EMPLOYMENT AGREEMENT
THISEMPLOYMENTAGREEMENT(“Agreement”), datedasofDecember31,2013(the“EffectiveDate”),ismadebetween Co-Signer,Inc.,aNevadacorporation(the “Company”),andDarrenM.Magot (the“Executive”).
RECITALS:
A. TheCompanyisengagedinthebusinessofprovidingfinancialservicetothereal estate and propertymanagementindustries(the“Business”).
B. TheCompanyandtheExecutivedesiretoenterintothisAgreementtogoverntheemployment relationshipbetweenthem.
NOW, THEREFORE,inconsiderationoftheforegoingRecitals(which areherebyincorporatedbyreference),theagreementshereaftersetforth andothergood andvaluableconsideration,thereceiptandsufficiency ofwhich are herebyacknowledged,theparties agree as follows:
ARTICLEI
EMPLOYMENTANDACCEPTANCE
1.1 EmploymentbytheCompany.The CompanyhasemployedtheExecutivefromAugust13,2013through December 14,2013.DuringthisInitialTerm,theExecutiveshallserveinthecapacityofChiefExecutive Officer,Treasurer,ChairmanandDirectoroftheBoardoftheCompany, subjecttothedirectionoftheBoardofDirectorsoftheCompany. Furthermore,the Company seeksto employ theExecutivefrom December15,2013throughDecember31,2015andduringthisSubsequent TermserveinthecapacityofDirectoroftheBoardoftheCompany, subjecttothedirectionoftheBoardofDirectorsoftheCompany. (including allrenewalperiods, ifany, the “Term” or“EmploymentTerm”), subject to any earlier terminationpursuanttoArticleIII.
1.2 DutiesandResponsibilities.DuringtheInitialTerm,theExecutiveshalldevotetheExecutive’sbestefforts andalloftheExecutive’s businesstimeand servicestotheCompany,itsaffiliatesandsubsidiaries,andshallcarryoutallCompanypoliciesand directivesinamannerwhichwillpromoteand developtheCompany’s bestinterests.TheExecutivewill initiallyfocushistimeprimarilyonraisingnewcapitalfortheCompanyandongeneratingnewrelationships with referring property managersand others. As ChiefExecutiveOfficer,theExecutive willalsobe responsible for the overallmanagementand direction of theCompany.TheExecutive’seffortsshall beguidedbyalist ofgoalsandobjectivesto be developedunder thesupervisionof theBoardofDirectors.AsChairmanandTreasurer,theExecutive willalso beresponsibleto assure thefinancial reporting of the Company is properlymaintained,timely withitspublicreportingresponsibilities andissuesallfinancialreportsasrequiredtotheBoard ofDirectors. DuringtheInitialandSubsequentTerms,asaDirectoroftheBoardofDirectors, theExecutivewillattendall BoardofDirectormeetingswhencalledwithintwoweeksorpriorofwrittennotice. Director will bereimbursed for anytravel or other expensesincurred in theperformanceoftheir responsibilities.
1.3 AcceptanceofEmploymentbytheExecutive.TheExecutiveherebyacceptssuchemploymentandrepresents andwarrantsthat(i)theExecutivehasfullauthoritytoenterintothisAgreement,(ii)theExecutiveisnotrestrictedinanymannerfromproviding serviceshereunder or fromengagingin theBusinessand (iii) theExecutive is notaware ofanysituationcreating aconflict ofinterestbetweentheExecutive and theCompany.
ARTICLE II
COMPENSATION AND OTHER BENEFITS
2.1 MonthlyBaseSalary.TheCompany shallpaytheExecutiveamonthlybasesalaryattherateof$1,500per eachmonthemployment asChiefExecutive Officer,$500permonthasChairman and TreasureroftheBoardofDirectorsand$500per monthasDirectorof theBoardofDirectorshereunder(the“Monthly BaseSalary”).TheMonthlyBase Salary shall bepayableinaccordance with thepayroll policies of the Companyasfrom time to time ineffect(but no less often thanmonthly), lesssuch deductionsas shall berequiredto be withheldbyapplicablelaw andregulations.
2.2 SigningBonus.Assoon aspracticableaftertheparties’executionofthisAgreement,theCompanyshallissuetotheExecutiveasasigningbonustwohundredfiftythousand(250,000)shares of itscommon stock,parvalue $0.001.
2.3 StockOptionstobeGranted.Asadditional compensationhereunder,theExecutiveshallreceiveoptionstopurchase1,000,000sharesoftheCompany’s commonstockatapriceof$0.08pershareasDirectoroftheBoardofDirectorsforaperiodof10years.Such option shallallow forcashless exerciseand willvestatarate of 250,000 optionspereachfiscalquarter,beginning withtheconclusionofthefirst fiscalquarterduring thetermofthisAgreement.
2.4 Expenses.TheCompanyshallpayorreimbursetheExecutiveforallbusinessexpensesreasonablyandnecessarilyincurredbytheExecutiveduringtheTermintheperformanceoftheExecutive’sservicesunderthisAgreement,ineachcaseinaccordancewith Companypolicy.
ARTICLE III
TERMINATION
3.1 MutualAgreement.ThisAgreementmay beterminateduponthemutualagreement ofExecutiveandCompany.
3.2 BytheCompany For Cause.This Agreementmay beterminatedbytheCompanybydeliveryofwritten notice toExecutivespecifyingtheCauseor Causesreliedupon for such termination.Forpurposes of thisAgreement, “Cause”means:
(i) AnunauthorizeduseordisclosurebyExecutiveoftheCompany’s confidentialinformation ortradesecrets,orExecutive's engagingorinanymannerparticipatinginanyotheractivitywhichisintentionallyinjurioustotheCompany,whichuseordisclosurecauses materialharm to the Company;
(ii) Amaterial breachbytheExecutiveofthisAgreement whichExecutivehas failedtocureorremedywithintendaysafterwrittennoticebytheCompanyindicatingsuchbreach;
(iii) thecommissionoffraudagainstCompanybyExecutive,orthemisappropriation, theftorembezzlementofCompany’s assetsbyExecutive;
(iv) Executive’sconviction of,orplea ofnolocontendere orguiltyto,afelonyunder thelaws oftheUnitedStatesor anyState; or
(v) Executive’sgross neglectorgrossmisconductincarryingoutExecutive’sdutieshereunder andthecontinuationofsuchgross neglectorgross misconductfora period ofthree daysafterwrittennoticefrom theCompanyspecifyingsuchfailure.
IfthisAgreementisterminatedforCause,theCompany’sobligationtotheExecutiveshallbelimitedtothepaymentofaccrued andunpaidMonthlySalaryand SalesCommissionsearned.Anyunvested stock optionsatthe timeofsuchtermination shall be rendered nulland void.
3.3 UponDeathorDisability.ThisAgreementshallterminateupontheExecutive’s deathorDisability.ForpurposesofthisAgreement,“Disability”shallhavethemeaningsetforthintheCompany’slongtermdisabilityinsuranceplanpolicythatmay beinplacefromtime to time, but ifatany time the Companydoes nothave a long term disability insurance policy shallmean the(i) inability toengageinanysubstantialgainful activity byreasonofany medicallydeterminable physical or mentalimpairmentwhich canbeexpected toresultin death orcan beexpected to last for acontinuous period of not less than sixmonths,or (ii)receipt of incomereplacementbenefits for aperiod ofat least three monthsunder anaccidentandhealth plan of theemployer,byreason ofany medicallydeterminable physical ormentalimpairmentwhichcanbeexpectedtoresultindeathorcanbeexpectedtolastforacontinuousperiodofnot less than sixmonths.The determination of whether a Disability hasoccurred will be made ingood faithbytheBoard in itsreasonable discretion. If thisAgreement terminatesas a result of theExecutive’sdeath orDisability,theCompany’sobligation to theExecutive or theExecutive’sestateshallbelimitedto thepayment ofaccrued andunpaidMonthly Salaryand Sales Commissionsearned. Anyunvested stock optionsat the time ofsuch termination shallbecome immediately vested.
3.4 WithoutCause.IfthisAgreementisterminatedwithoutCause,theCompany’s obligationtotheExecutiveshallbelimitedtothepaymentofaccruedand unpaidMonthlySalary andSalesCommissionsearned.Anyunvestedstockoptionsatthetimeofsuchterminationshall becomeimmediatelyvested.
ARTICLE IVMISCELLANEOUS
4.1 Notices.Anynoticeorothercommunicationrequiredorpermittedhereundershallbeinwritingandshallbedelivered personally,sentbynationally-recognizedovernightdeliveryserviceor sentbycertified orregistered mail,postage prepaid,returnreceiptrequested,addressas setforth below;receipt shallbe deemed to occur on the earlier of the date of actualreceiptorreceiptbythesenderof confirmationthatthedeliverywascompletedorthattheaddresseehasrefusedtoaccept such deliveryor haschangeditsaddress withoutgivingnotice of such changeasset forthherein:
if to the Company, to:Co-Signer, Inc.
8275 S.EasternStreet, Suite 200-661
LasVegas,NV89123
if to the Executive, to:
DarrenM.Magot9061Niguel Circle
Huntington Beach, CA 92646
Either partymaychangeitsaddressfor noticehereunderbynoticeto theother partyhereto.
4.2 EntireAgreement.ThisAgreementcontainstheentire agreementbetweenthepartieswithrespecttothesubjectmatterhereofand supercedesallpriordiscussionsandagreements, written ororal, withrespectthereto.
4.3 WaiversandAmendments.ThisAgreementmaybeamended,suspended,cancelled,renewedorextended,andthetermsandconditions hereofmaybewaived,onlybyawritteninstrumentsignedbybothpartiesor,in thecaseofawaiver,by theparty waivingcompliance.No delayon thepart of anypartyinexercisinganyright, power orprivilegehereundershalloperateasa waiver thereof.Norshallanywaiver onthepartofany partyofany suchright,power orprivilege hereunder, noranysingle or partialexerciseofany right,powerorprivilegehereunder,precludeanyother orfurther exercisethereof or theexercise ofanyotherright,power or privilegehereunder.
4.4 Assignment.ExecutiveshallnotbeentitledtoassignanyoftheExecutive’srightsordelegateanyoftheExecutive’sdutiesunderthisAgreement.TheExecutiveagreesthatthisAgreementmay be freely assignedbythe Company toanyperson or entitywhich succeedstoallor anysignificantportionof theCompany’sassetsorBusiness,whetherpursuanttoasale of assets, saleof stock,merger orother similartransaction.
4.5 Severability:Construction.Wheneverpossible,eachprovisionof thisAgreementshallbeinterpretedinsuchmannerastobeeffective andvalid underapplicablelaw,butifanyprovisionofthisAgreementisheldbyacountofcompetentjurisdictiontobeprohibited by or invalidunderapplicablelaw,suchprovision shall beineffectiveonly to the extent of suchprohibition orinvalidity,without invalidating theremainder of thisAgreement.Useoftheword“including”shallnotbelimitedby thetermsfollowingsuchword.Allreferences tosingular orpluralterms shallmeanthe otherwhereappropriate. Theterm“subsidiary” shallrefer tosubsidiaries of theCompanynow existing orhereafterformed oracquired.
4.6 ChoiceofLaw;Venue.THISAGREEMENT(INCLUDINGANYCLAIMORCONTROVERSYARISINGOUTOFORRELATINGTO THISAGREEMENT)SHALLBEGOVERNEDBYTHELAWOFTHE STATEOFNEVADA,WITHOUTREGARDTO CONFLICTOF LAW PRINCIPLESTHAT WOULD RESULTINTHE APPLICATIONOF ANYLAWOTHERTHANTHE LAWOF THE STATEOFNEVADA.THEEXCLUSIVE VENUEOF ANYACTION, SUIT,COUNTERCLAIM OR CROSSCLAIMARISING UNDER, OUTOF,ORINCONNECTION WITHTHISAGREEMENTSHALL BETHESTATEORFEDERAL COURTSINCLARK COUNTY, NEVADA.THE PARTIES HEREBY CONSENTTOTHE PERSONALJURISDICTIONOF ANY COURTOF COMPETENT SUBJECTMATTERJURISDICTION SITTINGINCLARK COUNTY,NEVADA.
4.7 Headings.Thesectionand subsectionheadings containedinthisAgreementareforreferencepurposesonlyandshallnoteffectinany waythemeaningorinterpretationofthisAgreement.
4.8 ExecutionofAgreement.ThisAgreementmaybeexecutedintwoormorecounterparts,eachofwhichshallbedeemedtobeanoriginal,butallofwhichshallbeoneand thesamedocument.Theexchange ofcopiesof thisAgreement andofsignaturepagesbyfacsimiletransmission,PDF or otherelectronic file shallconstitute effectiveexecutionand delivery of thisAgreement as to the partiesandmaybeusedin lieu of theoriginalAgreement forallpurposes. Signaturesof the partiestransmittedbyfacsimile, PDF or otherelectronicfile shall be deemed tobetheir originalsignatures forall purposes.
4.9 Representation.TheExecutivehasconsultedwithand relieduponindependent legal counselindeterminingwhethertosignthisAgreement,andhasnotreliedonCompany’scounsel torepresent theExecutive’sinterests.
[SIGNATURE PAGETOFOLLOW]
INWITNESSWHEREOF,thepartiesheretohaveexecutedthisAgreementonthedatefirst above written.
| CO-SIGNER,INC. |
| |
| /s/KurtKramarenko |
| Kurt Kramarenko, Chief Executive Officer |
| |
EXECUTIVE:| EXECUTIVE: |
| |
| /s/ Darren M. Magot |
| DarrenM.Magot, individually |
