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EXHIBIT 10.21 EXECUTIVE EMPLOYMENT
AGREEMENT
This Agreement is made and entered into as of the 29th day of
August, 2008 (“Agreement Date”) by and between Advanced
Growing Systems, Inc., a Nevada corporation (hereinafter referred
to as the “Company”), and Dan K. Dunn, an individual
(hereinafter referred to as the
“Employee”). The Company and the Employee
are collectively referred to as the
“Parties”. This Agreement supersedes any
similar agreement between the Parties.
WITNESSETH:
Whereas it is in the best interest of the Company to retain quality
personnel such as the Employee; and
Whereas the Employee is willing to enter into an employment
agreement with the Company in accordance with the conditions
hereinafter provided.
Now, therefore, for and in consideration of the terms and
conditions contained herein, the Parties agree as follows, to
wit:
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1.
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Definitions. As used in this
Agreement:
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A.
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“Company” means Advanced Growing
Systems, Inc. its successors and assigns, and any of its present or
future subsidiaries or organizations controlled by, controlling, or
under common control with it.
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B.
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“Confidential Information” means any
and all information disclosed or made available to the Employee or
known by the Employee as a direct or indirect consequence of or
through Employee’s employment by the Company and not
generally known in the industry in which the Company is or may
become engaged, or any information related to the Company’s
products, processes, or services, including, but not limited to,
information relating to research, development, inventions,
manufacture, purchasing, accounting, engineering, marketing,
merchandising, or selling.
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C.
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“Inventions” mean discoveries, concepts
and ideas, whether patentable or not, relating to any present or
prospective activities of the Company, including, but not limited
to, devices, processes, methods, formulae, techniques,
applications, technology and any improvements to the foregoing.
Such definition shall also encompass all such discoveries, concepts
and ideas, even if formulated by the Employee prior to his
employment by the Company.
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D.
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“Company Monthly Base Pay” means the
employee’s last monthly remuneration, prior to termination of
Employee’s employment with the Company, before federal,
state, and local taxes and other withholding, but exclusive of
extra compensation, such as that attributable to bonuses, overtime
or employee retirement or pension benefits.
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E.
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“Conflicting Organization” means any
person or organization engaged, directly or indirectly, in the
research, development, production, marketing or selling of a
Conflicting Product.
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F.
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“Conflicting Product” means any
product, process, technology, application, or service of any person
or organization, other than the Company, in existence or under
development, which resembles, competes with or is marketed or
offered for sale or lease to the same or similar potential
customers as a product, process, technology, application, or
service which is the subject of research, development, production,
marketing or selling activities of the Company.
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2.
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Employment. The Company hereby employs the Employee
and the Employee hereby agrees to accept employment with the
Company upon the terms and conditions herein set forth.
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3.
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Term. The Company hereby employs the
Employee for a period of roughly twenty-four (24) months beginning
on the 29th day of August, 2008, and ending on the 31st day of
August, 2010, unless sooner terminated as provided in Section 13
(Disability), Section 14 (Death During Employment) or Section 16
(Termination), hereof; provided, this Agreement may be extended for
additional periods or its terms amended upon the mutual written
agreement of the Parties.
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4.
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Position. The Employee shall be employed
in the capacity of Chief Financial Officer with such managerial,
administrative and other services as are customarily associated
with or incident to such position and shall perform such other
duties and responsibilities for the Company as the Company may
reasonably require, consistent with such position. The
Employee shall not be assigned nor requested to perform duties or
functions for which he has not been adequately trained or for which
he does not have adequate education and/or professional
experience.
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5.
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Extent of Services. The Employee shall
diligently and conscientiously devote Employee’s time,
attention and energies to the business of the Company and shall
not, during the term of this Agreement, be engaged in any other
full time business activity whether or not such business activity
is pursued for gain, profit, or other pecuniary advantage; however,
except as set forth in Section 16, this provision shall not be
construed as preventing the Employee from investing
Employee’s assets in such form or manner as will not require
full-time services on the part of the Employee outside of the
Company.
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6.
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Working Facilities. The Employee shall
be furnished with such facilities suitable to Employee’s
position and adequate for the performance of Employee’s
duties and the conduct of the Company’s
business. The Employee’s principal office
shall be located in the area selected by the Company; provided,
however, the Employee agrees to do such traveling as is required to
carry out Employee’s duties hereunder.
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7.
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Compensation. The Company’s Board
of Directors or the management of the Company may increase the
Employee’s Company Monthly Base Pay from time to time as the
Board may see fit to grant such an increase. The Employee shall be
a participant in any deferred compensation, bonus and/or stock
option plans designed and implemented by the Company’s Board
of Directors for the benefit of the Company’s key executives
and employees. The Employee shall participate in
any such plans at a level commensurate with Employee’s
position with the Company.
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A.
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Company Monthly Base Pay. For all services rendered
by the Employee under this Agreement, Employee shall be paid a
salary in the sum of $ 120,000 per year, beginning on February 1,
2008. These amounts shall be paid in equal monthly or bi-monthly
installments to the Employee as Company Monthly Base
Pay. Employee will also receive a monthly auto allowance
not to exceed $1,000 per month. Employee will be
required to maintain full coverage insurance on the vehicle during
the term of this agreement.
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B.
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Benefits. Employee shall be eligible for
Company-paid health insurance, dental insurance, 401K Plan when
available, short/long term disability coverage and other benefits
that are and may become available. Employee shall be eligible to
participate in any such benefits at a level commensurate with
Employee’s position with the Company. Employee
will also be given 100,000 shares of Company stock upon execution
of this agreement.
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8.
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Expenses. All expenses for
transportation and travel, including business use of personal
automobi
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