Employment Agreement with Stock Vesting

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Employment Agreement with Stock Vesting Powered By Docstoc
					                                  Employment Agreement
      This Employment Agreement is entered into as of                      by and
between                  ,a                     corporation (the “Company”), and


       A. Employee desires to be employed by the Company;

       B. The Company desires to employ Employee on certain terms and conditions; and

        C. The Company and Employee desire to enter into an Employment Agreement setting
forth the terms and conditions of Employee's employment with the Company.

        NOW, THEREFORE, in consideration of the premises, the mutual covenants and
agreements hereinafter set forth, and other good and valuable consideration, the receipt and
sufficiency of which the parties hereby acknowledge, the parties agree as follows:


        1.1     Term. The Company hereby employs Employee to serve as its President and to
serve in such additional or different executive or managerial position or positions as the Board of
Directors of the Company may determine from time to time. This Employment Agreement shall
be for a period of                      years, unless earlier terminated as set forth in this
Agreement (the “Employment Period”). Following expiration of this Agreement, this Agreement
shall continue on a month-to-month basis until either party gives notice of termination.

       1.2     Duties and Responsibilities. Employee will report to the Chief Executive Officer
and the Board of Directors of the Company. Within the limitations established by the Bylaws of
the Company, Employee shall have each and all of the duties and responsibilities of President
and such other or different duties on behalf of the Company, as may be agreed from time to time
by Employee and the Board of Directors of the Company.


      2.1    Monetary Compensation. The Company shall pay Employee monetary
compensation during the term of this Agreement as follows:

               2.1.1  Base Salary. The Company shall pay Employee a base salary at the rate
       of $                  per month from the date of this Agreement through
              , and $                       per month between                            and
       the end of the Employment Period, all payable in semi-monthly installments consistent
       with the Company's payroll practices (the “Base Salary”). The Base Salary shall be
       accrued, but not paid, until such date as the Company, in the opinion of the Board of
       Directors, has sufficient resources to commence payment.

                2.1.2 Performance Bonus. So long as the gross revenues of the Company grow
       at a rate of at least % per annum, the Company shall pay Employee a bonus equal to
                % of Employee’s annual salary, payable on the second Monday of December of
       each year during the Employment Term, commencing with

       2.2    Payment. The Company shall pay all compensation to Employee under this
Agreement in accordance with the relevant policies of the Company in effect from time to time,
including normal payroll practices, and such pay shall be subject to all applicable employment
and withholding taxes.

         2.3     Stock. In addition to the monetary compensation payable under this Agreement,
Employee shall be entitled to receive up to                               shares of Common Stock of
the Company (the “Shares”) based on his term of service. The Shares shall vest in monthly
increments of                             shares over the first year of this Agreement, provided that
Employee is employed by the Company at the end of each such month. On the first anniversary
of the date of this Agreement, or the termination of Employee’s employment, whichever occurs
first, the Company shall issue to Employee a certificate for the number of shares vested pursuant
to this section. Employee agrees to execute such investment letters or other documents as the
Company may require in connection with the issuance of the Shares. Employee acknowledges
that (i) the certificate representing the Shares will bear a customary legend referring to the
Securities Act of 1933, as amended, and (ii) the issuance of the Shares may be subject to tax
withholding by the Company, which may be effected through withholding of cash compensation.


        3.1    Business Expenses. Upon submission of itemized expense statements and other
appropriate documentation, in the manner specified by any policies adopted from time to time by
the Company, Employee shall be entitled to reimbursement for reasonable business and travel
expenses duly incurred by Employee in the performance of his duties under this Agreement. The
Company shall initiate a corporate policy for gasoline credit cards and Employee shall be entitled
to receive such a card to purchase gasoline for Company travel.

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Description: Executive Employment Agreement with Stock Vesting
PARTNER California Legal Documents