Exhibit 10.1
EMPLOYMENT AGREEMENT This Employment Agreement (the
“Agreement”), is made by and between DIGITAL
WALLSTREET, INC., a Nevada Corporation (“DWS”), and
ALBERT R. AIMERS (“AIMERS”), an individual,
(individually a “Party” and collectively the
“Parties”), with reference to the following facts and
purposes:
A. DWS
Digital WallStreet, Inc. (“DWS”), is a Nevada
Corporation regularly engaged in the business of advertising
marketing and reporting of financial information about publicly
traded companies.
B. DWS’s
principal place of business is located at 430 El Bosque Place,
Laguna Beach, California 92651.
C. AIMERS’s
business address is also 430 El Bosque Place, Laguna Beach,
California 92651.
D. AIMERS
have considerable experience in the business of advertising and
marketing through electronic and internet medium to the general
public.
E. AIMERS
wishes to perform services for DWS, and DWS wishes to employ AIMERS
in the capacity of its Chief Executive Officer.
F. AIMERS
understands that his employment is subject to a probationary period
of ninety (90) days (the “Probationary Period”) from
the date of the signing of this Agreement.
G. AIMERS
understands that during the Probationary Period, either Party may,
without giving any prior notice, terminate this Agreement.
NOW, THEREFORE, in consideration of the mutual promises,
agreements, covenants, and conditions contained in this Agreement,
and for other valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, DWS employs AIMERS, and AIMERS
accepts employment from DWS in the capacity of its Chief Executive
Officer under the following terms and conditions:
1. TERM
OF EMPLOYMENT: AIMERS’s employment with DWS shall
start July 19, 2003, and shall terminate at the will of either DWS
or AIMERS by giving ninety (90) days written notice to the other
Party.
2. JOB
DESCRIPTION: AIMERS shall be DWS’s “Chief
Executive Officer.” As the Chief Executive Officer, AIMERS
shall be responsible for all management, operations, and all
administrative functions of DWS in the United States of America.
3. COMPENSATION
FOR SERVICES RENDERED: As compensation for services
rendered, AIMERS shall receive the following from DWS:
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a.
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Signing Bonus: Upon execution of this Agreement, DWS
shall pay AIMERS a signing bonus of Fifty Thousand Dollars
($50,000.00) (the “Signing Bonus”). Should
Aimers Terminate this Agreement within ninety (90) days following
the execution of this Agreement, for any reason whatsoever other
than serious health-related reasons as verified by an independent
medical doctor, AIMERS shall repay the entire Signing Bonus to DWS
within thirty (30) days following said termination.
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b.
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Base Salary: DWS shall pay AIMERS a base salary, of
One Hundred Eighty Thousand Dollars ($180,000.00) per year (the
“Base Salary”). The Base Salary shall be
paid on the first (1st) and sixteenth (16th) day of each calendar
month on an annualized, pro-rated basis.
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c.
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Bonuses: In addition to the Base Salary, AIMERS shall
receive bonuses from DWS (“Bonuses”), based upon a
percentage of DWS’s net profit as determined by DWS’s
accountant (“Net Profit”), as follows:
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i.
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Five percent (5%) of Net Profit during AIMERS’s first
(1st) year of employment with DWS.
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ii.
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Ten percent (10%) of Net Profit during AIMERS’s second
(2nd) year of employment with DWS.
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iii.
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Fifteen percent (15%) of Net Profit during AIMERS’s third
(3rd) year of employment with DWS.
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iv.
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Twenty percent (20%) of Net Profit during AIMERS’s fourth
(4th) year of employment, and each year thereafter with DWS.
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v.
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DWS shall pay AIMERS an estimated Bonus, on a quarterly basis,
within thirty (30) days after completion of DWS’s quarterly
accounting. Upon completion of DWS’s annual
accounting, the final amount of the Bonus shall be adjusted.
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Initials
Initials
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4. PAYROLL
TAXES: AIMERS shall be an employee of
DWS. Accordingly, DWS shall withhold all required
payroll taxes from any compensation due to him in accordance with
applicable federal and state rules and regulations.
5. EMPLOYEE
BENEFITS: In addition to the compensation detailed
above, AIMERS shall receive the following benefits from DWS:
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a.
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Paid Vacation: AIMERS shall receive from DWS, twenty
(20) working days (four (4) work weeks) of paid vacation after
completion of one year of employment. If his employment
terminates, for any reason, before the completion of one (1) year
of employment, AIMERS shall not receive any paid vacation.
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b.
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Paid Holidays: AIMERS shall receive from DWS, holiday
pay for the following seven (7) major holidays: New Year’s
Day; Memorial Day; Independence Day; Labor Day; Thanksgiving Day
and the Friday immediately following Thanksgiving Day; and
Christmas Day. If his employment terminates for any
reason, before the completion of the Probationary Period, AIMERS
shall not receive any holiday pay.
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c.
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Sick Leave: AIMERS shall receive from DWS, sick leave
pay according to the following schedule:
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1.
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Two (2) days after completion of one (1) year of employment.
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2.
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Three (3) days after completion of two (2) years of
employment.
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3.
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Five (5) days after completion of three (3) years of
employment.
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If his employment terminates, for any reason, before the
completion of one year of employment, AIMERS shall not receive any
sick leave.
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d.
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Travel and Expenses: DWS shall reimburse AIMERS for
all reasonable travel-related expenses while traveling for
DWS’s business purposes.
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e.
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Health Insurance: DWS shall pay, directly to the
health insurance carrier chosen from time to time by DWS, one
hundred percent (100%) of the total cost of the health insurance
premium for AIMERS and AIMERS’s family not exceeding four (4)
family member sin total (the “Premium”). The
total amount of DWS’s contribution to the Premium
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