EMPLOYMENT
AGREEMENT
This employment agreement (this "Agreement") dated as of February
12, 2009 (the "Effective Date"), is made by and between NXT
Nutritionals Holdings, Inc., a Delaware corporation (the "Company")
and David Briones (the “Executive”) (collectively, the
“Parties”).
WHEREAS,
the Company is a publicly traded company whose shares are quoted on
the OTC Bulletin Board;
WHEREAS,
the Executive will have the duties and responsibilities as
described in Section 1 of the Agreement during the period when the
Executive is the Chief Financial Officer of the Company;
and
WHEREAS,
the Parties wish to establish the terms of the Executive’s
employment with the Company;
NOW,
THEREFORE, in consideration of the foregoing, of the mutual
promises contained herein and of other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties, intending to be legally bound, hereby
agree as follows:
1.
EMPLOYMENT AND TERM.
(a)
Employment . During the Employment Term, the Executive shall
serve as the Chief Financial Officer of the Company. In this
capacity the Executive shall be responsible to lead and manage all
of the operations of the Company that are related to finance and
capital market, including, but is not limited to, providing
expertise in making financial plan and strategy, and working with
the Company’s U.S. legal counsel and auditors to implement,
monitor and oversee the Company’s compliance with the
requirements of the Sarbanes-Oxley Act, Securities Act of the 1933,
Exchange Act of the 1934, and the listing rules of the OTC Bulletin
Board and to advise the Board of the Directors with respect to the
Company’s internal controls and procedures, including
disclosure controls and procedures.
During
the Employment Term, the Executive shall report directly to the
Chief Executive Officer and the Board of Directors of the Company.
The Executive shall obey the lawful directions of the Chief
Executive Officer and the Board of Directors to whom the Executive
reports and shall use his diligent efforts to promote the interests
of the Company and to maintain and promote the reputation
thereof.
The
Executive hereby accepts such employment and agrees to devote
sufficient time, attention and energies during regular business
hours to effectively perform his duties and obligations
hereunder.
Employment
Term . The
employment of the Executive under this Agreement shall commence the
date hereof and shall expire on February 12, 2011 (the
“Employment Term”)
2.
COMPENSATION.
(a)
Base
Salary. The
Executive hereby agrees to waive his right to receive any base
salary from the Company in connection with his performance of
duties provided in Section 1(a) of this Agreement in lieu of the
consideration provided pursuant to the Consulting Agreement, as
described below.
(b)
Consulting
Services and Fees. Subject
to the terms and conditions of the consulting agreement entered
into by and between Bartolomei Pucciarelli, LLC
(“Bartolomei”) and NXT Nutritionals, Inc (the
“Consulting Agreement”), the Company hereby
acknowledges that it shall retain Bartolomei, an accounting and
consulting firm where David Briones works as a senior consultant,
to provide consulting services and shall pay Bartolomei
compensation for such services rendered by the Executive and
Bartolomei in the amount as provided in the Consulting Agreement.
The termination of the consulting services shall be subject to the
terms and conditions of the Consulting Agreement or such other
agreements the Company and Bartolomei will enter into hereafter,
and shall not be terminated upon any event of Early Termination as
provided in Section 4 herein.
3.
EMPLOYEE BENEFITS.
(a)
Benefit
Plans. The
Executive shall be eligible to participate in any employee benefit
plan of the Company, including, but not limited to, equity,
pension, thrift, profit sharing, medical coverage, education, or
other retirement or welfare benefits that the Company has adopted
or may adopt, maintain or contribute to the benefit of its senior
executives, at a level commensurate with his positions, subject to
satisfying the applicable eligibility requirements. The Company may
at any time or from time to time amend, modify, suspend or
terminate any employee benefit plan, program or arrangement for any
reason in its sole discretion.
(b)
Business
and Entertainment Expenses. Upon
presentation of appropriate documentation, the Executive shall be
reimbursed for all reasonable and necessary business and
entertainment expenses incurred in connection with the performance
of his duties hereunder, all in accordance with the Company's
expense reimbursement policy applicable to senior executives from
time to time in effect.
4.
EARLY TERMINATION. The Executive's employment
and the Employment Term shall terminate on the first of the
following to occur:
(a)
Disability.
The
thirtieth (30 th
) day
following a written notice of termination by the Company to the
Executive due to Disability. For purposes of this Agreement,
"Disability" shall mean a determination by the Company
in accordance with applicable law that due to a physical or mental
injury, infirmity or incapacity, the Executive is unable to perform
the
essential
functions of his job with or without accommodation for 180 days
(whether or not consecutive) during any 12-month period.
(b)
Death.
Automatically
on the date of death of the Executive.
(c)
Cause.
Immediately
upon written notice of termination by the Company to the Executive
for Cause. "Cause" shall mean, as determined by the Board (or its
designee) (1) conduct by the Executive in connection with his
employment duties or responsibilities that is fraudulent, unlawful
or grossly negligent; (2) the willful misconduct of the Executive;
(3) the willful and continued failure of the Executive to perform
the Executive's duties with the Company (other than any such
failure resulting from incapacity due to physical or mental
illness); (4) the commission by the Executive of any felony or any
crime involving moral turpitude; (5) violation of any material
policy of the Company or any material provision of the Company's
code of conduct, employee handbook or similar documents; or (6) any
material breach by the Executive of any provision of this Agreement
or any other written agreement entered into by the Executive with
the Company.
(d)
Without
Cause. On
the sixtieth (60th) day following written notice by either Party to
the other Party without Cause, other than for death or Disability
of the Executive. The Company may also terminate this
Agreement for cause at any time in the event of the failure of the
Executive to perform duties assigned by the Company in a correct,
timely and expeditious manner or in the event of material violation
by the Executive of any term or condition of this
Agreement.
5.
CONSEQUENCES OF TERMINATION.
(a)
Disability.
Upon
termination of the Employment Term because of the Executive's
Disability, the Company shall pay or provide to the Executive (1)
any unpaid bonus accrued through the date of termination; (2)
reimbursement for any unreimbursed expenses properly incurred
through the date of termination; and (3) all other payments or
benefits to which the Executive may be entitled under the terms of
any applicable employee benefit plan, program or arrangement
(collectively, "Accrued Benefits").
(b)
Death.
Upon
the termination of the Employment Term because of the Executive's
death, the Executive's estate shall be entitled to any Accrued
Benefits.
(c)
Termination
for Cause. Upon
the termination of the Employment Term by the Company for Cause or
by either party in connection with a failure to renew this
Agreement, the Company shall pay to the Executive any Accrued
Benefits.
(d)
Termination
without Cause. Upon
the termination of the Employment Term by the Company without
Cause, the Company shall pay or provide to the Executive the
Accrued Benefits.
6.
NO
ASSIGNMENT. This Agreement is personal to each of
the Parties. Except as provided below, no Party may
assign or delegate any rights or obligations hereunder
without
first
obtaining the written consent of the other Party hereto;
provided , however , that the Company may assign this
Agreement to any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the
Company.
7.
NOTICES. For the purpose of this Agreement, notices and all
other communications provided for in this Agreement shall be in
writing and shall be deemed to have been duly given (1) on the date
of delivery if delivered by hand, (2) on the date of transmission,
if delivered by confirmed facsimile, (3) on the first business day
following the date of deposit if delivered by guaranteed overnight
delivery service, or (4) on the fourth business day following the
date delivered or mailed by United States registered or certified
mail, return receipt requested, postage prepaid, addressed as
follows:
If to
the Executive:
David
Briones
2564
Brunswick Pike
Lawrenceville,
NJ 08648
If to
the Company:
NXT
Nutritionals Holdings, Inc.
Kenilworth,
New Jersey 07033
With a
copy (which does not constitute a notice) to:
Anslow
& Jaclin, LLP
195
Route 9 South, Suite 204
Manalapan,
New Jersey, 07726
Attention:
Kristina Trauger, Esq.
Tel.:732-409-1212
Fax:
(732) 577-1188
or to
such other address as e