Document:

Hemisphere Energy Corporation - Exhibit 10.8 - Filed by newsfilecorp.com

EXECUTIVE EMPLOYMENT AGREEMENT 

THIS AGREEMENT is made effective as of the
1st day of September, 2014. 

BETWEEN: 

		
      Hemisphere Energy Corporation, having an address
      at 

      2000 – 1055 West Hastings Street, Vancouver, B.C. V6E 2E9 
	
	 	
       
	 
	  	
      (the “Corporation”) 
	 
	 	
       
	 
	AND: 	
      Ashley Ramsden-Wood, having an address at 

      604 –
      1133 Beach Ave, Vancouver, BC, V6E 1V1 
	
	 	
       
	 
	  	
      (the “Executive”) 
	 

WHEREAS: 

	A. 	
      The Corporation is in the business of producing oil and
      gas;

	 	 
	B. 	
      The Executive has the skills and abilities needed to
      provide services to the Corporation;

	 	 
	C. 	
      The Corporation and the Executive agree that the
      employment terms contained in this Agreement are valuable and sufficient
      consideration for the Executive’s voluntarily entering into this
      Agreement; and

	 	 
	D. 	
      The Corporation believes it is fair and reasonable to the
      Corporation that the Executive receive fair treatment in the event of a
      termination of employment or in the event of a Change of Control in
      respect of the Corporation;

NOW THEREFORE in consideration of the mutual promises of
the parties hereinafter set forth and for other good and valuable consideration
given to the Executive by the Corporation, the receipt and sufficiency of which
are hereby acknowledged by each of the parties hereto, the parties hereby
covenant and agree as follows: 

	1. 	
      DEFINITIONS

	 	 	 
	1.1 	
      For the purpose of this Agreement the following terms
      shall have the following meanings:

	 	 	 
		(a) 	
      "Affiliate" shall have the meaning ascribed
      thereto, in the Canada Business Corporations Act as at the date of
      this Agreement.

	 	 	 
		(b) 	
      "Agreement" means this agreement and all schedules
      attached hereto, and in each case as they may be amended or supplemented
      from time to time, and the expressions "hereof", "herein", "hereto",
      "hereunder", "hereby" and similar expressions refer to this agreement and,
      unless otherwise indicated, references to articles, sections and
      subsections are to articles, sections and subsections in this
      agreement.

	 	(c) 	
      "Associate" shall have the meaning ascribed
      thereto in the Canada Business Corporations Act, as at the date of
      this Agreement.

	 	 	 	 
	 	(d) 	
      "Average Annual Bonus" means an amount equal to
      either:

	 	 	 	 
	 		(a) 	
      the average of the annual performance bonus paid to the
      Executive over the two (2) years immediately prior to the Termination of
      Employment; or

	 	 	 	 
	 		(b) 	
      if the Executive has not been continuously employed by
      the Corporation for a period of two years prior to termination, the last
      annual performance bonus paid to the Executive prior to the Termination of
      Employment.

	 	(e) 	
      "Board of Directors" means the Board of Directors
      of the Corporation.

	 	 	 
	 	(f) 	
      “Business” means all aspects of the exploration,
      development and production of oil and gas assets in western
  Canada;

	 	 	 
	 	(g) 	
      "Change of Control" means the occurrence of a
      transaction or a series of transactions following the effective date of
      this Agreement, other than as agreed to in writing by the Executive, as a
      result of which:

	 	(a) 	
      any Person acquires or becomes the beneficial owner of,
      or a combination of Persons acting jointly or in concert or pursuant to a
      voting trust acquire or become the beneficial owner of, directly or
      indirectly, such number of Voting Securities of the Corporation which,
      together with such Person's or Persons' then owned Voting Securities of
      the Corporation, if any, represent 50% or more of the Voting Securities of
      the Corporation, whether such 50% threshold percentage is achieved through
      the acquisition of previously issued and outstanding Voting Securities, or
      of Voting Securities that have not been previously issued, or any
      combination thereof, or any other transaction having a similar effect;
      PROVIDED, HOWEVER, that the provisions of this subsection (a) shall be
      deemed not to apply to:

	 	(i) 	
      the acquisition of 40% or more of the Voting Securities
      of the Corporation by the Executive or any Associate(s) of the Executive
      or by any voting trust in which either the Executive or any Associate(s)
      of the Executive participate(s); and

	 	(b) 	
      a majority of the directors of the Corporation is removed
      from office at any annual or special meeting of shareholders or in any
      other manner whatsoever;

	 	 	 
	 	(c) 	
      the Corporation merges or is consolidated with, completes
      a successful take-over of or is successfully taken over by or concludes an
      arrangement for the disposition of the Corporation to or for the 

2 

acquisition of any other corporation(s) or legal
      entity(ies) (other than with, of, by or to a wholly-owned Subsidiary or
      Subsidiaries of the Corporation) and such transaction or series of
      transactions results in a Person (other than the shareholders of the
      Corporation, taken as a whole, immediately before the transaction in
      question) acquiring or becoming the beneficial owner of, or a combination
      of Persons (other than the shareholders of the Corporation, taken as a
      whole, immediately before the transaction in question) acting jointly or
      in concert or pursuant to a voting trust acquiring or becoming the
      beneficial owner of, directly or indirectly, such number of Voting
      Securities of the resulting Corporation(s) or legal entity(ies), so as to
      gain effective control of the resulting Corporation(s) or the legal
      entity(ies), PROVIDED, HOWEVER, that the provisions of this subsection (c)
      shall be deemed not to apply to any transaction in which the majority of
      the directors of the Corporation (as it was constituted prior to the
      transaction) remain as a majority of the directors of the Corporation
      following such transaction(s); or

	 	(d) 	
      the Corporation sells all or substantially all of its
      assets, over the reasonable objection of the Executive, to any other
      corporation(s) or legal entity(ies) (other than to a wholly-owned
      Subsidiary or Subsidiaries of the Corporation), and for the purpose of
      this subsection (d), "substantially all" shall mean 75% or more in value
      of the "proved reserves" of the Corporation from time to
  time.

	 	(h) 	
      "Corporation" means Hemisphere Energy Corporation
      and its Affiliates and Subsidiaries.

	 	 	 
	 	(i) 	
      "Just Cause" includes, but is not limited to: (i)
      the commission of a criminal offence or commission of any unlawful act by
      the Executive which would be detrimental to the reputation, character or
      standing of the Corporation, or a material act of dishonesty, fraud,
      embezzlement, misappropriation or financial dishonesty against the
      Corporation; (ii) the material breach of this Agreement by the Executive,
      or any other written agreement between the Executive and the Corporation;
      (iii) the Executive’s material breach or violation of any lawful
      employment policy of the Corporation, including those prohibiting
      harassment of another employee; (iv) breach of fiduciary duty as an
      officer to the Corporation or persistent neglect, gross negligence or
      wilful misconduct in the performance of duties in accordance with the
      lawful direction of the Board; or (v) any conduct that at common law or
      under the British Columbia Employment Standards Act would
      constitute just cause for termination of employment without notice or pay
      in lieu of notice.

	 	 	 
	 	(j) 	
      "Person" includes an individual, partnership,
      association, body corporate, trustee, executor, administrator, legal
      representative and any national, provincial, state or municipal
      government.

3 

	 	(k) 	
      “Territory” means western Canada.

	 	 	 
	 	(l) 	
      “Termination of Employment” means the Executive’s
      last day actively at work for the Corporation, regardless of the reason
      for employment ceasing, whether for cause or not for cause, whether lawful
      or unlawful, whether the cessation of employment was initiated by the
      Executive or by the Corporation.

	2. 	
      EMPLOYMENT

	 	 
	2.1 	
      The Corporation shall employ the Executive in the
      position of VP Engineering, commencing on the date of execution of this
      Agreement (the “Commencement Date”).

	 	 
	2.2 	
      This Agreement shall be for an indefinite term unless
      terminated earlier in accordance with Section 7 below.

	 	 
	2.3 	
      The Executive shall perform the duties as are consistent
      with such position of VP Engineering and any other duties as determined by
      the Corporation. The Executive acknowledges and agrees that the
      requirement to fulfil other duties as determined by the Corporation does
      not constitute a fundamental alteration to this Agreement and does not
      entitle the Executive to remuneration in addition to that set out below in
      Section 3.

	 	 
	2.4 	
      The Corporation may change the Executive's duties,
      responsibilities and status, provided that such change or series of
      changes does not constitute Good Reason (as defined below).

	 	 
	2.5 	
      The Executive agrees that his hours of work shall vary
      and may be irregular and shall be those hours required to meet the
      objectives of his employment. The Executive agrees that the compensation
      described in Section 3 of this Agreement compensates him for all hours
      worked and that no overtime shall be paid with respect to any hours worked
      by the Executive outside normal business hours.

	 	 
	2.6 	
      The Executive acknowledges and agrees that the employment
      relationship shall be governed by the standards and terms established by
      the Corporation’s policies as they are established from time to time and
      agrees to comply with the terms of such policies so long as they are not
      inconsistent with any provisions of the Agreement. The Executive shall
      inform himself of the details of such policies and amendments thereto
      established from time to time. The Corporation reserves the right to
      unilaterally revise the Corporation’s policies.

	 	 
	2.7 	
      The Executive acknowledges that the position of VP
      Engineering of the Corporation places the Executive in a fiduciary
      relationship with the Corporation and that the Executive owes a duty to
      the Corporation to act with the utmost good faith. The Executive shall
      faithfully serve the Corporation and make best efforts to promote the
      interests of the Corporation at all times.

	 	 
	2.8 	
      The Executive agrees to devote his full time and
      attention to the business of the Corporation and shall not, without the
      written consent of the Corporation, undertake during the course of his
      employment any other business or occupation or become a 

4 

director, officer, Executive, consultant or agent of
another company, firm or proprietorship.

	2.9 	
      The Executive shall, in the course of carrying out his
      duties and responsibilities, comply with all applicable laws, regulations,
      bylaws, ordinances and any other applicable legal requirements.

	 	 
	2.10 	
      The Executive shall disclose actual or potential business
      conflicts of interest to the Corporation. Any uncertainty as to whether
      such a conflict exists shall be raised by the Executive for determination
      by the Corporation, acting reasonably. The Executive shall conduct himself
      so as to avoid any actual or potential conflict of interest.

	 	 
	3. 	
      COMPENSATION AND BENEFITS

	 	 
	3.1 	
      The Corporation shall pay the Executive an annual base
      salary of CAD$140,000 payable in semi-monthly installments, according to
      its normal payroll practices, subject to the normal statutory deductions
      (the “Annual Base Salary”).

	 	 
	3.2 	
      In addition to the annual salary payable to the
      Executive, the Executive shall be entitled to receive a performance bonus
      as and when determined by, and at the discretion of, the Board of
      Directors.

	 	 
	3.3 	
      The Executive shall be entitled to five (5) weeks of paid
      vacation of per annum, prorated for partial years of employment, to be
      taken at times mutually agreeable to the Executive and the
    Corporation.

	 	 
	3.4 	
      The Corporation shall, subject to eligibility, allow the
      Executive to participate in the Corporation’s benefits plan(s) in effect
      for employees of the Corporation, as amended from time to time. Benefits
      shall be provided in accordance with the formal plan documents or policies
      and any issues with respect to entitlement or payment of benefits under
      the insurance benefits package shall be governed by the terms of such
      documents or policies. The Corporation reserves the right to unilaterally
      revise the terms of the benefits plan(s).

	 	 
	3.5 	
      The Corporation shall pay or reimburse the Executive for
      all reasonable out of pocket business expenses including, without
      limitation, all travel and promotional expenses payable or incurred by the
      Executive in connection with the proper discharge of his duties and
      responsibilities under this Agreement. For all such expenses, the
      Executive shall provide to the Corporation proper receipts validating such
      expenses, and any other information or materials as the Corporation may
      from time to time reasonably require.

	 	 
	3.6 	
      Unless otherwise agreed by the parties, upon cessation of
      employment with the Corporation for any reason, regardless of whether the
      cessation is voluntary or involuntary or constitutes termination with or
      without cause or adequate notice the Executive shall cease to participate
      in the Corporation’s benefits plans under Section 3.4 of this Agreement
      and shall not be entitled to any further benefits under this
    Agreement.

5 

	3.7 	
      The Executive shall be entitled to participate in the
      Corporation's profit sharing and stock option plans as may be amended or
      constituted from time to time, provided that participation shall be in
      accordance with and subject to all applicable terms and conditions of such
      plans. The Corporation reserves the right to unilaterally revise the terms
      of the Corporation's profit sharing and stock option plans.

	 	 
	3.8 	
      Any stock options granted under Section 3.7 of this
      Agreement or at any time during this Agreement shall vest, terminate and
      be exercisable on the terms set out in the form of stock option agreement
      in use by the Corporation at the time of such grant and in accordance with
      the terms of the Corporation’s Stock Option Plan for employees as it
      exists from time to time, and subject to necessary regulatory and Board
      approval.

	 	 
	3.9 	
      All compensation payable under Section 3 of this
      Agreement shall be subject to applicable federal, provincial and local tax
      and other withholding obligations.

	 	 
	4. 	
      RESTRICTIONS ON EMPLOYMENT

	 	 
	4.1 	
      The Executive represents and warrants to the Corporation
      that the Executive does not owe and shall not, during the Executive’s
      employment with the Corporation, undertake or agree to, any contractual or
      other duties or obligations to any other person or entity which may
      conflict or interfere with this Agreement or any of the Executive’s duties
      and obligations under this Agreement, or which may prevent the Executive
      from entering into this Agreement or performing any of the Executive’s
      duties and obligations under this Agreement. The Executive represents and
      warrants that the Executive shall not use in the performance of the
      Executive’s duties for the Corporation any documents or materials or
      intangibles of a former employer or third party that are not generally
      available to the public or have not been legally transferred to the
      Corporation.

	 	 
	5. 	
      NON-COMPETITION AND
  NON-SOLICITATION

	 	 
	5.1 	
      The Executive recognizes and understands that in
      performing the duties and responsibilities of his employment as outlined
      in this Agreement, the Executive has been and shall be a key employee of
      the Corporation and shall occupy a position of high fiduciary trust and
      confidence, pursuant to which the Executive has developed and shall
      develop and acquire wide experience and knowledge with respect to all
      aspect of the business carried on by the Corporation and the manner in
      which such business is conducted. It is the expressed intent and agreement
      of the Executive and the Corporation that such knowledge and experience
      shall be used solely and exclusively in the furtherance of the business
      interest of the Corporation and its Affiliates and not in any manner
      detrimental to them. The Executive therefore agrees that so long as he is
      employed by the Corporation pursuant to this Agreement he shall not engage
      in any practice or business in competition with the business of the
      Corporation or any of its Affiliates, nor shall the Executive take any act
      that would result in a conflict of interest with respect to the
      Executive's duties under this Agreement.

	 	 
	5.2 	
      The Executive covenants that the Executive shall not,
      during the term of this Agreement and for a period of six (6) months
      following the Termination of Employment, on the 

6 

Executive’s own behalf or on behalf of any
undertaking or business, whether directly or indirectly, in any capacity
whatsoever, alone, through or in connection with any undertaking or business, in
the Territory:

	 	(a) 	
      agree to be employed by or agree to provide services to
      any undertaking or business;

	 	 	 
	 	(b) 	
      be engaged in or advise or invest in or give any
      financial assistance to any business or undertaking;

	 	 	 
	 	(c) 	
      be engaged in or have any financial or other interest
      (including without limitation, an interest by way of royalty or other
      compensation arrangements) in, or in respect of, any business or
      undertaking; or

	 	 	 
	 	(d) 	
      advise, lend money to, guarantee the debts or obligations
      of, or permit the Executive’s name or any part thereof to be used or
      employed by any person engaged or concerned with or interest in any
      business or undertaking,

		
      carried on within the Territory which is in the same
      Business as the Corporation (the “Competing Business”).

	 	 	 
	5.3 	
      Nothing in Section 5.2 shall:

	 	 	 
		(a) 	
      be construed as preventing the Executive from owning,
      directly or indirectly not more than five percent (5%) of the issued and
      outstanding securities of a corporation which is a Competing Business,
      provided that such securities are traded on any recognized stock exchange
      or in the over-the-counter market; or

	 	 	 
		(b) 	
      prevent the Executive from being employed, engaged or
      involved in or by any undertaking or business to the extent that any of
      the Executive’s activities for such undertaking or business shall relate
      solely to matters of a type with which the Executive was not materially
      concerned within the 12 months immediately preceding the Termination of
      Employment.

	 	 	 
	5.4 	
      The Executive covenants that he shall not without the
      prior written consent of the Corporation at any time during employment
      with the Corporation and a period of 12 months following the Termination
      of Employment, either alone or in partnership or jointly or in conjunction
      with any Person, whether as principal, agent, partner, co- venturer,
      shareholder, investor, creditor, director, officer, employee, advisor,
      consultant or in any other capacity whatsoever, directly or
    indirectly:

	 	 	 
		(a) 	
      employ, engage, offer employment or engagement to or
      solicit the employment or engagement of or entice away from or solicit,
      induce or encourage to leave the employment or engagement by the
      Corporation, any individual who is employed or engaged by the Corporation
      whether or not such individual would commit any breach of the Executive’s
      contract or terms of employment or engagement by leaving the employ or the
      engagement by the Corporation; and

7 

	 	(b) 	
      procure or assist any person, company, partnership, trust
      or other entity to employ, engage, offer employment or engagement or
      solicit the employment or engagement of any individual who is employed or
      engaged by the Corporation or otherwise entice away from the employment or
      engagement of the Corporation any such
individual.

	5.5 	
      The parties recognize that a breach by the Executive of
      any of the covenants contained in this Section 5 would result in damages
      to the Corporation and that the Corporation could not adequately be
      compensated for such damages by monetary award. Accordingly, the Executive
      agrees that in the event of any such breach, in addition to all other
      remedies available to the Corporation at law or in equity and the
      Corporation shall be entitled as a matter of right to apply to a court of
      competent jurisdiction for such relief by way of restraining order,
      injunction, decree or otherwise, as may be appropriate to ensure
      compliance with the provisions of this Agreement.

	 	 
	5.6 	
      The parties further agree that a breach by the Executive
      of any of the covenants contained in Sections 5.2, 5.4 and 6 of this
      Agreement constitute Just Cause for the Corporation to terminate the
      Executive’s employment and shall nullify and make void the obligation of
      the Corporation to make the payments referred to in Section 7.4 of this
      Agreement and where such payments have already been made, the Executive
      agrees to reimburse the Corporation the amount paid. Where the Executive
      fails to reimburse the Corporation, the amount paid to the Executive shall
      be a debt due and owing from the Executive to the Corporation.

	 	 
	5.7 	
      The parties agree that all restrictions in this Agreement
      are necessary and fundamental to the protection of the business of the
      Corporation and are reasonable and valid, and all defences to the strict
      enforcement thereof by the Corporation are hereby waived by the Executive.
      The restrictions contained in this Section 5 are in addition to and do not
      derogate from any other duties and obligations (including fiduciary
      obligations) the Executive may have to the Corporation under any
      applicable laws.

	 	 
	6. 	
      CONFIDENTIAL INFORMATION

	 	 
	6.1 	
      The Executive acknowledges that in the performance of the
      Executive’s duties and responsibilities the Executive shall acquire
      knowledge of a wide variety of confidential information concerning the
      operations, opportunities, assets, finances, business and affairs of the
      Corporation and its employees, customers, joint venture parties,
      contractors, suppliers parents, and related companies (the
      “Confidential Information”). The Confidential Information is and
      shall remain the sole and exclusive property of the Corporation regardless
      of whether such information was generated by the Executive or by
      others.

	 	 
	6.2 	
      Throughout the term of this Agreement and at all times
      after the termination of this Agreement for any reason whatsoever, the
      Executive agrees to refrain from directly or indirectly using, revealing
      or disclosing, in any manner whatsoever, any information that is
      Confidential Information or not known to the general public that is
      disclosed, entrusted

8 

to or revealed to the Executive by the Corporation or of
      which the Executive has become aware in the course of the Executive’s
      employment with the Corporation.

	7. 	
      TERMINATION OF AGREEMENT AND
    EMPLOYMENT

	 	 	 
	7.1 	
      This Agreement shall terminate as of the date of the
      Executive’s death.

	 	 	 
	7.2 	
      If the Executive becomes Disabled (as defined below), so
      that the Executive is unable to perform his essential job functions
      hereunder for a period aggregating 180 days during any 12 month period, or
      it is determined by a physician reasonably selected by the Corporation
      that, by reason of Disability, the Executive shall be unable to perform
      the essential job functions required of him hereunder, where the
      Disability cannot be accommodated without the Executive incurring undue
      hardship, the Corporation may, by written notice to the Executive,
      terminate this Agreement and the Executive’s employment the Corporation.
      For purposes of this Agreement, “Disabled” or “Disability”
      means, as determined by the Executive, disability as it would be
      interpreted under the applicable human rights legislation in
  Canada.

	 	 	 
	7.3 	
      The Corporation may terminate the Executive’s employment
      pursuant to this Agreement at any time, for Just Cause, without notice or
      pay in lieu of notice.

	 	 	 
	7.4 	
      The Corporation may terminate the Executive’s employment
      not for cause by providing the Executive with 12 months working notice or,
      in the alternative, without notice by paying to the Executive the
      following compensation:

	 	 	 
		(a) 	
      any accrued amounts earned by or otherwise owing to the
      Executive by the Corporation as of the Termination of
Employment;

	 	 	 
		(b) 	
      the full amount of any expenses incurred by the Executive
      pursuant Section 3.5 of this Agreement up to the Termination of
      Employment, provided the Executive provides proper receipts validating
      such expenses to the Corporation no later than fifteen (15) days following
      the Termination of Employment;

	 	 	 
		(c) 	
      the Annual Base Salary; and

	 	 	 
		(d) 	
      the Average Annual Bonus,

	 	 	 
		
      less any applicable federal, provincial and local tax and
      other withholding obligations.

	 	 	 
	7.5 	
      Anything to the contrary notwithstanding, the Executive
      may terminate this Agreement for Good Reason by written notice to Employer
      at any time not more than ninety (90) days after Good Reason shall first
      exist. For purposes of this Agreement, “Good Reason” shall mean any
      one of the following events:

	 	 	 
		(a) 	
      a Change of Control;

	 	 	 
		(b) 	
      any material diminution in the aggregate of Employee’s
      Annual Base Salary (as defined below) and benefits under Employer’s
      health, welfare and retirement 

9 

plans and programs in which Employee participates
(excluding any changes to Employee’s bonus and other incentive compensation); or

	 	(c) 	
      any material breach by Employer of this
  Agreement;

		
      provided, however, that, upon the occurrence of an event
      described in Sections 7.5(b) through 7.5(c) above, the Executive shall
      have, within ninety (90) days of such occurrence, given written notice
      thereof to the Corporation specifying in reasonable detail the facts and
      circumstances of such event, and the Corporation shall have failed to
      remedy or otherwise cure the circumstances within fifteen (15) business
      days following the receipt by the Corporation of such notice; provided
      further, however, that, if such action, failure or breach cannot
      reasonably be cured within such period of time, then such period of time
      shall be extended to the appropriate period of time in which such action,
      failure or breach can reasonably be cured so long as the Corporation takes
      those measures that can reasonably be taken during such period of time and
      thereafter as are reasonably necessary to cure such action, failure or
      breach. If the Executive terminates the Agreement pursuant to this Section
      7.5, the Executive shall be entitled to receive the compensation set out
      in Section 7.44.

	 	 
	7.6 	
      The Executive may terminate the Executive’s employment
      without Good Reason by providing at least thirty (30) days’ notice in
      writing to the Corporation, which notice may be waived in whole or in part
      by the Corporation at its sole discretion, in which case the Executive’s
      entitlement to any forms of compensation will, subject to any statutory
      requirements to the contrary, cease on the day that the Corporation waived
      that notice. The Corporation shall have no further obligations to the
      Executive with respect to the termination of the Executive’s employment or
      this Agreement, including without limitation any further compensation,
      severance pay or damages.

	 	 
	7.7 	
      The Corporation and the Executive agree that the
      consideration provided in Section 7.44 constitutes a complete and final
      remedy, and upon the Corporation’s compliance with its obligations to the
      Executive upon Termination of Employment, and the Executive hereby
      releases the Corporation from any and all covenants, warranties,
      representations, debts, dues, accounts, claims, demands, actions and
      rights of action, including, but not limited to, all claims at common law
      and/or under the British Columbia Employment Standards Act and
      Human Rights Code and any other applicable legislation and under
      any applicable insurance benefits coverage which the Executive has or
      hereafter can, shall or may have arising or resulting directly or
      indirectly from his employment with the Corporation, or the cessation
      thereof, and that the Executive shall execute a release in favour of the
      Corporation.

	 	 
	7.8 	
      The Executive shall at any time upon request by the
      Corporation, and immediately upon the Termination of Employment, promptly
      return to the Corporation all originals and copies of Confidential
      Information and all paper and electronic documents and other records
      containing Confidential Information, and any other property belonging to,
      or relating to the business of, the Corporation or its parents and related
      companies, including any records, data, notes, reports, proposals, client
      lists, correspondence, materials, 

10 

marketing or sales information, computer programs,
equipment, or any other property belonging to the Corporation without retaining
copies thereof.

	7.9 	
      The Executive agrees that the Executive shall not engage
      in any pattern of conduct, whether through written or oral statements,
      which are disparaging or damaging to the integrity, reputation, or good
      shall of the Corporation either during or after the Executive’s
      employment.

	 	 
	8. 	
      CHANGE OF CONTROL

	 	 
	8.1 	
      Notwithstanding the terms of this Agreement and upon
      request of the Corporation, the Executive agrees to remain in the employ
      of the Corporation during the period commencing with any act taken by any
      Person, or the announcement of an intention to take such act, which may
      result in a Change of Control of the Corporation and ending with the final
      conclusion of all matters associated with such act or
  announcement.

	 	 
	9. 	
      LEGAL PROCEEDINGS

	 	 
	9.1 	
      To the extent that it is lawfully able to do so, the
      Corporation shall indemnify the Executive and his heirs, and legal
      representatives against all costs, charges and expenses (including any
      amounts paid to settle any actions or satisfy any judgment) reasonably
      incurred by the Executive in respect of any civil, criminal or
      administrative action or proceeding to which the Executive has been made a
      party by reason of being or having been an employee, director, or officer
      of the Corporation if:

	 	(a) 	
      the Executive acted honestly and in good faith with a
      view to the best interests of the Corporation; and

	 	 	 
	 	(b) 	
      in the case of a criminal or administrative action or
      proceeding that is enforced by a monetary penalty, the Executive had
      reasonable grounds for believing that his conduct was
  lawful.

	9.2 	
      To the extent that it is lawfully able to do so, the
      Corporation shall indemnify the Executive and his heirs, and legal
      representatives against all costs, charges and expenses reasonably
      incurred by the Executive in respect of an action by or on behalf of the
      Corporation to procure a judgment in the Corporation's favour to which the
      Executive is made a party by reason of having been an employee, director,
      or officer of the Corporation, if:

	 	(a) 	
      the Executive acted honestly and in good faith with a
      view to the best interests of the Corporation; and

	 	 	 
	 	(b) 	
      in the case of a criminal or administrative action or
      proceeding that is enforced by a monetary penalty, the Executive had
      reasonable grounds for believing that his conduct was
  lawful.

11 

	10. 	
      MISCELLANEOUS

	 	 
	10.1 	
      This Agreement shall enure to the benefit of and be
      enforceable by the Executive's successors or legal representatives but
      otherwise it is not assignable.

	 	 
	10.2 	
      This Agreement and the documents specifically referred to
      herein constitute the entire agreement between the Executive and the
      Corporation regarding the matters described herein and therein. Any and
      all previous agreements or representations, written or oral, express or
      implied, relating to such matters are terminated, cancelled or
      withdrawn.

	 	 
	10.3 	
      Notwithstanding any termination of this Agreement for any
      reason whatsoever and with or without cause, the provisions of Articles 6,
      7.7, 7.9, 9, and 10.4 and any of the provisions of this Agreement
      necessary to give efficacy thereto, shall continue in full force and
      effect following such termination.

	 	 
	10.4 	
      If any provision contained herein is determined to be
      void or unenforceable in whole or in part, it shall be and be deemed to be
      severed from this Agreement without effecting or impairing the validity of
      any other provision herein.

	 	 
	10.5 	
      The Corporation shall have the right to assign this
      Agreement to another party as a successor employer, provided that any such
      successor or assignee expressly assumes in writing the Corporation’s
      obligations under this Agreement. The Executive shall not assign the
      Executive’s rights under this Agreement or delegate to others any of the
      Executive’s functions and duties under this Agreement without the express
      written consent of the Corporation, which may be withheld in its sole
      discretion.

	 	 
	10.6 	
      The headings of the articles, sections and subsections
      herein are inserted for convenience of cross reference only and shall not
      affect the meaning or construction hereof.

	 	 
	10.7 	
      This Agreement shall be governed by and construed in
      accordance with the laws of the Province of British Columbia. Any dispute
      arising from, connected with, or relating to this Agreement or any related
      matters shall be resolved by the courts of British Columbia sitting in the
      city of Vancouver, and the parties hereby irrevocably submit and attorn to
      the original and exclusive jurisdiction of these courts.

	 	 
	10.8 	
      If there is a conflict between the provisions of this
      Agreement and the provisions of any incentive compensation plans, benefit
      plans, pension plans, any other perquisites payable, or any basis of
      compensation or the payment of benefits to the Executive generally, the
      parties acknowledge and agree that it is the intent of this Agreement that
      the Executive shall receive the maximum of the amounts owing to him
      hereunder or thereunder and in no event shall the Executive be
      disadvantaged as a result of such a conflict.

	 	 
	10.9 	
      Any notice or other communication required or permitted
      to be given hereunder shall be in writing and shall be prepaid first-class
      mail, by facsimile or other means of electronic communication or by
      hand-delivery as hereinafter provided. Any such notice or other
      communication, if mailed by prepaid first-class mail at any time other
      than during a general discontinuance of postal service due to strike,
      lockout or otherwise, shall be deemed to have been received on the fourth
      business day after the post-marked date 

12 

thereof, or if sent by facsimile or other means of
electronic communication, shall be deemed to have been received at the time it
is delivered to the applicable address noted below either to the individual
designated below or to an individual at such address having apparent authority
to accept deliveries on behalf of the addressee. Notice of change of address
shall also be governed by this section. In the event of a general discontinuance
of postal service due to strike, lock-out or otherwise, notices or other
communications shall be delivered by hand or sent by facsimile or other means of
electronic communication and shall be deemed to have been received in accordance
with this section. Notices and other communications shall be addressed as
follows: 

	 	(a) 	
      if to the Executive:

	 	 	 
	 		
      Ashley Ramsden-Wood

	 	 	 
	 	 	 
	 		
      Phone :

	 	 	 
	 	 	 
	 	(b) 	
      if to the Corporation:

	 	 	 
	 		
      Hemisphere Energy Corporation

	 		
      Suite 570 -789 West Pender St. 
Vancouver, BC V6C
      1H2

	 		
      Attention: Chairman, Board of Directors 
Facsimile:
      (604) 685-9676

	10.10 	
      The Executive agrees that the contents, terms and effect
      of this Agreement have been explained to the Executive by a lawyer and are
      fully understood or that the Executive has waived the Executive’s right to
      seek legal advice but fully understand and accept the contents, terms and
      effect of this Agreement. The Executive further agrees that the Executive
      voluntarily accepts the terms and conditions of employment with the
      Corporation as set out herein.

	 	 
	10.11 	
      The Executive hereby acknowledges receipt of a copy of
      this Agreement duly signed by the Corporation.

	 	 
	10.12 	
      Words importing the masculine gender shall include the
      feminine and neuter genders and vice versa and the words importing persons
      shall include individuals, partnerships, trusts, corporations, governments
      and governmental authorities and vice versa.

13 

IN WITNESS WHEREOF the parties hereunto have executed
this agreement as of the date first written above. 

HEMISPHERE ENERGY CORPORATION

	Per: 	/s/ Don Simmons 	 
	  	       
                       
       Authorized Signatory 	 

	SIGNED, SEALED AND DELIVERED by 	) 	  
	Ashley Ramsden-Wood 	) 	  
	 	) 	  
	in the presence of: 	) 	  
	Ian
      Duncan                   
       /s/ Ian Duncan 	  	/s/
      Ashley Ramsden-Wood 
	Witness 	) 	Ashley Ramsden-Wood 
	 	) 	  
	Address 	) 	  
	 	) 	  
	 	) 	  
	Engineering 	) 	  
	Occupation 	) 	  

14employmentagreementcjw.htm

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT (“Agreement”) is made and entered into as of the 26th day of August, 2014 (“Effective Date”), by and between Radio One, Inc. (“Company”), a Delaware corporation having its principal place of business at 1010 Wayne Avenue, 14th Floor, Silver Spring, Maryland, and Christopher J. Wegmann (“Employee”), an individual residing at 2116 O Street N.W., Washington, D.C.

 

RECITALS

WHEREAS, Company is engaged in the business of owning and managing broadcast media, directly and through subsidiaries and affiliates, including certain radio stations serving various Nielsen Audio Total Survey Areas; and

WHEREAS, Company desires to employ Employee to perform such services as described below, in accordance with the terms hereof; and

WHEREAS, Employee desires to be employed by Company, in accordance with the terms hereof;

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Company and Employee, intending to be legally bound, hereby agree as follows:

COVENANTS

	
1.  

	
Employment.  Company hereby employs Employee in the position of President of Radio.

 

	
2.  

	
Term and Exclusive Negotiation Period.

 

	
(a)  

	
Term. Employee’s employment under this Agreement shall commence on January 1, 2014 (“Commencement Date”) and shall continue in full force and effect for a period of two (2) years until December 31, 2015 (“Initial Term”), unless earlier terminated by Company pursuant to the provisions of Section 10 hereof.  Company, in its sole discretion, shall have the right to renew this Agreement for an additional period of one (1) year (“Renewal Term”) on the same terms and conditions as set forth herein, upon notice to Employee of Company’s intent to renew on or before the expiration date of the Initial Term (hereinafter, the Initial Term and/or any Renewal Term shall be referred to as “Term”).

 

	
(b)  

	
Exclusive Negotiation Period. The parties hereto agree that either of them may initiate a period of exclusive good faith negotiation to commence no earlier than ninety (90) days prior to the expiration date of this Agreement and terminate thirty (30) days after Employee ceases to be employed by Company (“Exclusive Negotiation Period”), during which time the parties will engage in exclusive good faith negotiations for extending this Agreement on mutually agreeable terms and conditions.  If either party initiates negotiations, Company agrees to provide Employee with the compensation terms that Company would be willing to pay to extend the Agreement for an additional period of time beyond the Term. If the parties are unable to reach agreement to extend this Agreement within the Exclusive Negotiation Period, Employee thereafter shall be permitted to solicit and/or entertain offers from, and to negotiate with, third parties, following the expiration of the Exclusive Negotiation Period.

 

	
3.  

	
Duties.

 

	
3.1.  

	
Employee hereby agrees to the following, without limitation:

 

	
(a)  

	
Employee shall use his best efforts to perform such duties as are usual and customary for a media company executive, including managing, facilitating, and implementing Company’s strategic and operational plans, while ensuring the execution of same at the highest level of professionalism and competence. A job description setting forth Employee’s primary responsibilities is attached hereto as Schedule I.

 

	
(b)  

	
Employee shall provide regional management and oversight of Company’s Atlanta, Georgia, Baltimore, Maryland, Philadelphia, Pennsylvania, Richmond, Virginia, and Washington, D.C. radio markets.

 

	
(c)  

	
Employee’s performance shall be at the direction of, and in accordance with the determination of, the Chief Executive Officer.

 

	
3.2.  

	
Employee shall devote Employee’s best efforts to the business and affairs of Company and the performance of Employee’s duties under this Agreement.

 

	
3.3.  

	
Employee shall devote Employee’s full time, energy, and skill to the performance of the services in which Company is engaged, at such time and place as Company may direct. Employee shall not undertake, either as an owner, director, shareholder, employee or otherwise, the performance of services for compensation (actual or expected), either directly or indirectly, on behalf of Employee or any other person or entity, without the prior express written consent of Company.

 

	
3.4.  

	
Employee shall faithfully and industriously assume and perform with skill, care, diligence, and attention all responsibilities and duties connected with Employee’s employment on behalf of Company.

  

 

  

	
3.5.  

	
The normal working hours of Employee shall be as established by the Chief Executive Officer.

 

	
3.6.  

	
Employee shall be based in Company’s Corporate Offices in Silver Spring, Maryland and shall reside in the Washington, D.C. metropolitan area.

 

	
4.  

	
Compensation.

 

	
(a)  

	
Base Compensation. Subject to subsection (b) hereof, Employee’s base compensation shall be at the rate of Five Hundred Twenty Five Thousand Dollars ($525,000) per year, subject to applicable deductions and payable semimonthly in accordance with Company’s standard payroll schedule and policy.

 

	
(b)  

	
Adjustment to Compensation. Company shall retain the right to adjust Employee’s base compensation as a result of economic conditions, provided that other similarly-situated employees shall have their compensation adjusted in a similar manner.

 

	
(c)  

	
Annual Performance Bonus Potential.

 

	
(i)  

	
Performance Bonus. Employee shall be eligible to receive performance bonus compensation in an amount not to exceed One Hundred Twenty Five Thousand Dollars ($125,000) per year, subject to applicable deductions, at the conclusion of each calendar year that (i) Employee remains actively employed by Company, (ii) Employee is in compliance with the terms of this Agreement as well as Company policies, procedures, and directives concerning job performance and conduct, and (iii) Employee causes or achieves one hundred percent (100%) of Employee’s annual budget for broadcast cash flow (“BCF”) for all Radio One markets.  For purposes of this subsection, BCF shall be calculated by taking each market’s net revenue and deducting total operating expenses. Employee’s bonus allocation for calendar year 2014 shall be based upon each radio market’s proportionate contribution to BCF, and future bonus allocations for each market shall be provided to Employee on or about January 31st. For the avoidance of doubt, eligibility for payment requires Employee to be actively employed by Company on the date the bonus is paid.  Bonus criteria are subject to change by Company, in its sole discretion, upon reasonable notice to Employee.  Subject to Section 4(c)(iii) hereof, bonus payments due Employee pursuant to this subsection shall be made to Employee as a cash lump sum no later than the end of the quarter following the calendar year for which the bonus was calculated.

 

	
(ii)  

	
Discretionary Performance Bonus.  Employee shall be eligible to receive discretionary performance bonus compensation in an amount not to exceed Fifty Thousand Dollars ($50,000) per year, subject to applicable deductions, at the conclusion of each calendar year that (i) Employee remains actively employed by Company, (ii) Employee is in compliance with the terms of this Agreement as well as Company policies, procedures, and directives concerning job performance and conduct, and (iii) Employee’s performance achieves certain criteria to be determined by Company’s Chief Executive Officer and Board of Directors, in their sole discretion. For the avoidance of doubt, eligibility for payment requires Employee to be actively employed by Company on the date the bonus is paid.  Subject to Section 4(c)(iii) hereof, bonus payments due Employee pursuant to this subsection shall be made to Employee as a cash lump sum no later than the end of the quarter following the calendar year for which the bonus was calculated.

 

	
(iii)  

	
Stock Substitution. Company, in its sole discretion, reserves the right to substitute equivalent shares of Class D common stock under the Radio One 2009 Stock Option and Restricted Stock Grant Plan (“Plan”) in lieu of cash payments otherwise due under Section 4(c)(i) through (ii) of this Agreement.  The number of shares granted shall be equal to the amount of the bonus earned, divided by the closing share price on the grant date, which date shall be the fifth calendar day of the month following the date on which the bonus was calculated. Other material terms of the stock grant shall be as set forth in the Plan and related policies, which documentation shall be made available to Employee on or about the effective date of the grant.

 

	
5.  

	
Paid Time Off and Benefits.

 

	
5.1.  

	
Employee shall be eligible to accrue up to One Hundred Eighty Four (184) Paid Time Off (“PTO”) hours annually in accordance with Company’s PTO Policy.  All PTO requests must be approved in advance by the Chief Executive Officer.

 

	
5.2.  

	
Employee shall be eligible to participate in the employee benefit plans and programs that Company generally makes available to its employees, subject to the terms and conditions of each such benefit plan or program.  Notwithstanding the foregoing, any severance payable to Employee shall be governed solely by this Agreement, and Employee shall not be eligible to participate in any severance program of general application maintained by Company.

 

	
5.3.  

	
Company reserves the right to amend or change, in its sole discretion, any of its PTO, leave, and other employee benefit plans and programs.

 

	
6.  

	
Exclusive Services and Rights.  Employee shall not tender any services of the kind or nature provided for under this Agreement, either directly or indirectly, on behalf of Employee or any other person or entity, without the prior express written consent of Company.

 

  

  

  

 

	
7.  

	
Personal Conduct.  Employee agrees to comply with all applicable policies, requirements, directions, requests, and rules of Company, and further agrees to not at any time commit any act, or become involved in any situation or occurrence, that may reflect unfavorably on Company’s reputation, bring Company into public scandal, or subject Company to ridicule, as determined solely by Company, including but not limited to matters of moral turpitude, theft, fraud, or deceit.  Employee acknowledges and agrees that violation of this Section 7 may subject Employee to disciplinary action, including, without limitation, termination of employment.  It is understood and agreed that nothing in this Section will be interpreted or applied in a manner that is inconsistent with applicable laws or in a manner that would interfere with Employee’s rights under the National Labor Relations Act.

 

	
8.  

	
Payola. Employee warrants and represents that Employee will not accept or agree to pay any money, service or other valuable consideration, as defined in Section 507 of the Communications Act of 1934, as amended, for the broadcast of any matter over Company’s stations, without Company’s approval and full disclosure to the listening public at the time of broadcast. Employee agrees to promptly notify the Chief Executive Officer and the Senior Vice President of Programming Content of any occurrences whereby anyone offers any money, service or other valuable consideration for the broadcast of any matter over Company’s stations. Employee further warrants and represents that Employee will comply in all respects with Company’s Payola, Plugola, & Music Selection Compliance Policy. Employee acknowledges and agrees that Company shall have the right to terminate this Agreement for cause upon Employee’s violation of this Section 8.

 

	
9.  

	
Plugola. Employee warrants and represents that Employee will not cause to be broadcast any material that directly or indirectly promotes any activity in which Employee has a financial interest, absent prior disclosure to, and approval by, the Chief Executive Officer and the Senior Vice President of Programming Content. Should the Chief Executive Officer and the Senior Vice President of Programming Content grant such approval, Employee shall disclose the fact of Employee’s financial interest in the activity to the listening public. Employee acknowledges and agrees that Company shall have the right to terminate this Agreement for cause upon Employee’s violation of this Section 9.

 

	
10.  

	
Termination.

 

	
(a)  

	
Termination for Cause.  Employee’s employment may be terminated at any time for cause.  For purposes of this Agreement, “cause” may include, but is not limited to, any one or more of the following:

 

	
(i)  

	
Employee’s breach of any material provision of this Agreement.

 

	
(ii)  

	
Employee’s arrest, indictment, or conviction on a felony charge or other crime involving moral turpitude, or plea of guilty or nolo contendere to a felony charge or other crime involving moral turpitude.

 

	
(iii)  

	
Employee’s insubordination or willful refusal to follow the reasonable instructions of Employee’s superiors, including but not limited to the Chief Executive Officer or the Board of Directors.

 

	
(iv)  

	
Employee’s failure to perform the duties of the Employee’s position in a satisfactory manner.

 

	
(v)  

	
Employee’s willful disregard of Company policies and procedures.

 

	
(vi)  

	
Any act or failure to act by Employee that in any manner threatens the qualification of Company or its affiliates to maintain a broadcast license issued by the Federal Communications Commission (“FCC”), or that results in a violation of any rule or regulation of the FCC.

 

	
(vii)  

	
Employee’s making of any disparaging oral or written statements regarding Company or any of its subsidiaries or affiliates, including, without limitation, its officers, directors, shareholders, managers, clients, sponsors, or advertisers, in a manner or under circumstances not protected by applicable law or the National Labor Relations Act.

 

	
(viii)  

	
Employee’s acting in a tortious manner toward another employee, contractor, listener, client, sponsor, or advertiser.

 

	
(ix)  

	
Employee’s use, possession, or distribution of illegal drugs, a non-prescribed controlled substance, or alcohol, or Employee’s being under the influence of any of the foregoing, on Company premises or during the performance of Employee’s duties.

 

	
(x)  

	
Employee’s fraud, misappropriation of funds, embezzlement, theft or acts of similar dishonesty.

 

	
(xi)  

	
Employee’s intentional or willful misconduct that may subject Company to criminal or civil liability.

 

	
(xii)  

	
Breach of Employee’s duty of loyalty, including the diversion or usurpation of corporate opportunities properly belonging to Company.

 

	
(xiii)  

	
Employee’s falsification of Company documents or other misrepresentation related to the business and affairs of Company.

 

  

  

  

 

	
(xiv)  

	
Employee’s excessive tardiness or absenteeism.

 

	
(xv)  

	
Any conduct of Employee, whether on duty or off duty, that adversely affects Company’s reputation and goodwill in the community, as determined by Company in its sole discretion, where such conduct is not protected by applicable law or the National Labor Relations Act.

 

	
(b)  

	
Termination for Other Than Cause. Company shall have the right to terminate Employee’s employment at any time for other than cause.  In the event that Company terminates Employee’s employment for other than cause, provided that Employee executes a general liability release in a form satisfactory to Company, Company shall pay to Employee the amount of six (6) months’ base compensation, subject to applicable federal, state, and local deductions.  For purposes of Section 409A of the United States Internal Revenue Code of 1986, as amended, and the Treasury Regulations (including proposed regulations) and guidance promulgated thereunder (collectively, “Code Section 409A”), Employee’s termination pursuant to this subsection (b) is intended to mean an involuntary Separation from Service as defined in Code Section 409A.

 

	
(c)  

	
Termination by Death or Disability.

 

	
(i)  

	
Employee’s employment shall terminate immediately upon Employee’s death.  In the event of termination by reason of death, Employee shall be entitled only to compensation earned as of the last day worked.

 

	
(ii)  

	
Subject to compliance with federal and state laws, if Employee, with or without a reasonable accommodation, shall be incapable of substantially performing the essential functions, duties, responsibilities, and obligations set forth in this Agreement, Company shall have the right to terminate Employee’s employment immediately upon the date on which the Employee suffers a “Disability.” “Disability” means that Employee is (a) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (b) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of Company, or (c) determined to be totally disabled by the Social Security Administration. In the event of termination by reason of disability, Employee shall be entitled only to compensation earned as of the last day worked.

 

	
(iii)  

	
Employee’s heirs, beneficiaries, successors, or assigns shall not be entitled to any of the compensation or benefits to which Employee is entitled under this Agreement, except: (a) to the extent specifically provided in this Employment Agreement; (b) to the extent required by law; or (c) to the extent that Company’s benefit plans or policies under which Employee is covered provide a benefit to Employee’s heirs, beneficiaries, successors, or assigns.

 

	
(d)  

	
No Future Employment or Other Relationship.  In the event of the termination of Employee’s employment, whether for cause or for other than cause, Employee agrees never to seek, directly or indirectly, any employment, business or other relationship with Company, or any subsidiary or affiliate of Company, on behalf of Employee and/or on behalf of any person or entity associated in any way with Employee. Employee acknowledges and agrees that Company and any of its subsidiaries or affiliates, in their sole discretion, shall have the right to reject any employment application, business proposal, or other proposal made by Employee, or made on Employee’s behalf, or made by or on behalf of any person or entity associated in any way with Employee.  Employee further acknowledges and agrees that the terms of this subsection shall be good and sufficient cause for Company, or any subsidiary or affiliate of Company, to reject any employment application, business proposal, or other proposal made by Employee, or made on Employee’s behalf, or made by or on behalf of any person or entity associated in any way with Employee, and that any refusal to reemploy or do business with Employee or anyone associated with Employee or acting on Employee’s behalf shall legitimately be based upon the terms of this subsection alone and not for any other reason. For the avoidance of doubt, this subsection shall not operate to waive or extinguish any rights or claims of Employee that cannot be waived or extinguished under applicable law. Notwithstanding the foregoing, nothing in this subsection shall preclude Company or any subsidiary or affiliate of Company, in its sole discretion, from seeking or initiating a subsequent employment, business, or other relationship with Employee or a person or entity associated with Employee.

 

	
(e)  

	
Return of Company Property.  In the event of termination of Employee’s employment, Employee shall immediately return to Company, without limitation, all papers, materials, reports, memoranda, notes, plans, records, reports, computer tapes, software, and any other documents or items of whatever nature owned by Company or supplied to Employee by Company in connection with, or in the course of, Employee’s employment.

 

  

  

  

 

	
(f)  

	
Cooperation. Employee agrees to fully cooperate with Company and its attorneys in connection with any pending or future litigation, claim, dispute, investigation, or other proceeding arising out of or relating to (i) matters of which Employee has knowledge or, if Employee’s employment has terminated, (ii) matters of which Employee was involved prior to the termination of Employee’s employment. Employee’s cooperation shall include, without limitation, providing assistance to Company’s counsel, experts, and consultants, and providing truthful testimony in pretrial and trial or hearing proceedings. Company will use reasonable efforts to minimize interruptions to Employee’s schedule to the extent consistent with its interests in the matter and will reimburse Employee for reasonable and appropriate out-of-pocket expenses actually incurred by Employee in connection with such cooperation, upon reasonable substantiation of such expenses.

 

	
(g)  

	
Code Section 409A. To the extent any severance payments due Employee pursuant to subsection (b) hereof shall be treated as deferred compensation under Code Section 409A, payment of such amount shall be delayed until the first day of the seventh month following the date of Employee’s termination, but only to the extent that such delay is necessary in order to avoid penalties under Code Section 409A with respect to payments to a Specified Employee, as defined in Treasury Regulations Section 1.409A-1(i) upon Separation from Service, as defined in Treasury Regulations Section 1.409A-1(h).

 

	
11.  

	
Confidential Information.

 

	
11.1.  

	
“Confidential Information” is information however delivered, disclosed or discovered that Employee has, or in the exercise of ordinary prudence should have, reason to believe is confidential or that Company designates as confidential, including, but not limited to:

 

	
(a)  

	
Company Information:  company proprietary information, technical data, trade secrets or know-how, including but not limited to: research, processes, pricing strategies, communication strategies, sales strategies, sales literature, sales contracts, product plans, products, inventions, methods, services, computer codes or instructions, software and software documentation, equipment, costs, customer lists, business studies, business procedures, finances and other business information disclosed to Employee by Company, either directly or indirectly in writing, orally or by drawings or observation of parts or equipment and such other documentation and information as is necessary in the conduct of the business of Company; and

 

	
(b)  

	
Third Party Information:  confidential or proprietary information received by Company from third parties.

 

	
11.2.  

	
Company’s failure to mark any of the Confidential Information as confidential or proprietary will not affect its status as Confidential Information.

 

	
11.3.  

	
Employee agrees that the terms, conditions and subject matter of this Agreement are considered Confidential Information, except that Employee may disclose the terms, conditions and subject matter of this Agreement to Employee’s attorneys, accountants or financial advisors, and spouse or domestic partner.

 

	
11.4.  

	
Confidential Information does not include information that has ceased to be confidential by reason of any of the following: (i) was in Employee’s possession prior to the date of this Agreement, provided that such information is not known by Employee to be subject to another confidentiality agreement with, or other obligation of secrecy to, Company, or another party; (ii) is generally available to the public and became generally available to the public other than as a result of a disclosure in violation of this Agreement; (iii) became available to Employee on a non-confidential basis from a third party, provided that such third party is not known by Employee to be bound by a confidentiality agreement with, or other obligation of secrecy to, Company, or another party or is otherwise prohibited from providing such information to Employee by a contractual, legal or fiduciary obligation; or (iv) Employee is required to disclose pursuant to applicable law or regulation (as to which information, Employee will provide Company with prior notice of such requirement and, if practicable, an opportunity to obtain an appropriate protective order).

 

	
11.5.  

	
Employee shall not, either during or after the termination of Employee’s employment with Company, communicate or disclose to any third party the substance or content of any Confidential Information, or use such Confidential Information for any purpose other than the performance of Employee’s obligations hereunder. Employee acknowledges and agrees that any Confidential Information obtained by Employee during the performance of Employee’s employment concerning the business or affairs of Company, or any subsidiary, affiliate, or joint venture of Company, is the property of Company, or such subsidiary, affiliate, or joint venture of Company, as the case may be.

 

	
11.6.  

	
Employee agrees to return all Confidential Information, including all copies and versions of such Confidential Information (including but not limited to information maintained on paper, disk, CD-ROM, network server, or any other retention device whatsoever) and other property of Company, to Company immediately upon Employee’s separation from Company (regardless of the reason for the separation).

 

	
11.7.  

	
The terms of this Section 11 are in addition to, and not in lieu of, any other contractual, statutory, or common law obligations that Employee may have relating to the protection of Company’s Confidential Information or its property. The terms of this Section 11 shall survive for two (2) years following Employee’s separation from employment with Company.

 

  

  

  

 

	
12.  

	
Noncompetition and Nonsolicitation.

 

	
12.1.  

	
Employee acknowledges that, by reason of Employee’s employment, Employee will have access to and may acquire considerable knowledge of proprietary or confidential information concerning Company’s business, operations, sales goals, marketing plans, business strategies, clients, potential clients, and suppliers, which information, if known by or disclosed to Company’s competitors or clients, would place Company at a competitive disadvantage and cause harm to Company.

 

	
12.2.  

	
As a condition of employment, Employee agrees to be bound by a separate Noncompetition Agreement, which shall be executed contemporaneously herewith and attached to this Agreement as Schedule II.  Additionally, for a period of six (6) months immediately following the termination of Employee’s employment with Company (“Restrictive Period”):

 

	
(a)  

	
Employee shall not, directly or indirectly, solicit, divert, or take away, or attempt to solicit, divert, or take away, the business or patronage of any client, potential client, or account of Company that was a client, potential client, or account of Company while Employee was employed by Company.

 

	
(b)  

	
Employee shall not, directly or indirectly, induce or attempt to induce any employee of Company, or any of Company’s subsidiaries and affiliates, to leave the employ of Company, or any of Company’s subsidiaries and affiliates.

 

	
(c)  

	
Employee shall not, directly or indirectly, employ or attempt to employ any person who is an employee of Company, or any of Company’s subsidiaries and affiliates.

 

	
(d)  

	
Employee shall not, directly or indirectly, solicit, induce, or attempt to induce any customer, supplier, or third party having a business relationship with Company, or any of Company’s subsidiaries and affiliates, to cease doing business with, or materially alter its relationship with, Company, or any of Company’s subsidiaries and affiliates.

 

	
12.3.  

	
Employee acknowledges and agrees that every effort has been made to limit the Restrictive Period and the restrictions placed upon Employee to those that are reasonable and necessary to protect Company’s legitimate interests.

 

	
12.4.  

	
If any restriction set forth in this Section 12 is found by any court of competent jurisdiction to be unenforceable, it is hereby agreed that this Section 12 shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

 

	
13.  

	
Equitable Relief and Legal Action.  Employee acknowledges and agrees that Employee’s breach of Section 11 or Section 12 of this Agreement will cause Company substantial and irreparable harm, and therefore, in the event of any such breach, in addition to such other remedies that may be available to Company, Company shall be entitled to equitable relief, including specific performance and injunctive relief.

 

	
14.  

	
Ownership of Intellectual Property.

 

	
14.1.  

	
For purposes of this Agreement, the term “Intellectual Property” shall mean all trade secrets, ideas, inventions, designs, developments, devices, methods and processes (whether or not patented or patentable, reduced to practice) and all patents and patent applications related thereto, all copyrights, copyrightable works and mask works and all registrations and applications for registration related thereto, all confidential information, and all other proprietary rights contributed to, or conceived or created by, Employee or anyone acting on Employee’s behalf (whether alone or jointly with others) at any time during the course of Employee’s employment that (i) relate to the business or to actual or anticipated research or development for Company; (ii) result from any services that Employee or anyone acting on Employee’s behalf performs for Company; or (iii) are created using the equipment, supplies, or facilities of Company.

 

	
14.2.  

	
All Intellectual Property is, shall be and shall remain the exclusive property of Company.  Employee hereby assigns to Company all right, title and interest, if any, in and to the Intellectual Property; provided, however, that, when applicable, Company shall own the copyrights in all copyrightable works included in the Intellectual Property pursuant to the “work-made-for-hire” doctrine (rather than by assignment), as such term is defined in the Copyright Act of 1976.  All Intellectual Property shall be owned by Company irrespective of any copyright notices or confidentiality legends to the contrary that may be placed on such works by Employee or by others. Employee shall ensure that all copyright notices and confidentiality legends on all work product authored by Employee or anyone acting on Employee’s behalf shall conform to Company’s practices and shall specify Company as the owner of the work.

 

  

  

  

 

	
15.  

	
Legal Right and Conflict of Interest.

 

	
15.1.  

	
Employee covenants and warrants that Employee has the unlimited legal right to enter into this Agreement and to perform in accordance with its terms without violating the rights of others or any applicable law, and that Employee has not and shall not become a party to any other agreement of any kind and shall not perform any work or service on behalf of any individual, business, corporation, or organization that would create a conflict of interest in the performance of Employee’s obligations under this Agreement.

 

	
15.2.  

	
Employee agrees to conduct Employee’s personal affairs in a manner that does not conflict with Company’s interests.  Employee agrees not to enter into any transaction, acquire any interest, or take any action that is contrary to Company’s interests or incompatible with Employee’s duty of loyalty to Company and Employee’s obligations under this Agreement.

 

	
15.3.  

	
Employee acknowledges and agrees that Employee will not, directly or indirectly (whether as a director, officer, partner, employee, agent, or stockholder of another company), compete with Company, or furnish any service to Company or its customers, as an independent contractor, while employed by Company.  Employee further agrees that Employee will not use Company’s name to further Employee’s personal interests.

 

	
16.  

	
Force Majeure.  Company shall have no liability under this Agreement if performance by Company of its obligations hereunder shall be prevented, interfered with, interrupted or omitted because of any act of God, act of terrorism, failure of facilities, labor dispute, or government or court action, or any other cause beyond the control of Company.

 

	
17.  

	
Notices.  All notices and other communications required or permitted to be given by this Agreement shall be in writing and shall be deemed received if and when either hand delivered and a signed receipt is given thereof, delivered by overnight courier (e.g., FedEx), or delivered by registered or certified United States mail, return receipt requested, postage prepaid and addressed as follows, or at such other address as any party hereto shall notify the other of in writing:

 

If to Company:                                      Radio One, Inc.

1010 Wayne Avenue, 14th Floor

Silver Spring, Maryland  20910

Attention:  Chief Administrative Officer

 

Copy to Company Attorney:              Radio One, Inc.

1010 Wayne Avenue, 14th Floor

Silver Spring, Maryland  20910

Attention:  General Counsel

 

If to Employee:                                      Christopher J. Wegmann

(At last known address on file with Company)

 

	
18.  

	
Code Section 409A Compliance. To the extent applicable, it is intended that the compensation and benefits arrangements under this Agreement be in full compliance with Code Section 409A.  This Agreement shall be construed in a manner to give effect to such intention.  In no event whatsoever (including, but not limited to as a result of this Section or otherwise) shall Company or any of its subsidiaries or affiliates be liable for any tax, interest or penalties that may be imposed on Employee by Code Section 409A.  Neither Company nor any of its subsidiaries or affiliates shall have any obligation to indemnify or otherwise hold Employee harmless from any or all such taxes, interest or penalties or liability for any damages related thereto. Employee acknowledges that Employee has been advised to obtain independent legal, tax or other counsel in connection with Code Section 409A.

 

  

  

  

 

	
19.  

	
Miscellaneous Provisions.

 

	
(a)  

	
No Assignment or Delegation.  Employee acknowledges that the services to be rendered by Employee pursuant to this Agreement are unique and personal, and agrees that Employee shall not assign any of Employee’s rights nor delegate any of Employee’s duties under this Agreement.

 

	
(b)  

	
Inurement.  This Agreement shall inure to the benefit of, and be enforceable by, any successors or assigns of Company.

 

	
(c)  

	
No Waiver.  Failure to invoke any right, condition, or covenant in this Agreement by either party shall not be deemed to imply or constitute a waiver of any right, condition, or covenant of this Agreement.

 

	
(d)  

	
Severability and Enforceability.  In the event that any provision of this Agreement shall be held invalid by a court of competent jurisdiction, such provision shall be deleted from the Agreement, which shall then be construed to give effect to the remaining provisions thereof. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision.  Similarly, if the scope of any restriction or covenant contained herein should be or become too broad or extensive to permit enforcement thereof to its full extent, then the parties hereto agree that a court of competent jurisdiction should enforce any such restriction or covenant to the maximum extent permitted by law.

 

	
(e)  

	
Governing Law.  This Agreement and the relationship among the parties shall be construed under and governed by the laws of the State of Delaware, without regard to the conflict of laws rules thereof.

 

	
(f)  

	
Headings.  The headings in this Agreement are solely for convenience of reference and shall be given no effect in the construction or interpretation of this Agreement.

 

	
(g)  

	
Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

 

	
(h)  

	
Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all previous written or oral agreements, offers, representations, warranties, statements, correspondence, and understandings between the parties with respect to the subject matter hereof. This Agreement cannot be amended or modified except by a written agreement signed by all parties hereto.

 

 

 

IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the day and year first above written.

 

 

RADIO ONE, INC.                                                                           CHRISTOPHER J. WEGMANN

By:                                                      Signature:                                                                

 

 

Linda J. Vilardo

Title:      Vice President                                    Address:               2116 O Street N.W.

                                                                                                            Washington, D.C.  20037

 

 

Date:                                                           Date:                                                                

 

 

 

 

  

  

  

SCHEDULE I

 

Title:                      President of Radio

	
Mandate:

	
To manage, facilitate and implement the ongoing relevant Strategic and Operational plans as required by the overall function’s responsibilities while ensuring the execution of same at the highest level of professionalism and competence within the negotiated authority and performance parameters of the job.

	
Responsibilities

	
 

	
Management

	
 

	
Strategic and Operational Planning

	
 

	
Operations

	
 

	
Financial Management

	
 

	
Internal Liaison and Co-ordination

	
 

	
Professional Development

	
Objectives (by Responsibility)

Management

	
1.  

	
To ensure that all reporting staff has the necessary skills to perform their assigned Job Responsibilities at the highest level of professionalism (consistently appropriate) and competence (effective and efficient) by growing, supporting and coaching them on an on-going basis.

 

	
2.  

	
To maintain High Performance and effectively deal with Identified Non-Performance in a timely manner (within 48 hours).

 

	
3.  

	
To ensure and support all direct reporting staff in doing their own Performance Appraisals every 90 to 180 days and as this ties into the evolving overall formal company Performance Appraisal system.

Strategic and Operational Planning

	
1.  

	
To oversee the development, implementation and monitoring of comprehensive Strategic and Operational plans to ensure that the company's overall strategic direction is maintained at all times and that the operational outcomes are ultimately met.  These plans need to support the overall Strategic Thinking Timeframe and framework which is in place, and in constant review.

 

	
2.  

	
To, when relevant, provide strategic and operational support to the relevant departmental planning processes on an on-going basis.

Operations

	
1.  

	
To ensure that the overall Operation of the company is managed professionally (consistently appropriate) and competently (effective and efficient) at all times.  This includes:

	
 

	
An effective Organizational structure for the Radio division.

 

	
 

	
The company appropriately resourced (people and facilities).

 

	
 

	
A comprehensively designed, implemented and monitored Financial Management system.

 

	
 

	
An instituted proactive overall Administrative and Human Resource Development and Support system.

 

	
 

	
Attendance at relevant client, company, industry, community and public events (primarily PR function).

 

	
 

	
Ongoing liaison with the CEO and, where and when relevant, the Board of Directors and Shareholders.

 

  

  

  

 

Financial Management

	
1.  

	
To ensure that all the appropriate Financial Control and Reporting systems are in place and fully understood and appropriately administered by all direct reports on an ongoing basis and within the parameters established and vetted by the CFO.

 

	
2.  

	
To ensure that all relevant Budgets are prepared, approved, implemented and appropriately managed and met by all relevant parties and at all times.

Internal Liaison and Co-ordination

	
1.  

	
To ensure that all relevant communications (written, verbal and face-to-face)  to both Radio One Group affiliate companies/partners and internal departments and divisions is maintained at the highest level of efficiency and effectiveness as it applies to quality, quantity and frequency at all times.

 

	
2.  

	
To ensure that all relevant events and issues are co-ordinated, when necessary, to both Radio One Group affiliate companies/partners and internal departments and divisions.

Professional Development

	
1.  

	
To investigate, source/attend any relevant personal and professional development events as they apply to the on-going maintenance and strategic development of the function.

 

	
2.  

	
To stay current with all relevant strategic industry and competitive information as it applies to the overall job responsibility.

 

	
3.  

	
To support all relevant internal Professional Development opportunities and attend when and where relevant.

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