Exhibit 10.12
 
Logo [logo.jpg]
 

ELEMENT 21 GOLF COMPANY

Element 21 Golf Co. (Element) agrees to employ John T. Grippo as its Chief
Financial Officer. Mr. Grippo will work part time as an independent contractor,
while serving as Chief Financial Officer. The term of employment will begin
January 1, 2008 for one year, renewable for an additional term. The total term
of this contract is two years. During the term of this agreement Element will
pay Mr. Grippo $4,500 in cash per month and $7,500 in Element common stock per
month. The amount of stock to be issued will be based upon the average closing
price of Element common stock during the month. The Element common stock will be
issued within 30 days of the end of each month and will be registered stock.
Element will reimburse Mr. Grippo’s expenses incurred on behalf of Element.
Element will not require Mr. Grippo to relocate.

Element will be able to terminate Mr. Grippo at any time with complete repayment
of any outstanding obligations to Mr. Grippo, a cash payment of the balance due
on his contract.

All stock will be issued in whatever name Mr. Grippo and in whatever
denominations Mr. Grippo requests. All stock issuances will be adjusted for
stock splits, dividends or other changes to the common stock. All stock issued
will be freely tradable and issued without restriction. Element will extend any
and all indemnification rights and D and O insurance (if any) coverage to Mr.
Grippo in his capacity as Chief Financial Officer as allowed by law.

/s/Benton Wilcoxon

--------------------------------------------------------------------------------

Benton Wilcoxon
 

 
/s/ Sergei Bedziouk

--------------------------------------------------------------------------------

Sergei Bedziouk
 
 
/s/ Mary Bryan

--------------------------------------------------------------------------------

Mary Bryan

 
/s/ Nataliya Hearn

--------------------------------------------------------------------------------

 Nataliya Hearn