the Company
generally, in accordance with any policies, procedures or benefit plans
adopted by the Company from time to time during the existence of this
Agreement. In addition, Employee shall be entitled to vacation in
accordance with the Company's vacation policy as adopted from time to time.
Employee's rights or those of Employee's dependents under any such benefits
policies or plans shall be governed solely by the terms of such policies or
plans. The Company reserves to itself, or its designated administrators,
exclusive authority and discretion to determine all issues of eligibility,
interpretation and administration of each such benefit plan or policy. The
Company's employment benefits, and policies related thereto, are subject to
termination, modification or limitation at the Company's sole discretion.

(c) Employee shall be eligible to receive, for each full calendar year
in which Employee is employed by the Company hereunder, a bonus of 0% to
70% of Base Salary established by the Board of Directors of the Company or
a duly authorized committee thereof (the "Board") in its sole discretion
("Discretionary Bonus").

(d) Payment of all compensation to Employee shall be made in
accordance with the terms of this Agreement, applicable state or federal
law, and applicable Company policies in effect from time to time, including
normal payroll practices, and shall be subject to all applicable
withholdings and taxes.

 

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