Back to top

EXECUTIVE EMPLOYMENT AGREEMENT

Employee Retention Agreement

EXECUTIVE EMPLOYMENT AGREEMENT You are currently viewing:
This Employee Retention Agreement involves

CROSS ATLANTIC COMMODITIES, INC.

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: EXECUTIVE EMPLOYMENT AGREEMENT
Governing Law: Florida     Date: 8/20/2008
Industry: FODMFG     Sector: NONCYC

Search Employee Retention Agreement by:

Document Title:

Entire Document: (optional)

50 of the Top 250 law firms use our Products every day

 

Exhibit 10.1

------------

EXECUTIVE EMPLOYMENT AGREEMENT

AGREEMENT made this 27th day of FEBRUARY 2008 by and between Cross Atlantic

Commodities Inc, a Nevada corporation (the "Company"), and JORGE BRAVO (the

"Executive").

The Company presently employs the Executive as President and Chief

Executive Officer.

The Board of Directors of the Company (the "Board) recognizes that the

executive's contribution to the growth and success of the Company. The Board

desires to provide for the continued employment of the Executive and to make

certain changes in the Executive's employment arrangements with the Company

which the Board has determined will reinforce and encourage the continued

attention and dedication to the Company of the Executive as a member of the

Company's management, as is deemed to be in the best interest of the Company and

its shareholders. The Executive is willing to commit himself to continue to

serve the Company, on the terms and conditions herein provided.

In order to effect the foregoing, the Company and the Executive wish to enter

into an employment agreement on the terms and conditions set forth below.

Accordingly, in consideration of the promises and the respective covenants and

agreements of the parties herein contained, and intending to be legally bound

hereby, the parties hereto agree as follows:

1. Employment.

----------

The Company hereby agrees to employ the Executive, and the Executive hereby

agrees to continue to serve the Company, on the terms and conditions set forth

herein.

2. Term.

----

The Employment of the Executive by the Company as provided in paragraph I will

commence on the date hereof and end after five (5) years on February 27, 2013

unless extended as provided in Section 8 hereof, or, unless sooner terminated as

hereinafter provided. In the event that the Company is sold, or there is a

change in ownership removing the executive from his position as President and

Chief Executive Officer, the remainder of the executives salary shall become

part of the purchase price, and the executive shall receive full payment in cash

(USD) for the remainder of the term of the contract. Should the contract, for

any reason, be terminated by the Board of Directors the remainder of the

contract will, within 10 days of termination, be paid to the executive in cash

(USD).

 

<PAGE>

3. Position and Duties.

-------------------

The Executive shall serve as President and Chief Executive Officer of the

Company and shall have such responsibilities and authority as may from time to

time be assigned to the Executive by the Board, during the term of this

Agreement the Executive shall be a member of the Board of Directors. The

Executive shall devote substantially all his working time and efforts to the

business and affairs of the Company.

4. Place of Performance.

--------------------

In connection with the Executive's employment by the Company, the Executive

shall be based in Broward Counties in Florida, except for required travel on the

Company's business to an extent substantially consistent with present business

travel obligations.

5. Compensation and Related Matters.

--------------------------------

(a) Salary. During the period of the Executive's employment hereunder the

Company shall pay to the Executive a salary at a rate of not less than

$150,000 per annum in equal installments as nearly as practicable on a

bi-weekly basis consistent with Company policy, less any salary paid to the

Executive by affiliates of the Company for services rendered to such

affiliates. This salary may be increased from time to time in accordance

with normal business practices of the Company and, if so increased, shall

not thereafter during the term of this Agreement be decreased. Compensation

of the Executive by salary payments shall not be deemed exclusive and shall

not prevent the Executive from participating in any other compensation or

benefit plan of the Company. The salary payments (including any increased

salary payments) hereunder, and no other compensation, benefit or payment

hereunder shall in any way limit or reduce the obligation of the Company to

pay the Executive's salary hereunder. Should, for any reason, the company

not pay the executives salary, the executive can elect to accrue the unpaid

salary, or direct the company to issue the compensation in the form of

stock or stock options. Should the election be to take stock, the company

shall be obligated to incur all expenses related to that transaction, which

shall include transfer fees, attorney fees and any state or federal tax

liabilities.

The executive, when under paid, may seek to subsidize his income with

Consultant work, which is paid to the company. The company will fully

reimburse the executive any fees paid to the company as a result of said

consultancy.

The adjustment of non-paid income and/or election of method that the

executive chooses to be paid may be, at the executives sole decision be

determined at anytime during the term of the contract. However, the price

of the stock and the number of shares to be issued shall be determined by

the Bid price at the time the election is made.

(b) Expenses. During the term of the Executive's employment hereunder, the

Executive shall be entitled to receive prompt reimbursement for all reasonable

expenses incurred by the Executive in performing services hereunder, including

all expenses of travel and living expenses while away from home on business or

at the request of and in the service of the Company, provided that such expenses

are incurred and accounted for in accordance with the policies and procedures

established by the Company.

 

2

<PAGE>

 

(c) Other Benefits. The Company shall maintain in full force and effect, and the

Executive shall be entitled to continue to participate in all of its employee

benefit plans or arrangements providing the Executive with at least equivalent

benefits thereunder. The Company shall not make any changes in such plans and

arrangements which would adversely affect the executive's rights or benefits

thereunder, unless such change occurs pursuant to a program applicable to all

officers of the Company and does not result in a proportionately greater

reduction in the rights of or benefits to the Executive as compared with any

other officers of the Company. The Executive shall be entitled to participate in

or receive benefits under any employee benefit plan or arrangement made

available by the Company in the future to its officers and key management

employees, subject to and on a basis consistent with the terms, conditions and

overall administration of such plans and arrangements. Nothing paid to the

executive under any plan or arrangement presently in effect or made available in

the future shall be deemed to be in lieu of the salary payable to the executive

pursuant to paragraph (a) of this Section. Any payments or benefits payable to

the executive hereunder in respect of any calendar year during which the

executive is employed by the Company for less than the entire such year shall,

unless otherwise provided in the applicable plan or arrangement, be prorated in

accordance with the number of days in such calendar year during which he is so

employed.

(d) Stock Options. The Company shall authorize the grant of stock options, under

a Stock Option Plan that has been adopted by the Company, to the Executive.

(e) Bonus. The Company shall pay Executive an annual bonus in an amount equal to

five percent (5%) of the pre-tax income or net cash-flow, whichever is greater,

of the Company and its subsidiaries on a consolidated basis (determined in

accordance with generally accepted accounting principals, after all deductions,

including depreciation, but not including any federal, state or local income tax

obligations. The Company shall pay such bonus to Executive within ten (10) days

after the date the Company receives its audited financial statements from its

accountants for the fiscal year with respect to which the bonus is to be paid,

or if audited financial statements are not prepared for such fiscal year, within

ninety (90) days of the expiration of such calendar year. Such Bonus amount

shall not be less than twenty- percent (20%) of the Executive's annual

compensation. The executive, at his sole discretion, can wave, and lower the

bonus amount based upon the company's financial position. Once waved or lowered,

the executive would have no rights to accrue the amounts waved or lowered for

future payment.

 

 

3

<PAGE>

Payments otherwise due the Executive pursuant to the Company's bonus plan will

not be made if the Executive's employment is terminated pursuant to Section 6(c)

hereof prior to the Company's fiscal year-end. If the Executive's employment is

terminated for any reason other than pursuant to Section 6(c) hereof, the

Executive shall receive his bonus prorated in accordance with the number of days

in the Company's fiscal year during which he is employed. If the Executive's

employment is terminated, for any reason other than cause, as described in 6(c),

on or after the Company's fiscal year-end, but before actual payment of the

Company's year-end bonus in September, the Executive shall be entitled to his

bonus payment Absent written consent, after a Change in Control of the Company

(as defined below), no action or inaction by the Executive within ninety (90)

days following the occurrence of the events described in 6(d)(A)(i), 6(d)(A)(ii)

or 6(d)(A)(iii) hereof shall be deemed consent to such events; (b ) a failure by

the Company to comply with any material provision of this Agreement which has

not been cured within ten (10) days after for the previous year.

6. Termination.

-----------

The Executive's employment hereunder may be terminated without any breach of

this Agreement only under the following circumstances:

(a) Death. Upon the executives death this employment agreement will be

terminated. The remainder of the contract shall be paid to the executives heir

or beneficiary as provided for in this contract Reference (7b).

(b), Disability. If, as a result of the Executive's incapacity due to physical

or mental illness, the Executive shall have been absent from his duties

hereunder on a full-time basis for the entire period of six (6) consecutive

months, the Company may terminate the Executive's employment hereunder.

 

(c) Cause. The Company shall have the right to terminate the employment of

Executive under this Agreement, as well as any and all compensation to which

Executive would otherwise be entitled hereunder ( except for compensation to

which Executive is entitled through the date of such termination and any

benefits referred to in Section 5 hereof in which Executive has a vested right

under the terms and conditions pursuant to which such benefits were granted),

only in the manner set forth in this Section 6 if, and only if, Executive shall

have committed any of the following acts (any such act being hereinafter

referred to as an " Act of Cause"):

 

 

4

<PAGE>

 

(i) Executive, other than as a result of circumstances described in

Sections 6(a), 6(b) or 6(d) hereof, shall have repeatedly failed to perform

his material duties hereunder (other than by reason of disability) or shall

have willfully breached in any material respect his other obligations as

set forth herein; provided. however. the Company shall first have notified

Executive in writing, and in reasonable detail, as to the manner in which

Executive has so failed to perform his duties or breached his other

obligations hereunder and Executive, within thirty (30) days thereafter,

shall have failed to cure such failure or breach within 60 days.

(ii) Executive shall have committed gross negligence in the performance of

his duties or obligations hereunder which shall have resulted in a material

loss to the Company;

(iii) Executive shall have been convicted of any felony or have committed

any material act of proven dishonesty against the Company;

(iv) Executive shall have breached Sections 10 or 11 hereof in any material

respect.

In the event the Company elects to terminate Executive's employment

hereunder as set forth above, the Company shall give written notice to such

effect to Executive, which notice shall describe in reasonable detail the

actions of Executive constituting the Act of Cause, and Executive's

employment under this Agreement shall thereupon terminate as of a date to

be specified in such notice, which date shall not be less than fifteen (30)

days after the delivery of such notice. In no event shall the termination

be caused by failure or discrepancies due to compliance issues contained

within the Sarbanes-Oxley Act and the certification required by the

Executive.

(d) Termination by the Elective. The Executive may terminate his employment

hereunder (A) for Good Reason or (B) if his health should become impaired to an

extent that makes his continued performance of his duties hereunder hazardous to

his physical or mental health or his life, provided that the Executive shall

have furnished the Company with a written statement from a qualified doctor to

such effect and provided, further, that, at the Company's request, the Executive

shall submit to an examination by a doctor selected by the Company and such

doctor shall have concurred in the conclusion of the Executive's doctor.

For purposes of this Agreement, "Good Reason" shall mean (a) a Change in Control

of the Company (as defined below), or (b) a material breach by the Company of

any of the Executive's rights hereunder, including (i) a decrease in the total

amount of the Executive's base salary below the level set forth in Section 5(a),

or a decrease in the bonus percentage to which the Executive is entitled under

Section 5(e), (ii) a reduction in the responsibility and authority of the

Executive without the Executive's consent, as determined by the Executive in his

reasonable

 

 

5

<PAGE>

 

discretion, (iii) a geographical relocation of the Executive without his

consent; or (iv) any purported termination of the Executive's employment which

is not effected pursuant to a Notice of Termination satisfying the requirements

of paragraph (e) hereof (and for purposes of this Agreement no such purported

termination shall be effective). Absent written consent, no action or inaction

by the Executive following the occurrence of the events described in the

definition of Good Reason shall be deemed consent to such events.

For purposes of this Agreemen

This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more