EX-10.6






EXHIBIT 10.6




 




			
	
	 	SearchPath International

1220 Huron Rd, 4th Floor

Cleveland, OH 44115






June 18, 2007




Elin Young

24023 Letchworth Rd

Beachwood, OH 44122




Dear Elin,




This letter constitutes an offer of employment by SearchPathSM International
(hereinafter referred to as “Company”) to Elin Young (hereinafter referred to as “you” or “your”)
for the position of General Counsel.



Your duties as General Counsel will include but are not limited to company representation, contract
review, and management of outside legal counsel. You also may assist in franchise sales and the
on-boarding of all franchise prospects, maintain ongoing customer service to franchisees and assist
in the growth and development of Company. You will work from your home, although Company will
provide space for you in its offices as needed.



In full, complete, and adequate compensation for your services provided to Company, Company will
compensate you as follows:




1. Salary—You will be paid a salary for 15% of your time calculated on an annual base salary
of one hundred thirty thousand dollars ($130,000), which equates to one thousand six hundred
twenty five dollars per month payable semi-monthly according to Company’s normal payroll
schedule (15th and last day of the month). This amount will be adjusted as
necessary if you work in excess or less than 15% over a sustained period of time.




2. Continuing education, bar association dues and attorney registration fees — A portion of
your continuing education, bar association and attorney registration fees will be paid by the
Company.




3. Malpractice Insurance — The Company will provide or pay for your malpractice insurance
through a reputable insurance company licensed to do business in the State of Ohio.




4. Additional Compensation — you will be eligible to earn additional compensation as follows:




a. Bonus will be between 0% and 20% of annual salary provided company is profitable.




1. 50% of Bonus will be based on Company making its annual goal




2. 50% of Bonus will be based on personal achievements




3. Bonus will be paid in two installments on February 15th and March 15th of the following year.




b. A 5% bonus will be paid on any new franchisee sale generated strictly by you.




c. It is intended to grant equity in the company upon a public offering. It will be based
on the success of franchisor organization, and will be vested over five years. You must be
with the company for those five years prior to vesting.



 









 







 





5. Vacation — Since this position is considered part-time there is no designated vacation
time. Upon full time status, three weeks vacation will be granted.




6. Healthcare — Since this position is considered part-time you will not have the ability to
participate in the company healthcare benefit plan through Anthem Blue Cross Blue Shield. Upon
full time status, the Company will pay 80% of the employees’ benefits to begin one month from
start date. Any additional plan costs are your responsibility.



The Company, its officers and directors, and its heirs, successors and assigns agree to fully
indemnify and hold you harmless from any and all claims brought or liabilities imposed against you,
the Company, its officers, directors or employees as a result of your relationship with the
Company.



I trust that the foregoing accurately reflects the terms we have discussed. If these terms are
acceptable to you, please indicate your acceptances by signing the enclosed duplicate copy and
returning it to me at your earliest convenience.



Very truly yours,




SearchPathSM International




ACKNOWLEDGEMENT




The undersigned agrees to and accepts the terms contained in this Letter Agreement.



	 	 	 
	/s/ Elin B. Young

	 	/s/ Amy Johnston
	 

Elin Young
SSN:

	 	 

Amy E. Johnston
Vice President
SearchPath International
	 
	 	 
	8/10/07
 

(Date)

	 	7-11-07
 

(Date)
	 
	 	 
	 

(Witness signature)

	 	 

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