Employment Agreement |
Effective January 16, 2006 |
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, |
Racing Unified Network (R.U.N.) Inc. |
(hereinafter referred to asRUN) |
500 Park Place, 666 Burrard Street |
Vancouver, B.C., CANADA V6C 3P6 |
And, |
Richard Henley |
(hereinafter referred to asRH) |
2260 West 2ndAvenue, Apt. 405 |
Vancouver, BC, CANADA V6K 1H9 |
Whereas, Richard Henley (RH), is to be appointed as General Manager of Commercial Advertising ofRUN, reporting directly to Larry Simpson, President and CEO ofRUN, with the responsibility of organizing, selling, and managing the Commercial Advertising.
Now therefore and in consideration of the foregoing, it is hereby agreed as follows:
- RHis hereby appointed to the position of General Manager of Commercial Advertising for
RUN. - RHshall receive an annual salary of $50,000 paid bi-monthly on the first and fifteenth of each month commencing on the start date as mutually agreed.
- RHshall receive an allocation of 100,000 Class A Common shares of the parent company, Sungold International Holdings Corp., upon signing of this agreement.
- Upon signing of this agreement,RHshall be issued an option to purchase at any time before March 31st2007 from Sungold International Holdings Corp. Treasury 200,000 unrestricted Class A Common shares (trading symbol SGIHF) at Sixty-five cents US funds ($0.65 US) per share without restriction and tradable upon issuance.
- RHshall receive a commission of 15% of the first $1,000,000 of advertising revenue collected, 10% of all advertising revenue collected in excess of $1,000,000, to an annual personal maximum of $550,000. The aboveRHsalary is to be deducted from commissions earned.
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- Additional employees will be added as it becomes necessary and recommended byRH, and they will report to and be responsible toRH.RUNwill pay their salaries as agreed, but commissions for them as determined byRH, will be paid from the total commission percentages earned as per the above point.
- Reasonable, or pre-approved expenses incurred byRHon behalf of the company shall be reimbursed by the company.
- RHshall be entitled to three weeks holiday per year, but only as work permits, and no more than two weeks consecutively.
TERMINATION
This agreement may be terminated by a majority vote of the Management Committee if ratified by the Board of Directors in accordance with Employment Standards Law, in which case the stock option rights remain in force as specified until their expiration date.
RHmay resign at any time in which case no further payments are owing. IfRHresigns, the stock options in force expire within two months of the resignation notice.
EFFECTIVE DATE
This agreement 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:
Sungold International Holdings Corp., | |
/s/ T. Keith Blackwell | |
T. Keith Blackwell, Chief Financial Officer | |
Witnessed by: /s/ Paul Coulter | |
Paul Coulter | |
Print Name: |
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And, | |
Racing Unified Network (RUN) Inc., | |
/s/ Larry Simpson | |
Larry Simpson | |
Witnessed by: /s/ Paul Coulter | |
Paul Coulter | |
Print Name: | |
And, | |
/s/ Richard Henley | |
Richard Henley | |
Witnessed by: /s/ Dawn M. McNamerz | |
Dawn M. McNamerz | |
Print Name: | |
Dated this 16thday of January, 2006. |
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