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EXHIBIT 10.14
EMPLOYMENT AGREEMENT
This
Employment Agreement (this “Agreement”) is made
and entered into by and between Wyndcrest DD Holdings, Inc.
(the “Company”) and Jonathan Teaford
(“Employee”).
1.
Employment
.
The
Company agrees to employ Employee, and Employee agrees to
perform his services exclusively for the Company, on the terms
and conditions set forth in this Agreement.
2.
Term
.
The
term (the “Term”) of this Agreement shall commence
on November 1, 2007 (the “Commencement Date”) and
shall, unless terminated sooner pursuant to the provisions of
Section 6, terminate on February 28, 2008; provided, however,
that the Term shall, subject to the termination provisions of
Section 6, be automatically extended for an additional period
of four months ending on June 28, 2008, unless either the
Company or Employee notifies the other in writing, not less
than thirty (30) days prior to February 28, 2008, that it or
he does not wish the Term to be so extended. Unless this
Agreement has been terminated, as soon as practicable
following February 28, 2008, the Compensation Committee of the
Board of Directors of the Company will evaluate the duties
that Employee has performed and the compensation that the
Company has paid Employee in connection with setting terms on
which Employee may be retained to provide services to the
Company following the expiration of the Term.
3.
Position and Duties
.
During
the term of his employment under this Agreement, Employee
shall serve as Secretary to the Company. Employee will at all
times perform all of the duties and obligations required of
him by the terms of this Agreement in a loyal and
conscientious manner and to the best of Employee’s
ability and experience. Employee shall render the services
required of him under this Agreement primarily in Jupiter,
Florida.
4.
Base Salary
.
In
consideration for all rights and services provided by
Employee, Employee shall receive an annualized base salary
during the Term (the “Base Salary”), which shall
be payable at such intervals as salaries are paid by the
Company to other employees of the Company (but no less
frequently than monthly), subject to the usual and required
employee payroll deductions and withholdings. The Base Salary
shall be $125,000.00 during the Term.
5.
Expenses and Benefits
.
(a)
Employee shall be entitled to reimbursement for all reasonable
and ordinary expenses incurred by Employee in the course of,
and directly related to, the rendering of services pursuant to
this Agreement in accordance with the Company’s policies
for reimbursement of such expenses, and the limitations
thereon, that are in effect at the time such expenses are
incurred. Such expenses shall be supported by reasonable
documentation and accepted standards and rules that the
Company will put into place from time to time.
(b)
During his employment under this Agreement, Employee shall be
entitled to participate in or receive benefits under the
Company’s medical, health, disability, retirement,
welfare, and insurance plans then in effect and generally made
available from time to time to the management employees of the
Company, subject to and on a basis consistent with the terms,
conditions and overall administration of such plans and
arrangements.
(c)
Employee shall be entitled to twenty (20) days of paid
vacation each 12-month period during the Term. Such vacation
time shall accrue and cumulate in accordance with the
Company’s vacation policy.
6.
Termination
.
(a)
The Company may terminate Employee’s employment and the
Company’s obligations under this Agreement at any time
for any reason, or for no reason, for cause or without cause,
on thirty (30) days written notice.
(b)
Employee may terminate Employee’s employment under this
Agreement and the Company’s obligations under this
Agreement at any time for any reason, or for no reason, on
thirty (30) days written notice.
(c)
Any termination by the Company or by Employee pursuant to
paragraphs (a) or (b) of this Section 6 shall be effected by
written notice of termination given to the other, and such
termination shall be effective at the end of thirty (30) day
notice period or such other date as the parties may agree. The
Company shall have the right in its sole discretion to
determine whether or not Employee comes into the office and
works during the period of time from the date the notice is
given until the termination date; provided that, in any case,
Employee shall be considered a full-time employee of the
Company through the termination date.
7.
Compensation Upon Termination
.
(a)
If the Company terminates Employee’s employment and its
obligations under this Agreement for cause, the Company shall
pay Employee his Base Salary, any accrued but unused vacation
through the date on which his employment is terminated, and
any expenses incurred prior to termination payable under
paragraph (a) of Section 5, and the Company shall have no
other obligations to Employee under this Agreement after the
date of termination;
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