EMPLOYMENT CONTRACT©
Executive Vice President, Capital Markets
This
agreement is made between The Mortgage Store Financial, Inc.
, a California corporation, having its principal place of business
at 727 W. 7 th Street, Suite 850 LA CA 90017 hereinafter
referred to as Employer, and Scott Reading , whose address
is 30510 Country Club Dr. Redlands, California, 92373, hereinafter
referred to as Employee:
1.
TERMS OF EMPLOYMENT . Employer hereby employs Employee and
Employee hereby accepts employment with Employer. This agreement
may be terminated as set forth in Paragraph 8.
2.
DUTIES OF EMPLOYEE .
2.1.
Position and Duties . Employer employs Employee and Employee
accepts such employment as Executive Vice President to perform
services and duties as assigned to Employee from time to time by
the Employer. Employee shall carry out duties assigned to Employee
in a trustworthy, professional, loyal manner. Employee shall devote
all Employees’ productive time, ability, attention, and
energy as such Executive Vice President, subject to the direction
and control of Employer, and shall to the best of Employee’s
ability make every effort to perform for the Employer. Employee
shall not directly or indirectly render any services of a business,
commercial or professional nature to any other person or
organization, whether for compensation or otherwise, without prior
written consent of Employer, which may be given or withheld at the
sole discretion of Employer.
2.2.
Adherence to Rules . During
the term of this agreement, Employee shall at all times strictly
adhere to and obey all Employer’s rules and regulations
currently in effect or as subsequently modified governing the
conduct of the employees of Employer.
2.3.
Satisfactory Performance of
Duties . Employment of Employee shall continue only as long as
the services rendered by Employee are satisfactory to Employer,
regardless of any other provisions contained in this agreement.
Employer shall be the sole judge as to whether the services of
Employee are satisfactory.
2.4.
Necessity of Employer’s
Written Consent . It is expressly agreed Employee shall have no
right or authority at any time to make any contracts or binding
promises of any nature on behalf of Employer, whether oral or
written, without the prior, express written consent of
Employer.
3.
COMPENSATION OF EMPLOYEE . As compensation for services
rendered by Employee under this agreement, Employee may earn a
salary and bonus subject to item 3.1., 3.2., 3.3., 3.4
3.1.
Compensation . Employee shall
be paid $20,834.00 (Twenty Thousand Eight Hundred Thirty Four
Dollars) per calendar month.
3.2.
Performance Bonus. Employee
would be entitled to a total annual bonus of $250,000.00 (Two
Hundred Fifty Thousand Dollars) based on the Employee’s
overall performance/productivity as determined by the Board of
Directors of Employer. Should any question arise from this bonus
plan, it will be determined at the sole discretion of Employer
without the written or verbal approval of Employee.
3.3.
Employee Stock Options :
Employee will be entitled to receive 300,000 (Three Hundred
Thousand) stock options for TMSF Holdings at the price of $3.50
(Three Dollars & Fifty Cents) per share according to the
standard Employment Stock Option plan as set forth by the Board of
Directors. Any questions arising from this matter shall be
determined at the sole discretion of Employer without the advance
written or verbal approval of Employee.
3.4.
Miscellaneous.
3.4.1 Any draws against salary will be repaid to
Employer at the complete discretion of Employer.
Employee’s signature to this agreement is
Employee’s written consent to such deduction.
3.4.2 Employee agrees that Employer
may make deductions for days missed per the standard policies for
sick days and holidays for the company. The deductions from the
salary of employee are for any additional missed work days beyond
the company allowed paid sick days and holidays.
4. BUSINESS EXPENSES . With
regard to all business expenses incurred by Employee in promoting
the business of Employer, including expenditures for entertainment,
gifts and travel, approved in advance by Employer, Employee shall
furnish to Employer adequate records and other documentary evidence
required by federal and state statutes and regulations issued by
the appropriate taxing authorities for the substantiation of each
business expense as a deduction on federal and state income tax
returns of Employer, whereupon Employer shall promptly reimburse
Employee for such expenses.
5.
PROPERTY RIGHTS OF EMPLOYER
.
5.1
SOLICITING CLIENTS AND EMPLOYEES . EMPLOYEE SHALL NOT,
DURING EMPLOYEE’S EMPLOYMENT AND FOR A PERIOD OF ONE (1) YEAR
IMMEDIATELY FOLLOWING THE TERMINATION OF EMPLOYEE’S
EMPLOYMENT WITH EMPLOYER, EITHER DIRECTLY OR INDIRECTLY:
5.1.1
MAKE KNOWN TO ANY PERSON, FIRM OR CORPORATION
THE NAME OR ADDRESS OF ANY OF THE CLIENTS, LENDERS, CUSTOMERS,
INDEPENDENT CONTRACTORS OR EMPLOYEES OF EMPLOYER OR ANY INFORMATION
PERTAINING TO THEM; OR
5.1.2 CALL ON, SOLICIT, TAKE OR HIRE AWAY, OR
ATTEMPT TO CALL ON, SOLICIT, TAKE OR HIRE AWAY, THE CUSTOMERS OR
EMPLOYEES OF EMPLOYER, EITHER FOR EMPLOYEE OR FOR ANY OTHER PERSON,
FIRM OR BUSINESS IN THE STATE OF CALIFORNIA.
5.2
TRADE SECRETS . EMPLOYEE SHALL NOT DURING THE TERM OF THIS
CONTRACT, AND FOR A PERIOD OF ONE (1) YEAR IMMEDIATELY FOLLOWING
TERMINATION EITHER, DIRECTLY OR INDIRECTLY:
5.2.1 USE TO EMPLOYEE’S OWN ADVANTAGE, OR
THE ADVANTAGE OF ANY OTHER PERSON OR ENTITY, ANY INFORMATION GAINED
FOR OR FROM THE FILES OR BUSINESS OF EMPLOYER WHICH ARE CONSIDERED
TO BE TRADE SECRETS. EMPLOYEE AGREES ALL MATERIALS OF EMPLOYER,
INCLUDING BUT NOT LIMITED TO SOFTWARE PROGRAMS, SALES PLANS, LEAD
LISTS, PROGRAMS, MATERIAL MANUALS, ROSTERS, FORMS, CONTRACTS,
AGREEMENTS, BROCHURES, AND OTHER TRAINING AND SALES MATERIAL
PROVIDED BY EMPLOYER INCLUDING POTENTIAL OR ACTUAL EMPLOYER LISTS
AND LENDER LISTS ARE THE EXCLUSIVE PROPERTY OF EMPLOYER. EMPLOYEE
ADDITIONALLY ACKNOWLEDGES SERVICE MARKS, TRADE MARKS, TRADE NAMES,
DESIGNS, SLOGANS, LOGOS, ADVERTISING COPY USED OR TO BE USED ARE
THE EXCLUSIVE PROPERTY OF EMPLOYER AND SHALL NOT BE COMMUNICATED TO
ANYONE OR BE USED IN VIOLATION OF THIS AGREEMENT.
&nb
