Attached files
EXHIBIT
10.3
EMPLOYMENT AGREEMENT
Employment
Agreement, between Allixon Co., Ltd., (the "Company") and So Lim Lee, (the
"Employee").
1. For
good consideration, the Company employees the Employee on the following terms
and conditions.
2. Term
of Employment. Subject
to the provisions for termination set forth below this agreement will begin on
25 day, of June 2009,,
unless sooner terminated.
3. Salary. The
Company shall pay Employee a salary of W 30,000,000 per year, for the services
of the Employee, payable at regular payroll periods.
4. Duties
and Position. The
Company hires the Employee in the capacity of CFO. The Employee's duties
may be reasonably modified at the Company's discretion from time to
time.
5. Employee
to Devote Full Time to Company. The
Employee will devote full time, attention, and energies to the business of the
Company, and, during this employment, will not engage in any other business
activity, regardless of whether such activity is pursued for profit, gain, or
other pecuniary advantage. Employee is not prohibited from making personal
investments in any other businesses provided those investments do not require
active involvement in the operation of said companies.
6. Confidentiality
or Proprietary Information. Employee
agrees, during or after the term of this employment, not to reveal confidential
information, or trade secrets to any person, firm,
corporation, or entity. Should Employee reveal or threaten to reveal this
information, the Company shall be entitled to an injunction restraining the
Employee from disclosing same, or from rendering any services to any entity to
whom said information has been or is threatened to be disclosed. the right to
secure an injunction is not exclusive, and the Company may pursue any other
remedies it has against the Employee for a breach or threatened breach of this
condition, including the recovery of damages from the Employee.
7. Reimbursement
of Expenses. The
Employee may incur reasonable expenses for furthering the Company's business,
including expenses for entertainment, travel, and similar items. The Company
shall reimburse Employee for all business expenses after the Employee presents
an itemized account of expenditures, pursuant to Company policy.
8. Vacation. The
Employee shall be entitled to a yearly vacation of 10 days at full
pay.
9. Disability. In
Employee cannot perform the duties because of illness or incapacity for a period
of more than 8 weeks,
the compensation otherwise due during said illness or incapacity will be
reduced by 15 percent. The Employee's full compensation will be reinstated upon
return to work. However, if the Employee is absent from work for any reason for
a continuous period of over 1 week, the Company may terminate the Employee's
employment, and the Company's obligations under this agreement will cease on
that date.
10. Termination
of Agreement. Without
cause, the Company may terminate this agreement at any time upon 30 days'
written notice to the Employee. If the Company requests, the Employee will
continue to perform his/her duties and may be paid his/her regular salary up to
the date of termination. Without cause, the Employee may terminate employment
upon 30 days' written notice to the Company. Employee may be required to perform
his or her duties and will be paid the regular salary to date of termination but
shall not receive severance allowance. Notwithstanding anything to the contrary
contained in this agreement, the Company may terminate the Employee's employment
upon 30 days' notice to the Employee should any of the following events
occur:
a) The
sale of substantially all of the Company's assets to a single purchaser or group
of associated purchasers; or
b) The
sale, exchange, or other disposition, in one trans-action of the majority of the
Company's outstanding corporate shares; or
c) The
Company's decision to terminate its business and liquidate its
assets;
d) The
merger or consolidation of the Company with another company.
e) Bankruptcy
or chapter 11 reorganization.
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11. Death Benefit.
Should Employee die during the term of employment, the Company shall pay to
Employee's estate any compensation due through the end of the month in which
death occured.
12. Restriction on Post Employment
Compensation. For a period of 2 years after the end of employment, the
Employee shall not control, consult to or be employed by any business similar to
that conducted by the company, either by soliciting any of its accounts or by
operating within Employer's general trading area.
13. Assistance in
Litigation. Employee shall upon reasonable notice, furnish such
information and proper assistance to the Company as it may reasonably require in
connection with any litigation in which it is, or may become, a party either
during or after employment.
14. Effect or Prior Agreements.
This Agreement supersedes any prior agreement between the Company or any
predecessor of the Company and the Employee.
15. Settlement by
Arbitration. Any claim or controversy that arises out of or relates to
this agreement, or the breach of it, shall be settled by arbitration in
accordance with the laws of Republic of Korea. Judgement upon the award rendered
may be entered in any court with jurisdiction.
16. Limited Effect of Waiver by Company.
Should Company waive breach of any provision of this agreement by the
Employee, that waiver will not operate or be construed as a waiver of further
breach by the Employee.
17. Severability. If for any
reason, any provision of this agreement is held invalid, all other provisions of
this agreement shall remain in effect. If this agreement is held invalid or
cannot be enforced, then to the full extent permitted by law any prior agreement
between the Company (or any predecessor thereof) and the Employee shall be
deemed reinstated as if this agreement had not been executed.
18. Assumption of
Agreement by Company's Successors and Assignees. The Company's rights and
obligations under this agreement will inure to the benefit and be binding upon
the Company's successors and assignees.
19. Oral Modifications Not
Binding. This instrument is the entire agreement of the Company and the
Employee. Oral changes have no effect. It may be altered only by a written
agreement signed by the party against whom enforcement of any waiver, change,
modification, extension, or discharge is sought.
Signed
this 25 day, of June 2009
/s/
So Lim Lee
Company
Employee’s Name
/s/
So Lim Lee
Company
Employee’s Sign
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