Document:

wellentech_8k-ex1002.htm

    Exhibit
10.2

     

    
      2008
STOCK OPTION PLAN

      OF

      IMPLEX
CORPORATION

      

      

      
        	
                1.

              	
                PURPOSES
      OF THE PLAN

              

      

      

      The
Purposes of the 2008 Stock Option Plan (the “Plan”) of Implex Corporation, a
Nevada corporation (the “Company”), are to:

      

      (a)           Encourage
selected employees, directors and consultants to improve operations and increase
profits of the Company;

      

      (b)           Encourage
selected employees, directors and consultants to accept or continue employment
or association with the Company or its Affiliates; and

      

      (c)           Increase
the interest of selected employees, directors and consultants in the Company’s
welfare through participation in the growth in value of the common stock of the
Company (the “Common Stock”).

      

      Options
granted under this Plan (“Options”) may be “incentive stock options” (“ISOs”)
intended to satisfy the requirements of Section 422 of the Internal Revenue Code
of 1986, as amended, and the regulations thereunder (the “Code”), or
“non-qualified options” (“NQOs”).

      

      
        	
                2.

              	
                ELIGIBLE
      PERSONS

              

      

      

      Every
Person who at the date of grant of an Option is an employee of the Company or of
any Affiliate (as defined below) of the Company is eligible to receive NQOs or
ISOs under this Plan.  Every person who at the date of grant is a
consultant to, or non-employee director of, the Company or any Affiliate (as
defined below) of the Company is eligible to receive NQOs under this
Plan.  The term “Affiliate” as used in the Plan means a parent or
subsidiary corporation as defined in the applicable provisions (currently
Sections 424(e) and (f), respectively) of the Code.  The term
“employee” includes an officer or director who is an employee of the
Company.  The term “consultant” includes persons employed by, or
otherwise affiliated with, a consultant.

      

      
        	
                3.

              	
                STOCK
      SUBJECT TO THIS PLAN; MAXIMUM NUMBER OF
GRANTS

              

      

      

      Subject
to the provisions of Section 6.1.1 of the Plan, the total number of shares of
stock which may be issued under Options granted pursuant to this Plan shall not
exceed Two Million Five Hundred Thousand (2,500,000) shares of Common Stock,
$.001 par value per share.  The shares covered by the portion of any
grant under the Plan which expires unexercised shall become available again for
grants under the Plan.

      

      
        
          
             

          

          
            1

            
              

            

          

          
             

          

        

      

      

      
        	
                4.

              	
                ADMINISTRATION

              

      

      

      (a)           The
Plan shall be administered by the Board of Directors on the Company (the
“Board”) or by a committee (the “Committee”) to which administration of the
Plan, or of part of the Plan, is delegated by the Board (in either case, the
“Administrator”).  The Board shall appoint and remove members of the
Committee in its discretion in accordance with applicable laws.  If
necessary in order to comply with Rule 16b-3 under the Exchange Act and Section
162 (m) of the Code, the Committee shall, in the Board’s discretion, be
comprised solely of “non-employee directors” within the meaning of said Rule
16b-3 and “outside directors” within the meaning of Section 162 (m) of the
Code.  The foregoing notwithstanding, the Administrator may delegate
nondiscretionary administrative duties to such employees of the Company as it
deems proper and the Board, in its absolute discretion, may at any time and from
time to time exercise any and all rights and duties of the Administrator under
the Plan.

      

      (b)           Subject
to the other provisions of this Plan, the Administrator shall have the
authority, in its discretion: (i) to grant Options; (ii) to determine the fair
market value of the Common Stock subject to Options; (iii) to determine the
exercise price of Options granted; (iv) to determine the persons to whom, and
the time or times at which, Options shall be granted, and the number of shares
subject to each option; (v) to interpret this Plan; (vi) to prescribe, amend,
and rescind rules and regulations relating to this Plan; (vii) to determine the
terms and provisions of each Option granted (which need not be identical),
including but not limited to, the time or times at which Options shall be
exercisable; (viii) with the consent of the optionee, to modify or amend any
Option; (ix) to defer (with the consent of the optionee) the exercise date of
any Option; (x) to authorize any person to execute on behalf of the Company any
instrument evidencing the grant of an Option; and (xi) to make all other
determinations deemed necessary or advisable for the administration of this
Plan.  The Administrator may delegate nondiscretionary administrative
duties to such employees of the Company, as it deems proper.

      

      (c)           All
Questions of interpretation, implementation, and application of this Plan shall
be determined by the Administrator.  Such determinations shall be
final and binding on all persons.

      

      
        	
                5.

              	
                GRANTING
      OF OPTIONS; OPTION AGREEMENT

              

      

      

      (a)           No
Options shall be granted under this Plan after 10 years from the date of
adoption of this Plan by the Board.

      

      (b)           Each
Option shall be evidenced by a written stock option agreement, in form
satisfactory to the Administrator, executed by the Company and the person to
whom such Option is granted.

      

      
        
          
             

          

          
            2

            
              

            

          

          
             

          

        

      

      

      (c)           The
stock option agreement shall specify whether each Option it evidences is an NQO
or an ISO.

      

      (d)           Subject
to Section 6.3.3 with respect to ISOs, the Administrator may approve the grant
of Options under this Plan to persons who are expected to become employees,
directors or consultants of the Company, but are not employees, directors or
consultants at the date of approval, and the date of approval shall be deemed to
be the date of the grant unless otherwise specified by the
Administrator.

      

      6.           
TERMS AND CONDITIONS OF OPTIONS

      

      Each
Option granted under this Plan shall be subject to the terms and conditions set
forth in Section 6.1.  NQOs shall be also subject to the terms and
conditions set forth in Section 6.2, but not those set forth in Section
6.3.  ISOs shall also be subject to the terms and conditions set forth
in Section 6.3, but not those set forth in Section 6.2.

      

      6.1           Terms
and Conditions to Which All Options Are Subject.  All Options granted
under this Plan shall be subject to the following terms and
conditions:

      

      
        	
                6.1.1       

              	
                Changes
      in Capital Structure.  Subject to Section 6.1.2, if the stock of
      the Company is changed by reason of a stock split, reverse stock split,
      stock dividend, or recapitalization, combination or reclassification,
      appropriate adjustments shall be made by the Board in (a) the number and
      class of shares of stock subject to this Plan and each Option outstanding
      under this Plan, and (b) the exercise price of each outstanding Option;
      provided, however, that the Company shall not be required to issue
      fractional shares as a result of any such adjustments.  Each
      such adjustment shall be subject to approval by the Board in its sole
      discretion.

              

      

      

      
        	
                6.1.2       
      

              	
                Corporate
      Transactions.  In the event of the proposed dissolution or
      liquidation of the Company, the Administrator shall notify each optionee
      at least 30 days prior to such proposed action.  To the extent
      not previously exercised, all Options will terminate immediately prior to
      the consummation of such proposed action; provided, however, that the
      Administrator, in the exercise of its sole discretion, may permit exercise
      of any Options prior to their termination, even if such Options were not
      otherwise exercisable.  In the event of a merger or
      consolidation of the Company with or into another corporation or entity in
      which the Company does not survive, or in the event of a sale of all or
      substantially all of the assets of the Company in which the shareholders
      of the Company receive securities of the acquiring entity or an affiliate
      thereof, all Options shall be assumed or equivalent options shall be
      substituted by the successor corporation (or other entity) or a parent or
      subsidiary of such successor corporation (or other entity); provided,
      however, that if such successor does not agree to assume the Options or to
      substitute equivalent options therefor, the Administrator, in the exercise
      of its sole discretion, may permit the exercise of any of the Options
      prior to consummation of such event, even if such Options were not
      otherwise exercisable.

              

      

      

      
        
          
             

          

          
            3

            
              

            

          

          
             

          

        

      

      

      
        	
                6.1.3       
      

              	
                Time
      of Option Exercise.  Subject to Section 5 and Section 6.3.4,
      Options granted under this Plan shall be exercisable (a) immediately as of
      the effective date of the stock option agreement granting the Option, or
      (b) in accordance with a schedule as may be set by the Administrator (each
      such date on such schedule, the “Vesting Base Date”) and specified in the
      written stock option agreement relating to such Option.  In any
      case, no Option shall be exercisable until a written stock option
      agreement in form satisfactory to the Company is executed by the Company
      and the optionee.

              

      

      

      
        	
                6.1.4       
      

              	
                Option
      Grant Date.  The date of grant of an Option under this Plan
      shall be the date as of which the Administrator approves the
      grant.

              

      

      

      
        	
                6.1.5       
      

              	
                Nontransferability
      of Option Rights.  Except with the express written approval of
      the Administrator which approval the Administrator is authorized to give
      only with respect to NQOs, no Option granted under this Plan shall be
      assignable or otherwise transferable by the optionee except by will, by
      the laws of descent and distribution or pursuant to a qualified domestic
      relations order.  During the life of the optionee, an Option
      shall be exercisable only by the
optionee.

              

      

      

      
        	
                6.1.6       
      

              	
                Payment.
      Except as provided below, payment in full, in cash, shall be made for all
      stock purchased at the time written notice of exercise of an Option is
      given to the Company, and proceeds of any payment shall constitute general
      funds of the Company.  The Administrator, in the exercise of its
      absolute discretion, may authorize any one or more of the following
      additional methods of payment:

              

      

      

      
        	
                 
      

              	
                (a)

              	
                Subject
      to the discretion of the Administrator and the terms of the stock option
      agreement granting the Option, delivery by the optionee of shares of
      Common Stock already owned by the optionee for all or part of the Option
      price, provided the fair market value (determined as set forth in section
      6.1.10) of such shares of Common Stock is equal on the date of exercise to
      the Option price, or such portion thereof as the optionee is authorized to
      pay by delivery of such stock; and

              

      

      

      
        	
                 
      

              	
                (b)

              	
                Subject
      to the discretion of the Administrator, through the surrender of shares of
      Common Stock then issuable upon exercise of the Option, provided the fair
      market value (determined as set forth is Section 6.1.10) of such shares of
      Common Stock is equal on the date of exercise to the Option price, or such
      portion thereof as the optionee is authorized to pay by surrender of such
      stock.

              

      

      

      
        
          
             

          

          
            4

            
              

            

          

          
             

          

        

      

      

      

      
        	
                6.1.7       
      

              	
                Termination
      of Employment.  If for any reason other than death or permanent
      and total disability, an optionee ceases to be employed by the Company or
      any of its Affiliates (such event being called a “Termination”), Options
      held at the date of Termination (to the extent then exercisable) may be
      exercised in whole or in part at any time within three months of the date
      of such Termination, or such other period of not less than 30 days after
      the date of such Termination as is specified in the Option Agreement or by
      amendment thereof (but in no event after the Expiration Date); provided,
      however, that if such exercise of the Option would result in liability for
      the optionee under Section 16(b) of the Exchange Act, then such
      three-month period automatically shall be extended until the tenth day
      following the last date upon which optionee has any liability under
      Section 16(b) (but in no event after the Expiration Date).  If
      an optionee dies or becomes permanently and totally disabled (within the
      meaning of Section 22(e)(3) of the Code) while employed by the Company or
      an Affiliate or within the period that the Option remains exercisable
      after Termination, Options then held (to the extent then exercisable) may
      be exercised, in whole or in part, by the optionee, by the optionee’s
      personal representative or by the person to whom the Option is transferred
      by devise or the laws of descent and distribution, at any time within six
      months after the death or six months after the permanent and total
      disability of the optionee or any longer period specified in the Option
      Agreement or by amendment thereof (but in no event after the Expiration
      Date).  For purposes of this Section 6.1.7, “employment”
      includes service as a director or as a consultant.  For purposes
      of this Section 6.1.7, an optionee’s employment shall not be deemed to
      terminate by reason of sick leave, military leave or other leave of
      absence approved by the Administrator, if the period of any such leave
      does not exceed 90 days or, if longer, if the optionee’s right to
      reemployment by the Company or any Affiliate is guaranteed either
      contractually or by statute.

              

      

      

      
        
          	
                  6.1.8       
      

                	
                  Withholding
      and Employment Taxes.  At the time of exercise of an Option and
      as a condition thereto, or at such other time as the amount of such
      obligations becomes determinable (the “Tax Date”), the optionee shall
      remit to the Company in cash all applicable federal and state withholding
      and employment taxes.  Such obligation to remit may be
      satisfied, if authorized by the Administrator in its sole discretion,
      after considering any tax, accounting and financial consequences, by the
      optionee’s (i) delivery of a promissory note in the required amount on
      such terms as the Administrator deems appropriate, (ii) tendering to the
      Company previously owned shares of Stock or other securities of the
      Company with a fair market value equal to the required amount, or (iii)
      agreeing to have shares of Common Stock (with a fair market value equal to
      the required amount) which are acquired upon exercise of the Option
      withheld by the Company.

                

        

      

      

      
        	
                6.1.9       
      

              	
                Other
      Provisions.  Each Option granted under this Plan may contain
      such other terms, provisions, and conditions not inconsistent with this
      Plan as may be determined by the Administrator, and each ISO granted under
      this Plan shall include such provisions and conditions as are necessary to
      qualify the Option as an “incentive stock option” within the meaning of
      Section 422 of the Code.

              

      

      

      
        
          
             

          

          
            5

            
              

            

          

          
             

          

        

      

      

      
        	
                6.1.10     
      

              	
                Determination
      of Value.  For purposes of the Plan, the fair market value of
      Common Stock or other securities of the Company shall be determined as
      follows:

              

      

      

      
        	
                 
      

              	
                (a)

              	
                Fair
      market value shall be the closing price of such stock on the date before
      the date the value is to be determined on the principal recognized
      securities exchange or recognized securities market on which such stock is
      reported, but if selling prices are not reported, its fair market value
      shall be the mean between the high bid and low asked prices for such stock
      on the date before the date the value is to be determined (or if there are
      no quoted prices for such date, then for the last preceding business day
      on which there were quoted prices).

              

      

      

      
        	
                 
      

              	
                (b)

              	
                In
      the absence of an established market for the stock, the fair market value
      thereof shall be determined in good faith by the Administrator, with
      reference to the Company’s net worth, prospective earning power,
      dividend-paying capacity, and other relevant factors, including the
      goodwill of the company, the economic outlook in the Company’s industry,
      the Company’s position in the industry, the Company’s management, and the
      values of stock of other corporations in the same or similar line of
      business.

              

      

      

      
        	
                6.1.11      
      

              	
                Option
      Term.  Subject to Section 6.3.4, no Option shall be exercisable
      more than 10 years after the date of grant, or such lesser period of time
      as is set forth in the stock option agreement (the end of the maximum
      exercise period stated in the stock option agreement is referred to in
      this Plan as the “Expiration
Date”).

              

      

      

      6.2           Terms
and Conditions to Which Only NQOs Are Subject.  Options granted under
this Plan which are designated as NQOs shall be subject to the following terms
and conditions:

      

      
        	
                6.2.1       
      

              	
                Exercise
      Price

              

      

      

      
        	
                 
      

              	
                (a)

              	
                Except
      as set forth in Section 6.2.1(b), the exercise price of a NQO shall be not
      less than 85% of the fair market value (determined in accordance with
      Section 6.1.10) of the stock subject to the Option on the date of
      grant.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                To
      the extent required by applicable laws, rules and regulations, the
      exercise price of a NQO granted to any person who owns, directly or by
      attribution under the Code (currently Section 424(d)), stock possessing
      more than ten percent of the total combined voting power of all classes of
      stock of the Company or any Affiliate (a “Ten Percent Shareholder”) shall
      in no event be less than 110% of the fair market value (determined in
      accordance with Section 6.1.10) of the stock covered by the Option at the
      time the Option is granted.

              

      

      

      
        
          
             

          

          
            6

            
              

            

          

          
             

          

        

      

      

      6.3           Terms
and Conditions to Which Only ISOs Are Subject.  Options granted under
this Plan which are designated as ISOs shall be subject to the following terms
and conditions:

      

      6.3.1                      Exercise
Price.

      

      (a)           Except
as set forth in Section 6.3.1(b), the exercise price of an ISO shall be
determined in accordance with the applicable provisions of the Code and shall in
no event be less than the fair market value (determined in accordance with
Section 6.1.10) of the stock covered by the Option at the time the Option is
granted.

      

      (b)           The
exercise price of an ISO granted to any Ten Percent Shareholder shall in no
event be less than 110% of the fair market value (determined in accordance with
Section 6.1.10) of the stock covered by the Option at the time the Option is
granted.

      

      6.3.2                      Disqualifying
Dispositions.  If stock acquired by exercise of an ISO granted
pursuant to this Plan is disposed of in a “disqualifying disposition” within the
meaning of Section 422 of the Code (a disposition within two years from the date
of grant of the Option or within one year after the transfer of such stock on
exercise of the Option), the holder of the stock immediately before the
disposition shall promptly notify the Company in writing of the date and terms
of the disposition and shall provide such other information regarding the Option
as the Company may reasonably require.

      

      6.3.3                      Grant
Date.  If an ISO is granted in anticipation of employment as provided
in Section 5(d), the Option shall be deemed granted, without further approval,
on the date the grantee assumes the employment relationship forming the basis
for such grant, and, in addition, satisfies all requirements of this Plan for
Options granted on that date.

      

      6.3.4                      Term.  Notwithstanding
Section 6.1.11, no ISO granted to any Ten Percent Shareholder shall be
exercisable more than five years after the date of grant.

      

      6.3.5                      Manner
of Exercise

      

      
        	
                 
      

              	
                (a)

              	
                An
      optionee wishing to exercise an Option shall give written notice to the
      Company at its principal executive office, to the attention of the officer
      of the Company designated by the Administrator, accompanied by payment of
      the exercise price and withholding taxes as provided in Sections 6.1.6 and
      6.1.8.  The date the Company receives written notice of an
      exercise hereunder accompanied by payment of the exercise price will be
      considered as the date such Option was
  exercised.

              

      

      

      
        
          
             

          

          
            7

            
              

            

          

          
             

          

        

      

      

      
        	
                 
      

              	
                (b)

              	
                Promptly
      after receipt of written notice of exercise of an Option and the payments
      called for in Section 7(a), the Company shall, without stock issue or
      transfer taxes to the optionee or other person entitled to exercise the
      Option, deliver to the optionee or such other person a certificate or
      certificates for the requisite number of shares of stock.  An
      optionee or permitted transferee of the Option shall not have any
      privileges as a shareholder with respect to any shares of stock covered by
      the Option until the date of issuance (as evidenced by the appropriate
      entry on the books of the Company or a duly authorized transfer agent) of
      such shares.

              

      

      

      
        	
                7.

              	
                EMPLOYMENT
      OR CONSULTING RELATIONSHIP

              

      

      

      Nothing
in this Plan or any Option granted hereunder shall interfere with or limit in
any way the right of the Company or of any of its Affiliates to terminate any
optionee’s employment or consulting at any time, nor confer upon any optionee
any right to continue in the employ of, or consult with, the Company or any of
its Affiliates.

       

      
        	
                8.

              	
                CONDITIONS
      UPON ISSUANCE OF SHARES

              

      

      

      Shares of
Common Stock shall not be issued pursuant to the exercise of an Option unless
the exercise of such Option and the issuance and delivery of such shares
pursuant thereto shall comply with all relevant provisions of law, including,
without limitation, the Securities Act of 1933, as amended (the “Securities
Act”)

      

      
        	
                9.

              	
                NONEXCLUSIVITY
      OF THE PLAN

              

      

      
         

        The
adoption of the Plan shall not be construed as creating any limitations on the
power of the Company to adopt such other incentive arrangements, as it may deem
desirable, including, without limitation, the granting of stock options other
than under the Plan.

      

      

      
        	
                10.

              	
                AMENDMENTS
      TO PLAN

              

      

      

      The Board
may at any time amend, alter, suspend or discontinue this
Plan.  Without the consent of an optionee, no amendment, alteration,
suspension or discontinuance may adversely affect outstanding Options except to
conform this Plan and ISOs granted under this Plan to the requirements of
federal or other tax laws relating to incentive stock options.  No
amendment, alteration, suspension or discontinuance shall require shareholder
approval unless (a) shareholder approval is required to preserve incentive stock
option treatment for federal income tax purposes or (b) the Board otherwise
concludes that shareholder approval is advisable.

      

      
        
          
             

          

          
            8

            
              

            

          

          
             

          

        

      

      

      
        	
                11.

              	
                EFFECTIVE
      DATE OF PLAN; TERMINATION

              

      

      

      This Plan
shall become effective upon adoption by the Board; provided, however, that no
Option shall be exercisable unless and until written consent of the shareholders
of the Company, or approval of shareholders of the Company voting at a validly
called shareholder’s meeting, is obtained within twelve months after adoption by
the Board.  If such shareholder approval is not obtained within such
time, Options granted hereunder shall be of the same force and effect as if such
approval was obtained except that all ISOs granted hereunder shall be treated as
NQOs.  Options may be granted and exercised under this Plan only after
there has been compliance with all applicable federal and state securities
laws.  This Plan shall terminate within ten years from the date of its adoption
by the Board.

       

       

       

    

     

    9wellentech_8k-ex1003.htm

    Exhibit
10.3

    
 

    EMPLOYMENT
AGREEMENT

    

    THIS
EMPLOYMENT AGREEMENT, made this 25th day of
August, 2008, by and between:

    

    WELLENTECH SERVICES, INC., a
Nevada corporation currently having its principal office at 7415 Sherbrooke St.,
West, #1, Montreal, Quebec, Canada H4B 1S2 (hereinafter referred to as
"EMPLOYER")

    AND

    

    RICHARD C. FOX, an adult
individual residing at 131 Court St., #11, Exeter, New Hampshire 03833
(hereinafter "EMPLOYEE")

    

    WITNESSETH
THAT:

    

    WHEREAS,
EMPLOYEE developed a business concept and business plan which has been adopted
by EMPLOYER, and EMPLOYER desires to employ EMPLOYEE to install and implement
such concept and plan;

    

    WHEREAS,
EMPLOYEE is a corporate/securities/tax attorney with business executive
experience having certain education, experience, background, know-how and
contacts which will be useful and helpful to EMPLOYER in its business and
EMPLOYER is desirous of employing EMPLOYEE in order to obtain the benefits of
such education, experience, background, know-how and contacts;

    

    WHEREAS,
EMPLOYEE is agreeable to being employed by EMPLOYER upon the terms and
conditions hereof and providing the benefits of his education, experience,
background and contacts to EMPLOYER;

    

    WHEREAS,
the parties having concluded their negotiations and now desire to have a
document to formalize and evidence their understandings and agreements, which
document will supersede and void all prior discussions and
understandings;

    

    NOW,
THEREFORE, in consideration of the mutual promises, covenants and forbearances
contained herein, and intending to be legally bound, the parties have agreed,
and do hereby agree, as follows:

    

    1.
EMPLOYMENT.  (a)  For the term provided in Paragraph 2,
EMPLOYER hereby employs EMPLOYEE, and EMPLOYEE hereby accepts that employment,
upon the terms and conditions hereinafter set forth.

    

    (b)  This
Agreement shall supersede and replace all prior discussions, negotiations,
memoranda, correspondence, understandings, and agreements pertaining to the
employment of EMPLOYEE by EMPLOYER.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    2.  TERM.

    

    (a)  This
Agreement shall be effective as of August 25, 2008.

    

    (b)  This
Agreement, subject to the provisions of Paragraphs 16 and 17 below, shall
continue and exist for an initial period from such effective date until December
31, 2009 (initial term).  The term “employment year” as used elsewhere
in this Agreement shall mean January 1 to December 31, such being the EMPLOYER’s
fiscal year.

    

    (c)  If,
on November 1, 2009, neither party is then in default under this Agreement,
EMPLOYER shall have the option to extend the term of this Agreement for an
additional one (1) year period.  Such option shall be exercised by
EMPLOYER giving notice thereof to EMPLOYEE, on or before December 1, 2009, of
its intention to so extend the Agreement.  If EMPLOYER shall not
exercise its extension option on or before December 1, 2009 this Agreement shall
terminate as provided.

    

    (d)  This
Agreement shall be subject to a further one (1) year extension under the
procedure provided in subparagraph (c), provided that on November 1, 2010
neither party is then in default under this Agreement and notice of exercise of
the extension option is given on or before December 1, 2010.

    

    (e)  Notwithstanding
the foregoing, the term of this Agreement is otherwise subject to the various
termination provisions contained hereafter).

    

    3.
COMPENSATION-BASE.  (a) For all services rendered under this Agreement
for the period from the effective date to December 31, 2008, EMPLOYEE shall not
receive any compensation hereunder; in lieu thereof EMPLOYEE is being
compensated through the legal fees paid by EMPLOYER to EMPLOYEE’s firm, Fox Law
Offices, P.A.  Notwithstanding the lack of direct compensation,
EMPLOYEE shall perform all duties required under this Agreement.

    

    
      (b)         
(i)
Subject to the conditions set forth in sub-paragraph (ii) following, for all
services rendered under this Agreement for the period from January 1, 2009 to
December 31, 2009, EMPLOYEE shall be paid, as base compensation, such annual
salary as shall be determined by the EMPLOYER's Board of Directors from time to
time, but in no event shall such compensation be at a rate of less than Two
Hundred Forty Thousand Dollars ($240,000) per year, payable monthly at the rate
of Twenty Thousand Dollars ($20,000), to be paid on the first business day of
each month, in advance.  Such base compensation shall be in addition
to such incentive compensation, deferred compensation, fringe benefits and
bonuses as provided elsewhere herein.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (ii) The
commencement of the compensation as set forth in subparagraph (b)(i) above is
subject to the raising by the Company, by December 31, 2008, of the sum of Two
Million Dollars ($2,000,000).

    

    (c)  At
the end of employment/fiscal year 2009, assuming the term of this Agreement is
being extended through December 31, 2010, the EMPLOYER's Board of Directors
shall review the performance of EMPLOYEE for such year and, based upon such
evaluation, establish any increase in the base compensation payable to EMPLOYEE
for the succeeding fiscal year.  EMPLOYER shall not be obligated to
provide any increase; however, any increase shall supersede the “floor” in
subparagraph (b).

    

    (d)  At
the end of employment/fiscal year 2010, assuming the term of this Agreement is
being extended through December 31, 2011, the EMPLOYER's Board of Directors
shall review the performance of EMPLOYEE for such year and, based upon such
evaluation, establish any increase in the base compensation payable to EMPLOYEE
for the succeeding fiscal year.  EMPLOYER shall not be obligated to
provide any increase; however, any increase shall supersede the “floor” in
subparagraph (b).

    

    4.
COMPENSATION-INCENTIVE.  (a) The base compensation for each year of
this Agreement, including any extensions, shall be subject to a retroactive
increase, based upon an earnings per share formula (earnings of EMPLOYER divided
by actual
common shares of EMPLOYER issued and outstanding at September 30 of each year,
and not fully
diluted), commencing with the fiscal year ended December 31, 2009, as
follows:

    

    
      	
              Profits*
      Per

            	 
      	
              Increase
      as a

            
	
              Common
      Share

            	 
      	
              Percent
      of Base Compensation

            
	
              $.00
      - $.10

            	 
      	
               
          5%

            
	
              $.11
      - $.20

            	 
      	
                  10%

            
	
              $.21
      - $.30

            	  
      	
                  20%

            
	
              $.31
      - $.40

            	 
      	
                 
      30%

            
	
              $.41
      - $.50

            	 
      	
                 
      40%

            
	
              $.51
      - $.60

            	 
      	
                
       50%

            
	
              $.61
      - $.70

            	 
      	
               
        70%

            
	
              $.71
      - $.80

            	 
      	
                  90%

            
	
              $.81
      - $.90

            	 
      	
                110%

            
	
              $.91
      - $1.00

            	 
      	
                130%

            
	
              over   $1.00

            	 
      	
                150%

            

    

    

    *
“Profits” means ordinary income and/or capital gains resulting from on-going
business operations, including extraordinary gains or proceeds resulting from a
sale (spin-off) of a subsidiary.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    This
retroactive increase, if any should occur, is not a bonus but a merit adjustment
to the base compensation.  The calculation shall be made based upon
the annual audit of EMPLOYER's financial statements for the fiscal year ended
December 31 and shall be paid in equal monthly amounts on the first day of the
next succeeding twelve (12) months commencing with the first day of the
month  following release of the audited financial
statements.  Any retroactive increase shall not affect the base
compensation for subsequent calculations.  It is a separate adjustment
from any other adjustment under any other plan.

    

    (b)  The
increase in compensation shall be payable in the year following the year for
which the calculation is made, but shall be deemed earned by EMPLOYEE's efforts
during the prior year.  Such increase shall be vested as of December
31 of the year for which the calculation is being made, regardless of the
subsequent termination or completion of this Agreement.  Accordingly,
payment thereof shall be made whether or not EMPLOYER remains employed during
the year in which the payments are made.

    

    5.
COMPENSATION-FRINGE BENEFITS.  EMPLOYEE shall receive at least the
following additional benefits, which may be extended or increased, but not
reduced, by EMPLOYER:

    

    (a)  Vacation
- EMPLOYEE shall be entitled to paid vacation of three (3) weeks during 2009 and
four (4) weeks during any extension year of this Agreement.  Unused
vacation time may be accumulated from year to year if
unused.  EMPLOYEE shall not be compensated for any unused vacation
time.

    

    (b)  Base
Personal Leave - During each year of this Agreement, EMPLOYEE shall receive ten
(10) days paid personal leave, which shall not be accumulated from year to year
if unused. EMPLOYEE shall not be compensated for any unused personal
leave.  "Personal leave" shall include sick leave, bereavement leave,
so-called “personal days” and all other personal time off, other than legal
holidays in the State of EMPLOYEE’s residence.

    

    (c)  Medical
Insurance - Because of EMPLOYEE’s age and status, EMPLOYEE does not require, nor
shall he receive the same medical, surgical, dental and/or hospitalization
insurance as EMPLOYER shall provide to its other
officers/employees/consultants.  In lieu thereof, EMPLOYER shall
reimburse EMPLOYEE’s cost for Medicare Supplement Insurance, Form/Schedule
“F”.

    

    (d)  Other
- EMPLOYEE shall receive such other fringe benefits as are available to any
other officers/employees/consultants. Nothing contained in this Agreement shall
be in lieu of any rights, benefits and privileges to which EMPLOYEE may be
entitled under any stock option, 401(k), retirement, pension, profit-sharing,
insurance, ESOT/ESOP, hospitalization, medical, surgical, dental, legal or other
plans which may now be in effect or which may hereafter be adopted, either by
EMPLOYER or any subsidiary or affiliate of EMPLOYER.  EMPLOYEE shall
have the same rights and privileges to participate in such plans and benefits as
any other employee during his period of employment and EMPLOYEE shall be
entitled to participate on a parity with executives of equal
rank.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    6.
COMPENSATION-BONUS.  After the end of each fiscal year, the EMPLOYER's
Board of Directors shall determine the net profits before taxes of EMPLOYER for
such prior fiscal year and shall determine any bonus for such fiscal year
payable to EMPLOYEE. EMPLOYER shall not be obligated to provide any
bonus.  Any bonus awarded shall be paid at such time or times, in such
amounts or installments, as the EMPLOYER's Board of Directors may
determine.

    

    7. DUTIES.  (a)
EMPLOYEE is initially engaged as President, CEO, and General Counsel of
EMPLOYER.  It is understood that EMPLOYEE’s primary duties relate to
the installation and implementation of the business concept and business plan
which he has assigned to the Company and that following such the Board of
Directors may prefer to appoint a new President and/or CEO to operate the
Company under the concept and plan as installed and implemented.  In
such case, upon the appointment by the Board of Directors of EMPLOYER of a
replacement CEO, EMPLOYEE shall relinquish such title(s) and duties but shall
remain as General Counsel and Corporate Secretary.  None of such
adjustment to EMPLOYEE’s title(s) and duties shall affect the payment of
compensation hereunder.  During his tenure as any of the named
executives, EMPLOYEE shall perform all usual and customary services as such
executive.

    

    (b)  EMPLOYEE'S
performance shall be subject to the supervision of EMPLOYER'S Board of
Directors.  The precise job description and the specific services to
be rendered by EMPLOYEE may be defined, interpreted, curtailed, or extended,
from time to time, by determination of the EMPLOYER' Board of Directors,
provided, however, that any definition, interpretation, curtailment, or
extension is consistent with the status of, and/or educational experience
required for, the responsibilities for which EMPLOYEE has been engaged
hereunder. It is the intent of this provision to provide EMPLOYER with
flexibility in assigning responsibilities to EMPLOYEE and/or promoting EMPLOYEE,
and this provision shall not be used to discipline, embarrass, humiliate or
harass EMPLOYEE.

    

    8. EXTENT
OF SERVICES.  (a) Subject to subparagraph (b) following, EMPLOYEE
agrees that this employment constitutes his primary employment and understands
that his primary loyalty and responsibility is to EMPLOYER. Accordingly,
EMPLOYEE shall devote such adequate, reasonable, and proper time, attention, and
energies to the business of EMPLOYER as shall be necessary or consistent with
such understanding and EMPLOYEE shall not, during the term of this Agreement,
except as provided in subparagraph (b) following,  be engaged in any
other business activity (whether or not such business activity is pursued for
gain, profit, or other pecuniary advantage), which conflicts with EMPLOYEE's
employment responsibilities hereunder, without prior, written authorization of
EMPLOYER's Board of Directors. Nothing contained herein shall be construed as
preventing EMPLOYEE from investing his assets in such form or manner as EMPLOYEE
may select, whether or not such investment will require any services on
EMPLOYEE'S part in the operation of the affairs of the companies in which such
investments are made.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    (b)
EMPLOYER acknowledges that EMPLOYEE is a practicing attorney with a law practice
and agrees that EMPLOYEE may retain his private practice provided that his
duties as then in effect hereunder are being fulfilled to the satisfaction of
the Board of Directors.

    

    9.
WORKING FACILITIES.  EMPLOYEE shall utilize his home office as his
primary office for the performance of services hereunder.  EMPLOYER
shall reimburse EMPLOYEE for office costs and expenses incurred by him in the
performance of his duties hereunder, but otherwise the office shall be at
EMPLOYEE’s expense as being a convenience for him.  However, upon
establishment by EMPLOYER of a permanent executive office, EMPLOYEE shall be
furnished, at EMPLOYER's expense, with all necessary working facilities when
working at such office, including but not limited to an equipped office,
clerical help, and telephone/facsimile/copying services, suitable to his
position and adequate for the performance of his duties.

    

    10.
EXPENSES.  Subject to the provisions of this Paragraph, EMPLOYER shall
reimburse EMPLOYEE for all expenses incurred by him in the performance of his
duties, including but not limited to travel expense (e.g., airfare, train fare),
local transportation expense (e.g., rental car, taxi),
lodging (e.g., hotel
room) food, and entertainment expenses.  EMPLOYEE is not authorized to
incur expenses on behalf of, or chargeable to, EMPLOYER except within such
guidelines as may be established from time to time by the EMPLOYER's
Management.  EMPLOYER shall reimburse EMPLOYEE for authorized expenses
within such guidelines upon presentation by EMPLOYEE, from time to time, of an
itemized account of such expenditures in such form as EMPLOYER may require,
together with receipts or other proofs of the expenditures as may be
required.

    

    11.
NON-DISCLOSURE OF INFORMATION.  (a) EMPLOYEE recognizes and
acknowledges that, during the course of his employment, he will have access to
valuable "Proprietary Information" as limited in subparagraph (b) below, not
only of EMPLOYER but of EMPLOYER’s subsidiary companies, as constituted from
time to time, and that such information constitutes unique assets of the
business of EMPLOYER and of which EMPLOYER and/or its subsidiaries is the sole
and exclusive owner.  EMPLOYEE will treat such Proprietary Information
on a confidential basis and will not, during or after his employment, personally
use or disclose all, or any part of, such Proprietary Information to any person,
firm, corporation, association, agency, or other entity except as properly
required in the conduct of the business of EMPLOYER or of its subsidiaries, or
except as authorized in writing by EMPLOYER, publish, disclose or authorize
anyone else to publish or disclose, any Proprietary Information of EMPLOYER with
which EMPLOYEE's service may in any way acquaint EMPLOYEE.  EMPLOYEE
shall surrender possession of all Proprietary Information, including especially
all Trade Secrets, to EMPLOYER upon any suspension or termination of EMPLOYEE's
employment with the EMPLOYER.  In the event of a breach, or threatened
breach, by EMPLOYEE, of the provisions of this Paragraph, EMPLOYER shall be
entitled to a preliminary, temporary and permanent injunction restraining
EMPLOYEE from disclosing in whole or in part, any such Proprietary Information
and/or from rendering any services to any person, firm, corporation,
association, agency, or other entity to whom such information, in whole or in
part, has been disclosed or is threatened to be
disclosed.  Furthermore, nothing herein shall be construed as
prohibiting EMPLOYER from pursuing any other equitable or legal remedies
available to it for such breach or threatened breach, including the recovery of
damages from EMPLOYEE.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (b)  For
purposes hereof, "Proprietary Information" shall not include information which
(i) is publicly available from a source other than EMPLOYER or can be lawfully
obtained from a third party or parties in lawful possession thereof, or (ii) is
publicly released in writing by EMPLOYER, or (iii) is required to be disclosed
pursuant to the authority of any court or public agency.

    

    12.
RESTRICTIVE COVENANT.  (a) During the term of this Agreement and for a
period of twelve (12) months after the termination of this Agreement and any
extension thereof, EMPLOYEE shall not, within the United States or any other
area of the world in which EMPLOYER is then operating, directly or indirectly,
compete with, own, manage, operate, control, be employed by, consult for,
participate in, perform services for, or be connected in any manner with the
ownership, management, operation or control of any business similar to the type
of business conducted by EMPLOYER (or any parent, subsidiary or affiliate) at
the time of the termination of this Agreement.  EMPLOYEE shall not,
directly or indirectly, compete with the business concept and business plan
transferred by him to the Company and installed and implemented by him
hereunder, as in effect at the time of termination or expiration of this
Employment Agreement, or engage in any activities which could be deemed a
conflict of interest.

    

    (b)  EMPLOYEE
agrees that the "time", "geographic area", and "Scope of Business" provisions of
this restrictive covenant are reasonable and proper and have been negotiated in
connection with his employment hereunder.

    

    (c)  EMPLOYER
and EMPLOYEE agree, that if any court of competent jurisdiction shall, for any
reason, conclude that any portion of this covenant shall be too restrictive, the
court shall determine and apply lesser restrictions, it being the intent of the
parties that some such restrictions shall be applicable for the protection of
EMPLOYER and its shareholders.

    

    13.
NONSOLICITATION COVENANT.  (a)  For a period of thirty-six
(36) months after the termination of this Agreement (including any extension
thereof) (the "Post Termination Period") EMPLOYEE shall not, solicit, directly
or indirectly, by any means, any of the clients, customers, accounts, employees
or "leads" of EMPLOYER during the Post Termination Period.

    

    (b)  EMPLOYER
and EMPLOYEE agree, that if any court of competent jurisdiction shall, for any
reason conclude that any portion of this covenant shall be too restrictive, the
court shall determine and apply lesser restrictions, it being the intent of the
parties that some such restrictions shall be applicable for the protection of
EMPLOYER and its shareholders.

    

    (c)  This
covenant has been given to induce EMPLOYER to enter into this Agreement and
provide EMPLOYEE'S job responsibilities and compensation.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    14.  OWNERSHIP
OF INVENTIONS AND DEVELOPMENTS.  (a)  For purposes of this
Agreement, the following definitions shall apply:

    

    (i)
"Inventions" shall mean:

    

    (A)  All
inventions, improvements, modifications, and enhancements, whether or not
patentable, made by EMPLOYEE during EMPLOYEE's employment by EMPLOYER;
and

    

    (B)  All
inventions, improvements, modifications and enhancements made by EMPLOYEE,
during a period of one (1) year after any suspension or termination of
EMPLOYEE's employment by EMPLOYER, which relate, directly or indirectly, to the
past, present or planned future business of the EMPLOYER, determined as of the
date of termination.

    

    (ii)
"Work Product" shall mean all documentation, software, creative works, programs,
systems, source codes, Hardware Signatures, know-how and information created, in
whole or in part, by EMPLOYEE during EMPLOYEE's employment by EMPLOYER, whether
or not copyrightable or otherwise protectable, excluding
Inventions.

    

    (iii)
"Trade Secrets" shall mean all documentation, software, know-how and information
relating to the past, present and future business of the EMPLOYER or any plans
therefor, or relating to the past, present or future business of a third party
or plans therefor that are disclosed to the EMPLOYER, which the EMPLOYER may not
or does not disclose to third parties without restrictions on use or further
disclosure.

    

    (b)  EMPLOYEE
shall promptly disclose to EMPLOYER all Inventions and keep accurate records
relating to the conception and reduction to practice of all
Inventions.  Such records shall be the sole and exclusive property of
EMPLOYER, and the EMPLOYEE shall surrender possession of such records to the
EMPLOYER upon any suspension or termination of EMPLOYEE's employment with the
EMPLOYER.

    

    (c)  EMPLOYEE
hereby assigns to the EMPLOYER, without further consideration to the EMPLOYEE,
the entire right, title and interest in and to the Inventions and Work Product
and in and to all proprietary rights therein or based
thereon.  EMPLOYEE agrees that the Work Product shall be deemed to be
a "work made for hire".  EMPLOYEE shall execute all such assignments,
oaths, declarations and other documents as may be prepared by EMPLOYER to effect
the foregoing.

    

    (d)  EMPLOYEE
shall provide EMPLOYER with all information, documentation, and assistance
EMPLOYER may request to perfect, enforce, or defend the proprietary rights in or
based on the Inventions, Work Product or Trade Secrets.  EMPLOYER, in
its sole discretion, shall determine the exact extent of the proprietary rights,
if any, to be protected in or based on the Inventions and Work
Product.  All such information, documentation and assistance shall be
provided at no additional expense or cost to the EMPLOYER, except for
out-of-pocket expenses which the EMPLOYEE incurs at the EMPLOYER's
request.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    (e)  In
the event of termination of this Employment Agreement, EMPLOYER shall be
entitled to advise any new employer of EMPLOYEE of his rights and obligations
hereunder.

    

    15.
DISABILITY.  (a)  If EMPLOYEE is unable to perform his
services by reason of illness or incapacity for a period of more than twenty-one
(21) consecutive work days, or more than three (3) weeks in any two-month
period, the compensation otherwise payable to EMPLOYEE thereafter during the
continued period of such illness or incapacity may, at the option of EMPLOYER,
be reduced by fifty percent (50%).  If such illness or incapacity
shall continue for a period of forty-five (45) consecutive work days or more
than fifty percent of any calendar quarter, payment of such compensation may, at
the option of EMPLOYER, be stopped altogether.  The full compensation
shall be reinstated upon EMPLOYEE's return to service and the discharge of his
full duties hereunder.  Notwithstanding anything herein to the
contrary, EMPLOYER may, at its option, terminate this Agreement at any time
after the EMPLOYEE shall be absent from his employment, for whatever cause, for
a continuous period of more than six (6) months, and all obligations of EMPLOYER
hereunder shall cease upon any such termination.

    

    (b)  EMPLOYER
may elect to continue the payment of full compensation notwithstanding the
foregoing.  Such payments shall be in the sole discretion of EMPLOYER,
may be discontinued at any time, and if initiated shall not thereby become a
duty or requirement.

    

    16.  TERMINATION
OF EMPLOYMENT.  (a)  EMPLOYER can terminate EMPLOYEE's
employment at any time for good cause.  Without intending to limit the
definition of good cause hereby, good cause will include:

    

    (1) 
the EMPLOYEE'S death;

    

    (2) 
the occurrence of one of the following events:

    

    (i)  
EMPLOYEE commits and/or is convicted of a felony, or is convicted of any crime
involving moral turpitude or unethical conduct which in the good faith opinion
of the EMPLOYER could impair his ability to perform his duties or which impacts
the market price of the EMPLOYER’s Common Stock;

    

    (ii)  EMPLOYEE
commits an act, or fails to take action in bad faith and to the detriment of the
EMPLOYER, or

    

    (iii)  in
the good faith opinion of the EMPLOYER's Board of Directors, the EMPLOYEE fails,
to a material extent, to fully and faithfully perform his obligations under this
Employment Agreement.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (b) The
termination of EMPLOYEE'S services shall not constitute a termination of the
restrictive obligations and duties under Paragraphs 11, 12, 13, and
14.

    

    (c) In
the event of the bankruptcy (Chapter 7), reorganization (Chapter 11) or other
termination of the business of the EMPLOYER, the provisions of Paragraph 12
shall continue in full force and effect only so long as full base compensation
by EMPLOYER shall continue.

    

    17.
ARBITRATION.  Any controversy or claim arising out of, or relating to
this Agreement, or the breach thereof, shall be settled by arbitration in
Manchester, New Hampshire in accordance with the rules then pertaining of the
American Arbitration Association, but with all rights of discovery provided by
the New Hampshire Rules of Civil Procedure, and judgment upon the award rendered
may be entered in any court having jurisdiction thereof, which award and
judgment may include reasonable attorney’s fees and costs.

    

    18.
WAIVER OF BREACH.  The waiver by either party of a breach of any
provision of this Agreement by the other party shall not operate or be construed
as a waiver of any subsequent breach by such other party.  The failure
of a party to exercise any rights or privileges under this Agreement shall not
be deemed to be a waiver or extinguishment of such rights or privileges, all of
which shall continue to be exercisable.

    

    19.
BENEFIT.  The rights and obligations of EMPLOYER under this Agreement
shall inure to the benefit of, and shall be binding upon, its successors and
assigns.  The protections of Paragraphs 11, 12,  13, and 14
shall inure to the benefit of EMPLOYER and any successors and assigns. The
rights and obligations of EMPLOYEE under this Agreement shall inure to the
benefit of, and shall be binding upon, his heirs, administrators, executors,
successors and assigns.

    

    20.
NOTICES.  Any notice required or permitted to be given under this
Agreement shall be sufficient if in writing, and if either personally delivered
or sent by certified mail, to his residence in the case of EMPLOYEE, or to its
principal office in the case of EMPLOYER.

    

    21. LIFE
INSURANCE.  EMPLOYER and/or one or more of its subsidiaries may, in
its/their discretion at any time after the execution of this Agreement, apply
for and procure, as owner and for its/their own benefit, insurance on the life
of EMPLOYEE, in such amounts and in such forms as EMPLOYER may
choose.  EMPLOYER shall not be required to give EMPLOYEE any interest
whatsoever in any such policy or policies, (although nothing contained herein
shall be deemed to prohibit any such arrangement) but EMPLOYEE shall, at the
request of EMPLOYER, subject himself to such medical examination, supply such
information, and execute such information releases and documents as may be
required by the insurance company or companies to whom EMPLOYER has applied for
such insurance.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    22.
ENTIRE AGREEMENT.  This instrument contains the entire agreement of
the parties and may be modified only by agreement in writing signed by the party
against whom enforcement of any waiver, change, modification, extension or
discharge is sought.

    

    23.
APPLICABLE LAW.  This Agreement shall be governed for all purposes by
the laws of the State of New Hampshire, without reference to any “conflict of
law” provisions.  If any provision of this Agreement is declared void,
such provision shall be deemed severed from this Agreement, which shall
otherwise remain in full force and effect.

    

    24.  COUNTERPARTS.
This Agreement may be executed in two or more counterparts, including facsimile
counterparts, any one of which shall be deemed to be an original.

    

    IN
WITNESS WHEREOF, the parties hereto, intending to be legally bound, have
hereunto set their hands and seals as of the day and year herein above
written.

    

     

    
      	 	

              WELLENTECH
      SERVICES, INC.

              

              

              By: 
      /s/ James D.
      Beatty                                             
      

              James
      D. Beatty, Chairman

              

              

              By: 
      /s/ Richard C.
      Fox                                                
      

              Richard
      C. Fox, EMPLOYEE 

            

    

     

    

    11

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