EMPLOYMENT AGREEMENTEmployment Agreement Amendment |
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Inverted Paradigms Corporation | Steven Weldon. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.2
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT, made and entered into as of this 7th day of September 2007, by and between Inverted Paradigms Corporation., a Delaware corporation (the “CORPORATION”), and , Steven Weldon (the “EXECUTIVE”).
WITNESSETH THAT:
WHEREAS, the Corporation desires to employ the Executive in the capacity hereinafter stated, and the Executive desires to enter into the employ of the Corporation in such capacity for the period and on the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it is hereby covenanted and agreed by the Corporation and the Executive as follows:
| a. | Employment Period. The Corporation hereby agrees to employ the Executive as its Chief Financial Officer, in such capacity, agrees to provide services to the Corporation for the period beginning on September 7, 2007 and ending September 7, 2008 (the “TERMINATION DATE”) (or such later date as may be agreed to by the parties within 120 days prior to the Termination Date) (the “EMPLOYMENT PERIOD”). |
| b. | Performance of Duties. The Executive agrees that during the Employment Period, while he is employed by the Corporation, to serving in the capacity of Chief Financial Officer of the Corporation in the best interests of the Corporation, and to perform duties assigned to his by the Board of Directors faithfully, efficiently and in a professional manner. Without the Board’s consent (which consent shall not be unreasonably withheld), the Executive shall not serve as or be a consultant to or employee, officer, agent, or director of any corporation, partnership or other entity that is a competitor of the Corporation. |
Specifically, as Chief Financial Officer, you will be responsible for financial reporting and taxes, treasury and accounting operations, financial analysis, internal control and in-house legal administration. Your responsibility will be to manage and work with the Board of Directors, and as such, policy and direction from the board will flow through you to the company.
| c. | Compensation. Subject to the terms and conditions of this Agreement, during the Employment Period, the Executive shall be compensated by the Corporation for his services as follows: |
| (i) | Commencing on the effective date of the Agreement, the Executive shall receive a base salary of not less than $78,000 during the term of this Agreement, with such base salary payable in installments consistent with the Company’s normal payroll schedule, subject to applicable withholding and other taxes. |
| The Executive will participate in the executive benefit package offered to other executives in the Company during the term of his employment. |
| d. | Restricted Stock Grant: The Company shall grant to the executive 465,000 shares of the common stock of the company that is currently traded on the Pink Sheets stock symbol IVPC. The stock is restricted stock as defined by the Securities Act of 1934, as amended and are to be issued upon the restructuring of the Company as follows: |
| First Year: | 310,000 | |||
| Second Year: | 155,000 |
The Executive agrees to not sell or enter to any contract to pledges his shares in any agreement prior to those shares being fully vested. The Executive also agrees to any share/interest “lock-up provision”, which may be implemented by the Board of Directors or any governmental regulatory body on the shareholders of the company. In addition, the Executive shall be responsible to make all filings with regulatory bodies upon the sale of his holdings.
| e. | Expense Reimbursement: During the term of the Executive’s employment hereunder, the Company, upon the submission of reasonable supporting documentation by the Executive, shall reimburse the Executive for all reasonable expenses actually paid or incurred by the Executive in the course of and pursuant to the business of the Company, including expenses for travel. |
| f. | Incentive, Saving and Retirement Plans: During the term of this Agreement, the executive shall be entitled to participate in all incentive, saving and retirement plans applicable to any key executives of the Company and its subsidiaries. |
| g. | Welfare Benefit Programs: During the term of this Agreement, the Executive and the Executive’s family shall be eligible for participation in all medical, prescription, dental, disability, salary continuance, employee life, group life, accidental death offered by the Company to any key executives of the Company and its subsidiaries. |
| h. | Working Facilities: During the term of this Agreement, the Company shall furnish the Executive with an office and a secretary and such other facilities and services adequate to perform his duties hereunder. |
| i. | Vacation: During the term of this Agreement, the Executive shall be entitled to paid vacation of no less than three weeks per year. |
| j. | Compensation Due Upon Termination. The Executive’s right to compensation for periods after the date his employment with the Corporation terminates shall be determined in the accordance with the following: |
| k. | Discharge Without Cause. If the Corporation terminates the Executive’s employment under this Agreement without “cause” (as defined Below), the Executive shall be entitled to receive one month base salary. Should the Executive be terminated under this provision (without cause) the employee will also be entitled to any potential bonus based on paragraph (3) (b) above on a Pro-Rata Basis, e.g. 10 months of employment would equal 10/12 of a year or approximately 83.3% of the bonus the Executive could have earned if employed for the entire year. |
| l. | Voluntary Resignation. The Corporation shall have no obligation to make payments to the Executive in accordance with the provisions of paragraph 3 for periods after the date on which the Executive’s employment with the Corporation terminates due to the Executive’s voluntary resignation. |
| m. | Discharge for Cause. The Corporation shall have no obligation to make payments to the Executive in accordance with the provisions of paragraph 3 for periods after the Executive’s employment with the Corporation is terminated on account of the Executive’s discharge for cause. The Executive shall be considered discharged for “cause” if he is discharged by the Corporation on account of the occurrence of one or more of the following events: |
| (i) | the Executive becomes habitually addicted to drugs or alcohol; |
| (ii) | the Executive discloses confidential information in violation of paragraph 5; |
| (iii) | the Executive engages in competition in violation of paragraph 5; |
| (iv) | the Corporation is directed by regulatory or governmental authorities to terminate the employment of the Executive or the Executive engages in activities that cause actions to be taken by regulatory or governmental authorities that have a material or adverse effect on the Corporation; |
