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Exhibit 10.1
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT is
made and entered into as of this 23rd day of July, 2008, by and between Money4Gold
Holdings, Inc., a Delaware corporation with offices at 595 S Federal Hwy., STE
600, Boca Raton, FL 33432 (the Corporation), and Hakan Koyuncu, an
individual residing at 750 SW 3rd Street, Boca Raton, FL 33486 (the Executive),
under the following circumstances:
RECITALS:
A. The
Corporation desires to secure the services of the Executive upon the terms and
conditions hereinafter set forth; and
B. The
Executive desires to render services to the Corporation upon the terms and
conditions hereinafter set forth.
NOW, THEREFORE, the parties
mutually agree as follows:
1. Employment. The Corporation hereby
employs the Executive and the Executive hereby accepts employment as an
executive of the Corporation, subject to the terms and conditions set forth in
this Agreement.
2. Duties. The Executive shall serve as
Chief Executive Officer of the Corporation with such duties, responsibilities
and authority as are commensurate and consistent with his position, as may be,
from time to time, assigned to him by the Board of Directors of the
Corporation. The Executive shall report directly to the Board of Directors of
the Corporation. During the term of this Agreement, the Executive shall devote
his full business time and efforts to the performance of his duties hereunder
unless otherwise authorized by the Board of Directors. Notwithstanding the
foregoing, the expenditure of reasonable amounts of time by the Executive for
the making of passive personal investments, the conduct of private business
affairs and charitable and professional activities shall be allowed, provided
such activities do not materially interfere with the services required to be
rendered to the Corporation hereunder and do not violate the restrictive
covenants set forth in Section 9 below. It is further
understood and agreed to by the Corporation that the Executive shall be allowed
to continue the ownership and operation of an online marketing company provided
that such business shall not interfere with the Executives duties to the
Corporation.
3. Term of Employment. The term of the
Executives employment hereunder, unless sooner terminated as provided herein
(the Initial Term), shall be for a period of two (2) years commencing
on the date hereof (the Commencement Date). The term of this Agreement
shall automatically be extended for additional terms of one year each (each a Renewal
Term) unless either party gives prior written notice of non-renewal to the
other party no later than sixty (60) days prior to the expiration of the
Initial Term (Non-Renewal Notice), or the then current Renewal Term,
as the case may be. For purposes of this Agreement, the Initial Term and any
Renewal Term are hereinafter collectively referred to as the Term.
4. Compensation of Executive.
(a) The Corporation shall pay the Executive as
compensation for his services hereunder, in equal semi-monthly or bi-weekly
installments during the Term, the sum of One Hundred Seventy Five Thousand
Dollars ($175,000) per annum, for the first 6 months following the date of this
agreement, the sum of Two Hundred Thousand Dollars ($200,000) per annum, for
the next 6 months, the sum of Two Hundred and Twenty Five Thousand ($225,000)
for the remainder of the Term (the Base Salary). In addition to the
Base Salary set forth in Section 4(a) above, the Executive shall be entitled to
such bonus compensation (in cash, capital stock or other property) as a
majority of the members of the Board of Directors of the Corporation may
determine from time to time in their sole discretion.
(b) The Corporation shall pay or reimburse the
Executive for all reasonable out-of-pocket expenses actually incurred or paid
by the Executive in the course of his employment, consistent with the
Corporations policy for reimbursement of expenses from time to time.
(c) The Executive shall be entitled to
participate in such pension, profit sharing, group insurance, hospitalization,
and group health and benefit plans and all other benefits and plans as the
Corporation provides to its senior executives (the Benefit Plans).
5. Termination.
(a) This Agreement and the Executives
employment hereunder shall terminate upon the happening of any of the following
events:
(i) upon the Executives death;
(ii) upon the Executives Total
Disability (as herein defined);
(iii) upon the expiration of
the Initial Term of this Agreement or any Renewal Term thereof, if either party
has provided a timely notice of non-renewal in accordance with Section 3,
above;
(iv) at the Corporations option, upon
sixty (60) days prior written notice to the Executive if without cause;
(v) at the Executives option, upon thirty (30)
days prior written notice to the Corporation;
(vi) at the Executives option, in the
event of an act by the Corporation, defined in Section 5(c), below, as constituting
Good Reason for termination by the Executive; and
(vii) at the Corporations
option, in the event of an act by the Executive, defined in Section 5(d),
below, as constituting Cause for termination by the Corporation.
(b) For purposes of this Agreement, the
Executive shall be deemed to be suffering from a Total Disability if
the Executive has failed to perform his regular and customary duties to the
Corporation for a period of 180 days out of any 360-day period and if before
the Executive has become Rehabilitated (as herein defined) a majority of the
members of the Board of Directors of the Corporation, exclusive of the
Executive, vote to determine that the Executive is mentally or physically
incapable or unable to continue to perform such regular and customary duties of
employment. As used herein, the term Rehabilitated shall mean such
time as the Executive is willing, able and commences to devote his time and
energies to the affairs of the Corporation to the extent and in the manner that
he did so prior to his Disability.
(c) For purposes of this Agreement, the term Good
Reason shall mean that the Executive has resigned due to the failure of
the Corporation to meet any of its obligations to the Executive under this or
any other agreement between the Corporation and the Executive, and failure to
cure the same within thirty (30) days following Executives delivery of notice
specifying the breach(es) by the Corporation.






