Exhibit 10.3
Employment
Agreement
This Employment Agreement (“
Agreement ”), dated and effective
this 15th day of June, 2009 (“ Effective
Date ”), is
made and entered into between All-American Golf Center, Inc., a
Nevada corporation (“ Corporation ”), and John Boreta, an
individual (“ Employee ”) .
RECITALS
WHEREAS, Corporation leases
approximately 42 acres of real property located in Clark County,
Nevada, commonly known as APN 177 -04 -101-009 (“
Premises ”), which includes a golf course, driving
range, performance center, tranining facility, and golf shop, all
of which are operated by the Corporation (collectively, the “
Business ”);
WHEREAS, Corporation desires to
employ Employee and secure his services for the Term provided
hereinbelow upon the terms and conditions provided herein, and
Employee desires to be so employed by Corporation; and
WHEREAS, Corporation and Employee
desire to set forth in writing the terms and conditions of their
agreement and understanding with respect to Corporation’s
employment of Employee.
AGREEMENT
NOW, THEREFORE , in
consideration of the foregoing recitals, which are hereby
incorporated herein by this reference, the mutual covenants and
conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:
1. Employment . During the Term (as defined
below), Employee shall be responsible for the overall management
and operation of the Business.
2. Term . Unless otherwise terminated in
accordance with the terms hereof, this Agreement shall commence on
the Effective Date and shall continue until the third (3
rd ) anniversary of the Effective Date (“
Term ”) .
3. Compensation .
(a) Salary . During the Term, Corporation shall
pay to Employee an annual salary of Seventy- Five Thousand and
No/100 Dollars ( $ 75,000. 00), less applicable payroll taxes and
normal withholdings, which shall be paid by Corporation
(“ Salary ”), in consideration for all
services rendered by Employee under this Agreement. One-half (1/2)
of the Salary shall be deferred and shall be subject to the mutual
agreement of the parties. Corporation shall pay the Salary to
Employee in equal installments on the same day or days of the month
that Corporation pays its other employees in accordance with the
normal payroll policies of Corporation.
1
(b) Expenses
. During the Term,
Corporation shall pay and/or reimburse Employee, for all reasonable
business expenses incurred by Employee in furtherance of or in
connection with performing his obligations under this
Agreement.
(c) Benefits . During the
Term, Employee shall be entitled to all benefits which are
cutomarily provided by Corporation to other employees (“
Benefits ”).
4. Termination for Cause .
(a) Termination . Corporation
may terminate the employment of Employee at any time for Cause
after providing Employee with written notice thereof at least ten
(10) days prior to such termination. For purposes of this
Agreement, “ Cause ” means that, Employee is
convicted of a felony and any and all applicable appeals have been
exhausted or any and all applicable time periods to file appeals
have expired.
(b) Corporation’s
Obligations . Upon termination for Cause, Corporation shall
have no further liability or obligation to Employee under this
Agreement, or in connection with his employment hereunder, except
for: (i) any unpaid Salary accrued through the date of termination;
(ii) any accrued but unused and unpaid vacation time; and (iii) any
unreimbursed expenses properly incurred by Employee prior to the
date of termination.
5. Termination by Employee .
(a) Employee may terminate his
employment with Corporation upon fourteen (14) days prior written
notice to Corporation for any reason whatsoever.
(b) In the event that Employee
terminates hi
