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MyECheck Employment Agreement
EMPLOYMENT AGREEMENT ,
entered into and effective as of between MyECheck, Inc., a Delaware
Corporation with offices located at 1190 Suncast Lane, El Dorado
Hills, CA 95762 ("Company"), and Edward R. Starrs who resides at
674 Platt Cir., El Dorado Hills, CA 95762
("Employee").
1. Employment, Duties and Acceptance
1.1
Company hereby employs Employee for the Term (as defined in
Section 2 hereof) to render exclusive and full-time services
in an executive capacity to Company and to the subsidiaries of
Company engaged in the business of electronic check services
and in connection therewith to devote his best efforts to the
affairs of the Company and to perform such duties as Employee
shall reasonable be directed to perform by officers of the
Company.
1.2
Employee hereby accepts such employment and agrees to render
such services. Employee agrees to render such services at
Company's offices located in the El Dorado Hills area, but
Employee will travel on temporary trips to such other place or
places as may be required from time to time to perform his
duties hereunder. During the Term hereof, Employee will not
render any services for others, or for Employee's own account,
in the business of electronic check services and will not
render any services to any supplier or significant customer of
Company.
2. Term of Employment
2.1 The
term of Employee's employment pursuant to this Agreement (the
"Term") shall begin on January 1, 2007, and shall end on December
31, 2009 subject to the provisions of Article 4 of this Agreement
providing for earlier termination of Employee's employment in
certain circumstances. Employee may at any time during the term,
terminate this agreement with, or without cause, providing 30 days
notice of intent to terminate agreement is given.
3. Compensation
3.1 As
compensation for all services to be rendered pursuant to this
Agreement to or at the request of Company, Company agrees to pay
Employee a salary at the rate of $240,000.00 per annum plus
bonuses.
The
Salary set forth hereinabove shall be payable in accordance
with the regular payroll practices of the Company for
executives. All payments hereunder shall be subject to the
provisions of Article 4 hereof.
3.2 Company
shall pay or reimburse Employee for all necessary and reasonable
expenses incurred or paid by Employee in connection with the
performance of services under this Agreement upon presentation of
expense statements or vouchers or such other supporting information
as it from time to time requests evidencing the nature of such
expense, and, if appropriate, the payment thereof by Employee, and
otherwise in accordance with Company procedures from time to time
in effect.
3.3 During
the Term, Employee shall be entitled to participate in any group
insurance, qualified pension, hospitalization, medical health and
accident, disability, or similar plan or program of the Company now
existing or hereafter established to the extent that he is eligible
under the general provisions thereof. Notwithstanding anything
herein to the contrary, however, Company shall have the right to
amend or terminate any such plans or programs.
3.4 The
Executive shall be entitled to Three (3) weeks paid vacation time
annually, to be taken at times selected by him, with the prior
concurrence of to whom the Executive is to report.
4. Termination
4.1 Disability. If
Employee shall be prevented from performing Employee's usual duties
for a period of 12 consecutive months, or for shorter periods
aggregating more than 18 months of the term of this agreement by
reason of physical or mental disability, total or partial, (herein
referred to as "disability"), Company shall nevertheless continue
to pay full salary up to and including the last day of the twelfth
consecutive month of disability, or the day on which the shorter
periods of disability shall have equaled a total of eighteen
months, but Company may at any time or times on or after such last
day (but before the termination of such disability), elect to
terminate this Agreement upon written notice to employee, effective
on such 1st day, without further obligation or liability to
Employee, except for any compensation accrued hereunder but not yet
paid. If Company does not so elect, this Agreement shall remain in
full force and effect, except that Company shall not be obligated
to pay any compensation set forth in Article 3 hereof to Employee
during the remaining period of disability.
4.2 Death. In
the event of Employee's death during the Term, this Agreement shall
automatically terminate, except that (a) Employee's estate shall be
entitled to receive the compensation provided for hereunder to the
last day of the term of this agreement; and (b) such termination
shall not affect any amounts payable as insurance or other death
benefits under any plans or arrangements then in force or effect
with respect to Employee.
4.3 Specified Cause. Company
may at any time during the Term, by notice, terminate the
employment of Employee for malfeasance, misfeasance, or nonfeasance
in connection with the performance of Emplo
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