Employment Agreement |
Effective July 1, 2005 |
This Agreement is between: |
Sungold International Holdings Corp., |
(hereinafter referred to asSIHC) |
500 Park Place, 666 Burrard Street |
Vancouver, B.C., CANADA V6C 3P6 |
And, |
Horsepower Broadcasting Network (HBN) International Ltd. |
(hereinafter referred to asHBN) |
500 Park Place, 666 Burrard Street |
Vancouver, B.C., CANADA V6C 3P6 |
And, |
Safe Spending Inc. |
(Hereinafter referred to asSS) |
500 Park Place, 666 Burrard Street |
Vancouver, B.C., CANADA V6C 3P6 |
And, |
Troy Griffin |
(hereinafter referred to asTG) |
3657 Aladdin Dr. |
Ottawa, ON, CANADA K1T 1V5 |
Whereas, Troy Griffin (TG), is to be appointed Vice-president Corporate Development ofSIHC, and President and Chief Executive Officer (CEO), ofSS, and also as a member of the Management Committee which reports directly to the Board of Directors ofSIHC,
•The ManagementCommittee shall also include Tony Currie, Keith Blackwell, Larry Simpson, and possibly certain other individuals as appointed unanimously by the Committee and confirmed to the Board of Directors, and |
•The ManagementCommittee is an advisory task force which draws its authority for implementing its decisions through the offices of the committee members. |
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Now therefore and in consideration of the foregoing, it is hereby agreed as follows:
•TGis hereby appointed to the position of President and CEO forSS, and to the position of Vice-president Corporate Development forSIHC, and as a member of the Management Committee. | |
• The term of this agreement shall be for a one (1) year period of time and take full effect upon signing of this agreement. | |
• This agreement can be renewed upon expiry in accordance with negotiations between the parties and theSIHCBoard of Directors which shall begin at least three (3) months prior to the expiration of this initial agreement, or it may be altered at any other time by mutual agreement of the parties, and theSIHCBoard of Directors | |
•TGshall receive an annual salary of $60,000 paid bi-monthly on the first and fifteenth of each month commencing on July 15th, 2005, or sooner as mutually agreed, and a monthly tax-free travel allowance of $500.00. | |
•TGshall receive an allocation of 750,000 Class A Common shares ofSIHCupon signing of this agreement. | |
• Upon signing of this agreement,TGshall be issued an option to purchase at any time before March 31st2007 from Sungold International Holdings Corp. Treasury 500,000 unrestricted Class A Common shares (trading symbol SGIHF) at Twelve cents US funds ($0.12US) per share without restriction and tradable upon insurance. | |
•TGshall receive a further allocation of 250,000 Class A Common shares ofSIHCat the time when the first track is fully operational. | |
• Reasonable, or pre-approved expenses incurred byTGon behalf of the company shall be reimbursed by the company. | |
TERMINATION
This agreement may be terminated by a majority vote of the Management Committee if ratified by the Board of Directors upon payment of three months notice, in which case the stock option rights remain in force as specified until their expiration date.
TGmay resign at any time in which case no further payments are owing. IfTGresigns, the stock options in force expire within two months of the resignation notice.
EFFECTIVE DATE
This agreement supercedes any and all previous agreements with the companiesSIHCandHBNandSSand shall be in full force and effect immediately upon acceptance as signed and witnessed below.
The parties agree that an executed copy received by telefax will represent a completed agreement.
This agreement has been approved and accepted by the following individuals who have full and complete authority to legally bind each party respectively:
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Sungold International Holdings Corp., | |
/s/ T. Keith Blackwell | |
T. Keith Blackwell, Chief Financial Officer | |
Witnessed by: /s/ Larry Simpson | |
Larry Simpson | |
Print Name: | |
And, | |
/s/ Troy Griffin | |
Troy Griffin | |
Witnessed by: /s/ Larry Simpson | |
Larry Simpson | |
Print Name: | |
Dated this 30thday of June, 2005. |
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