EMPLOYMENT AGREEMENT
This Employment
Agreement (this "Agreement") is made effective as of September 3,
2009, by and between Cavico Corp ("Cavico"), of 17011 Beach Blvd,
Suite 1230, Huntington Beach, California, 92647 and June Kim
("Employee").
WHEREAS
, Cavico wishes to
employ the Employee as Chief Financial Officer of Cavico pursuant
to an Employment Agreement effective August 25, 2009 (the
“Agreement”), upon the terms and conditions set forth
below;
NOW,
THEREFORE ,
in consideration of the mutual covenants and agreements set forth
herein, and intending to be legally bound hereby, the parties agree
as follows:
1.
EMPLOYMENT. Cavico agrees to employ the
Employee, and the Employee agrees to be employed by Cavico, for the
period stated in Section 13 hereof and upon the other terms and
conditions herein provided. The Employee shall serve as Chief
Financial Officer of Cavico. The Employee shall be
responsible for such duties as are commensurate with her office and
shall report to the Chief Executive Officer of Cavico, who shall
have the power to expand the Employee’s duties,
responsibilities and authority.
2. BEST EFFORTS
OF EMPLOYEE. Employee agrees to perform
faithfully, industriously, and to the best of Employee's ability,
experience, and talents, all of the duties that may be required by
the express and implicit terms of this Agreement, to the reasonable
satisfaction of Cavico. Such duties shall be provided at such
place(s) as the needs, business, or opportunities of Cavico may
require from time to time.
3. COMPENSATION
OF EMPLOYEE. As compensation for the
services provided by Employee under this Agreement, Cavico will pay
Employee an annual salary of $123,600.00 payable monthly on the
first (1 st ) day and fifteenth (15 th ) day
of each month. Upon termination of this Agreement, payments
under this paragraph shall cease; provided, however, that Employee
shall be entitled to payments for periods or partial periods that
occurred prior to the date of termination and for which Employee
has not yet been paid, and for any commission earned in accordance
with Cavico's customary procedures, if applicable. Accrued
vacation will be paid in accordance with state law and Cavico's
customary procedures. This section of the Agreement is
included only for accounting and payroll purposes and should not be
construed as establishing a minimum or definite term of employment.
Additional to above
mentioned compensation, Employee may be entitled to Cavico’s
bonus and/or stock award plan conditioning on the board of
directors’ approval.
4. EXPENSE
REIMBURSEMENT. Cavico will reimburse Employee
for "out-of-pocket" expenses incurred by Employee in accordance
with Cavico's policies in effect from time to time.
5.
CONFIDENTIALITY. The Employee shall not at any
time, whether before or after the termination of this Agreement,
divulge, furnish or make accessible to anyone (other than in the
ordinary course of the business of Cavico or any subsidiary
thereof) any knowledge or information with respect to confidential
or secret designs, processes,
1
formulae, plans,
devices, material, or research or development work of Cavico or any
subsidiary thereof, or with respect to any other confidential or
secret aspect of the business of Cavico or any subsidiary
thereof.
6.
UNAUTHORIZED
DISCLOSURE OF INFORMATION. If it appears that Employee
has disclosed (or has threatened to disclose) Information in
violation of this Agreement, Cavico shall be entitled to an
injunction to restrain Employee from disclosing, in whole or in
part, such Information, or from providing any services to any party
to whom such Information has been disclosed or may be disclosed.
Cavico shall not be prohibited by this provision from
pursuing other remedies, including a claim for losses and damages.
7.
CONFIDENTIALITY AFTER TERMINATION OF EMPLOYMENT. (a)
For a period of one year after the termination of this
Agreement, the Employee shall not, directly or indirectly, engage
or become interested in (as owner, stockholder, partner or
otherwise) the operation of any business similar to or in
competition (direct or indirect) with Cavico. If any
court construes the covenant in this Section 7 or any part thereof,
to be unenforceable because of its duration or the area covered
thereby, the court shall have the power to reduce the duration or
area to the extent necessary so that such provision is
enforceable. This paragraph 9
