Document:

EMPLOYMENT AGREEMENT

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Agreement is made as of Commencement Date which is the signing date below and is between Gideon D. Taylor (“Employee”) and Willing Holding, Inc., a Florida corporation (“COMPANY”) and the subsidiary of Perfect Web Technologies, Inc. (PWBI). The parties agree as follows:

 

SECTION ONE

EMPLOYMENT

 

COMPANY hereby hires Employee as its Chief Executive Officer (“CEO”) of Willing Holding, Inc. (WILLING) a wholly owned subsidiary of the COMPANY, and Employee hereby accepts such hiring and agrees to be employed by COMPANY, subject to the terms and conditions of this Agreement.

 

SECTION TWO

TERM OF EMPLOYMENT

 

2.1       This Agreement and the term of employment provided hereby shall become effective upon the terms of Commencement Date which is the signing date below and upon any spin-off or separation from the parent company Perfect Web Technologies, Inc. (the “Commencement Date”).  

 

2.2       The Agreement and the terms are understood by both parties to begin on the Commencement Date of this Agreement by both parties and, unless sooner terminated as provided herein, continue for a period of three (3) years (the “Initial Term”).

 

2.2       Upon expiration of the three year Initial Term, this Agreement shall be automatically renewed for successive terms of one-year (1 year) each unless, at least sixty (60) days prior to the end of the Initial Term or any one-year renewal term of this Agreement, Employee or COMPANY gives written notice to the other that this Agreement shall not be renewed.

 

SECTION THREE

EMPLOYEE’S DUTIES

 

While employed by COMPANY, Employee shall devote his full time, effort and job skills as the CEO of the WILLING. Notwithstanding the prior sentence, subject to his obligations to COMPANY under this Agreement the Employee may not engage in work outside of his employment by COMPANY. The Employee will travel as requested by the Company and as may be necessary for Employee to adequately perform his duties.

 

SECTION FOUR

WORK FOR HIRE

 

4.1       The COMPANY has hired the Employee to create certain work for the COMPANY (the “Work”). Each and every Work that the Employee creates for COMPANY’s use is a “work for hire.”  Consequently, all copyright privileges, together with all other intellectual property rights of any nature whatsoever in the Work, are exclusively owned by the COMPANY. The Employee has no reserved rights of any nature in or to the Work. The COMPANY is and shall be considered the exclusive author of the Work (including, without limitation, any derivative works relating thereto). The term “Work” includes all works the Employee has created since the date of hire or will create during the term of this Agreement, whether within or outside the scope of employment.

 

4.2       Employee represents, warrants, and covenants that the Work that has been, or will be, performed are original works of authorship and, to Employee’s best knowledge, do not, or will not, 

 

1

EMPLOYMENT AGREEMENT

 

constitute an infringement of any third party’s rights, including, without limitation, any copyright or other intellectual property right. Employee shall indemnify and hold harmless COMPANY from any action, judgment, liability, damage, cost, or expense that COMPANY may incur or to which it may become subject in connection with any third-party claim asserted against the COMPANY relating to or arising from a breach of this Section 4.2.

 

4.3       Employee agrees to perform all further acts and to execute and deliver all further documents that the COMPANY may reasonably request as to validate, confirm, or perfect COMPANY’s rights in the Work, including, without limitation, any instruments that may be necessary for the COMPANY to obtain federal copyright, trademark, trade name, patent, or other intellectual property registration of the Work.

 

4.4       This Section 4 shall be effective as of the date of Employee’s hire by COMPANY, which is the closing date of the Asset Purchase Agreement, whether or not such date of hire is prior to the date of this Agreement.

 

SECTION FIVE

COMPENSATION

 

5.1       As compensation
for his services under this Agreement, COMPANY shall allocate the Employee a budget (the “Budget”) to be managed by the Employee beginning on the Commencement Date and continuing through the Initial
Term and any renewal term. The Employee will manage WILLING and its payroll, operations, overhead and discretionary expenses out of this Budget. The Employee will determine the salary of the WILLING employees within
 the Budget.

 

5.2       Salary: The
 Employee salary and bonus shall be determined by the Company board of directors at a time after the COMPANY has been spun-off and/or separated form Perfect Web Technologies, Inc. 

 

5.3       Employee Control:
  The Employee is authorized and will receive a five percent (5%)  “non-dilutive” ownership interest in the Company on the Commencement Date. 

 

            5.3.a.  The five percent 5% non-dilutive ownership interest is represented by a Preferred A stock that represents a minimum of five percent (5%) of the issued and outstanding stock of WILLING.

            5.3.b.  Upon Termination or resignation of the Employee the Employee Control will stay in effect and be the property of the Employee.

            5.3.c.  Taylor shall receive 125,000 shares of Class A common stock per year as an annual salary. He will also be issued 750,000 shares of Class B stock that will translate to 15,000,000 votes (20 to 1 voting rights).

 

5.4       Termination Fee:  Upon termination, the Employee shall receive a severance of two million dollars ($2,000,000.00) as long as the Employee has not committed the “for cause” violation as outlined in Section Seven, Number 6.

 

5.5       Common Stock:  

5.5.a   Any Common Stock paid as salary to Employee under this Agreement shall be “restricted” stock within the meaning of Securities and Exchange Commission Rule 144 and may not be transferred or sold except pursuant to an effective registration statement for its transfer or resale filed with the appropriate governmental authorities or the availability of an exemption from registration and only sold under the guidelines set by the COMPANY’s “Insider Trading Plan and Procedure”. 

 

2

EMPLOYMENT AGREEMENT

 

5.5.b.  The COMPANY will grant registration rights to include the shares of Common Stock issued to the Employee in any registration statement filed by the COMPANY under the Securities Act of 1933 relating to any underwriting of the sale of Common Stock or other security that includes the other BOD and managers of the COMPANY. Inclusion of such shares is subject to the willingness of the managing underwriter(s) to include said shares. 

 

SECTION SIX

PROTECTION OF CONFIDENTIAL INFORMATION

 

6.1       For purposes of this Agreement, “Confidential Information” means knowledge, information and material which is proprietary to the COMPANY of which Employee may obtain knowledge or access through or as a result of his employment by the COMPANY (including information conceived, originated, discovered or developed in whole or in part by Employee during his employment with the COMPANY). Confidential Information includes, but is not limited to: (i) technical knowledge; information and material such as trade secrets; processes; formulas; data; know-how; software and software design concepts, including appearance, operator interaction techniques, and file handling techniques, whether in source code, object code or printed form; strategies; analytical models; improvements;
inventions; computer programs; drawings; patents; and experimental and development work techniques; and (ii) marketing and other information, such as supplier lists, customer lists, lists of prospective customers and acquisition targets, marketing and business plans, business or technical needs of customers, consultants, licensees or suppliers and their methods of doing business, arrangements with customers, consultants, licensees or suppliers, manuals and personnel records or data. Confidential Information also includes any information described above which the COMPANY obtains from another party and which the COMPANY treats as proprietary or designates as confidential, whether or not owned or developed by the COMPANY. Notwithstanding the foregoing, any information which is or becomes available to the general public otherwise than by breach of this Section 6.1 shall not constitute Confidential Information for purposes of this Agreement.

 

6.2       During the term of this Agreement and thereafter, Employee agrees to hold in confidence all Confidential Information and not to use such information for Employee’s own benefit or to reveal, report, publish, disclose or transfer, directly or indirectly, any Confidential Information to any person or entity, or to utilize any Confidential Information for any purpose, except in the course of Employee’s work for the COMPANY.

 

6.3       Employee will abide by any and all security rules and regulations, whether formal or informal, that may from time-to-time be imposed by the COMPANY for the protection of Confidential Information, and will inform the COMPANY of any defects in, or improvements that could be made to, such rules and regulations.

 

6.4       Employee will notify COMPANY in writing immediately upon receipt of any subpoena, notice to produce, or other compulsory order or process of any court of law or government agency if such document requires or may require disclosure or other transfer of Confidential Information.

 

6.5       Upon termination of
employment or at any time upon COMPANY’s request, Employee shall
immediately discontinue use of Confidential Information and deliver to COMPANY
any and all records and tangible property, including software, hardware, and all
other equipment that contains Confidential Information and is in COMPANY’s
possession or under his control.

 

6.6       Employee shall disclose
promptly to Company any and all conceptions and ideas for inventions,
improvements, and valuable discoveries, whether patentable or not, which are
conceived or made by Employee solely or jointly with another during the period
of employment which are related to 

 

3

EMPLOYMENT AGREEMENT

 

the business or activities of the Company. Employee hereby assigns and agrees to assign all his interest therein to Company or its nominee. Whenever requested by the Company, Employee shall execute any and all applications, assigns or other instruments that Company shall deem necessary to apply for and obtain Letters of Patents of the United States or any foreign country or to otherwise protect Company’s interest therein. These obligations shall continue beyond termination of employment with respect to inventions, improvements and valuable discoveries, whether patentable or not, conceived, made or acquired by Employee during the period of employment, and shall be binding upon Employee’s heirs, assigns, executors, administrators and other legal representatives.

 

SECTION SEVEN

TERMINATION

 

COMPANY shall have the right to terminate Employee’s employment “for cause” hereunder at any time during the Initial Term of this Agreement and any renewal term. Notice of the COMPANY’s “for cause” termination shall be delivered by the COMPANY to Employee in writing and such “for cause” termination shall be effective as of the date set forth in the written notice of termination delivered by the COMPANY to Employee. The duties, rights, privileges and salary compensation set forth in this Agreement shall cease and end as of the day following the date of termination for cause and no severance shall be payable whatsoever to the Employee. 

 

All correspondence, reports, charts, products, records, designs, patents, plans, manuals, sales and marketing material, memorandum, advertising materials, customer lists, distributor lists, vendor lists, telephones, beepers, portable computers, and any other such data, information or property collected by or delivered to Employee by or on behalf of the Company, their representatives, customers, suppliers or others and all other materials compiled by Employee which pertain to the business of the Company shall be and shall remain the property of the Company and shall be delivered to the Company promptly upon its request at any time and without respect upon completion or other termination of Employee’s employment hereunder for any reason, except materials, lists, property and information that was previously owned  by Employee and brought to the Company. 

 

For purposes of this Agreement, any of the following shall constitute events which would permit COMPANY, in its sole discretion, to terminate Employee’s employment hereunder “for cause”:

 

	
 
 	
1.
 	
Willful breach by Employee of any material provision of this Agreement;
 

 

	
 
 	
2.
 	
Dishonesty in the performance of Employee’s duties to COMPANY;
 

 

	
 
 	
3.
 	
Engagement in any business activities that material conflict with Employee’s duties owed to the COMPANY during the term of this Agreement;
 

 

	
 
 	
4.
 	
Failure of Employee to comply with each and every term of the non-competition provisions of Section Eight of this Agreement or the Confidentiality provisions of Section 6 of this Agreement;
 

 

	
 
 	
5.
 	
Failure of Employee to devote substantially all of his time, energy and skill during regular business hours to the position described in this Agreement except as otherwise agreed to by COMPANY;
 

 

4

EMPLOYMENT AGREEMENT

 

SECTION EIGHT

COVENANT NOT TO COMPETE

 

8.1       In consideration of the COMPANY’s entering into this Agreement, Employee covenants and agrees that during the Employee’s term of employment and for a one (1) year period thereafter Employee will not, without the express prior written consent of the COMPANY, directly or indirectly (i) compete with the business of the COMPANY as an internet application service provider anywhere in the world nor (ii) undertake any activity that may lead Employee to compete with or to acquire rival, conflicting or antagonistic interests to those of the COMPANY with respect to the business of the COMPANY, whether alone, as a partner, or as an officer, director, employee, independent contractor, consultant or shareholder holding 5% or more of the outstanding voting stock of any other corporation,
or as a trustee, fiduciary or other representative of any other person or entity. This Section 8.1 shall not apply if Employee is terminated without cause.

 

8.2       During the term of employment and for a period of one (1) year thereafter, Employee will not directly or indirectly solicit nor induce any other employee of the COMPANY or any parent or affiliate to leave his or her employment, nor solicit or induce any consultant or independent contractor to sever that person’s relationship with the COMPANY.

 

8.3       If any court shall determine that the duration or geographical limit of any covenant contained in this Section 8 is unenforceable, it is the intention of the parties that covenant shall not thereby be terminated but shall be deemed amended to the extent required to render it valid and enforceable, such amendment to apply only in the jurisdiction of the court that has made such adjudication.

 

8.4       Employee acknowledges and agrees that the covenants contained in this Section 8.4 are of the essence in this Agreement, that each of such covenants is reasonable and necessary to protect and preserve the interests, properties, and business of the COMPANY, and that irreparable loss and damage will be suffered by the COMPANY should Employee breach of any of such covenants. Employee further represents and acknowledges that he shall not be precluded from gainful engagement in a satisfactory fashion by the enforcement of these provisions.

 

SECTION NINE

REPRESENTATIONS AND WARRANTIES

 

Employee warrants and represents that the execution and delivery of this Agreement will not violate or otherwise conflict with any agreement, law, regulation or order of any kind to which Employee is a party or is otherwise subject. 

 

Employee represents and warrants to the Company that he is not subject to any contractual restriction or non-competition covenant in favor of a former employer or any other person or entity, and that the execution of this Agreement by Employee and his provision of services to the company and the performance of his obligations hereunder will not violate or be a breach of any agreement with a former employer or any other person or entity. Further, Employee agrees to indemnify Company for any claim, including but not limited to attorneys’ fees and expenses of investigation, by any such third party that such third party may now have or may hereafter have against the Company provided same is based upon a valid and legally enforceable non-competition agreement, invention or secrecy agreement between Employee and such third party.

 

5

EMPLOYMENT AGREEMENT

 

SECTION TEN

SURVIVAL

 

The covenants, agreements, representations and warranties contained in or made pursuant to this Agreement shall survive Employee’s termination of employment, irrespective of any investigation made by or on behalf of any party.

 

SECTION ELEVEN

WAIVER

 

Any waiver by either party of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. All waivers must be in writing. 

 

SECTION TWELVE

BINDING EFFECT

 

The Employee’s rights and obligations under this Agreement shall not be transferable by assignment or otherwise, and any attempt to do any of the foregoing shall be void. The provisions of this Agreement shall be binding upon the Employee and his heirs and personal representatives, and shall be binding upon and inure to the benefit of the COMPANY, its successors and assigns. 

 

SECTION THIRTEEN

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. 

 

SECTION FOURTEEN

GOVERNING LAW; VENUE

 

This Agreement is to be performed in the State of Florida, and the validity, construction and enforcement of, and the remedies under this Agreement shall be governed in accordance with the laws of the State of Florida without giving effect to any choice of laws principles. Subject to the mandatory arbitration provision of Section 16, in the event of any litigation arising out of or relating to this Agreement, exclusive venue shall be in Palm Beach County, Florida.

 

SECTION FIFTEEN

ARBITRATION

 

Any controversy or claim arising out of, or related to, this Agreement or its breach shall be settled by binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association sitting in Palm Beach, Florida. Any judgment or award rendered by such arbitrator(s) may be entered into with a court of competent jurisdiction as a final judgment and adjudication.

 

6

EMPLOYMENT AGREEMENT

 

SECTION SIXTEEN

SEVERABILITY

 

The invalidity or unenforceability of any term of this Agreement shall not invalidate, make unenforceable or otherwise affect any other term of this Agreement, which shall remain in full force and effect.

SECTION SEVENTEEN

ATTORNEYS’ FEES

 

In the event any dispute, litigation or arbitration arises hereunder between any of the parties hereto, the prevailing party shall be entitled to all reasonable costs and expenses incurred by it in connection therewith (including, without limitation, all reasonable attorneys’ fees and costs incurred before and at any trial or other proceeding and at all tribunal levels), as well as all other relief granted in any suit or other proceeding.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date of the Asset Purchase Agreement .

 

Date:    January 14, 2008

 

 

	
WILLING HOLDING, INC.
  
 	
 
 	
PERFECT WEB TECHNOLOGIES,
INC.
  
 
	
By: 
 	

 /s/ Gideon D. Taylor
 	
 
 	
By: 
 	

 /s/ Thomas L. DiStefano
 
	
 
 	
Gideon D. Taylor
 CEO
 Willing Holding, Inc.
 A Subsidiary of Perfect Web Technologies, Inc.
 	
 
 	
 
 	
Thomas L. DiStefano
 CEO/Chairman
 Perfect Web Technologies, Inc.
 
	
 
 	
 
 	
 
 	
 
 	
 
 

 

 

 

7EMPLOYMENT AGREEMENT

Exhibit 10.2

 

EMPLOYMENT
AGREEMENT 

THIS
AGREEMENT is made this 15th day of April 2008, by and between Willing Holding,
Inc. (the “Company”), 3 Centerview
Drive, Suite 240, Greensboro, NC 27407, New World Mortgage, Inc. (“New World”), and Kevin Leonard
(Leonard), 37765 Avenida La Cresta, Murrieta,
CA 92562.

          WHEREAS,
the Company wishes to obtain the advice, contacts and expert judgment of Leonard with the title of Chief Executive Officer
(CEO) of New World to conduct New World’s business when New World becomes the wholly owned subsidiary of the
Company, and

          WHEREAS,
Leonard is qualified and willing to provide such services pursuant to the terms and conditions set forth herein.

          NOW,
THEREFORE, in consideration of the promises and the mutual covenants contained herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree
as follows:

          1.
Services as Chief Executive Officer (CEO) with all the authority, duties,
and responsibilities of said office. The Company agrees that
it shall employ Leonard, and Leonard hereby
accepts employment as the chief executive officer of New World effective upon
Closing of the purchase of New World as the wholly owned subsidiary of the Company.
During the term of this Agreement, Leonard shall have such duties,
responsibilities as the Board of Directors of the
Company shall from time to time determine, consistent with the duties of other
chief executive officers of other corporations of similar size and nature. Leonard shall report
directly to the Board of Directors of New
World and to the President and Board of Directors of the Company and shall have supervisorial authority
over all agents and employees of New World subject to the direction of said Boards of Directors.

          2.
Leonard hereby agrees to use his best
efforts in providing the Services and loyally representing the interests
of the Company in accordance with the Company’s reasonable requirements and objectives. Leonard and the
Company acknowledge that Leonard is experienced in providing the
Services and will provide the Services with the diligence and care of others in the industry. Leonard further
represents that it has not, and shall not, enter into any agreement during the term of the Agreement, which
might prevent him from performing his obligations
hereunder.

          3.
Compensation. In full consideration of the Services provided
hereunder, the Company hereby grants
to Leonard the following salary and benefits, which shall be an obligation of both New World (as employer) and
the Company (as a party to the contract and as parent corporation to New
World):

	
 

	
 

	
 

	
 

	
 

	
          (a) Leonard will be paid $200,000.00 for the first year
 of service, which shall be payable on the
 15th day and the
 last day of each month in regular payments of $8,333.33 per pay period. The Board of Directors will determine other
 additional compensation.

	
 

	
 

	
 

	
 

	
          (b) Leonard will also receive
 stock and stock options as follows:

	
 

	
 

	
 

	
 

	
 

	
(1)

	
475,000 shares of common stock
 in the Company, which the Company shall issue to Leonard within 45 calendar
 days after the Closing Date of the
 Stock Purchase Agreement in consideration for Leonard’s agreement to provide services as set forth in this Agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
(2)

	
Effective
 immediately upon the Closing Date, Leonard shall receive Options to purchase
 250,000 shares of the COMPANY’s Common Stock at $2.50 per share, which options may be exercised by Leonard at any time from 45
days after the Closing to 5 years after the Closing. SELLER may exercise such portion of
 said options at any one as SELLER may wish to exercise, retaining SELLER’s right to exercise the remainder on one or more later
 dates, except to the extent expressly
 limited by this Agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
(3)

	
The
 aforementioned Options shall be subject to the following terms:

	
 

	
 

	
 

	
 

	
 

	
 

	
          a.i
 Leonard shall have the right to exchange a portion of his Options (limited by subsection a.ii below) for
 cash each time the Company raises
 capital in a private or public offering, as long as the amount exchanged at any one time is at least
 $500,000.00 and no more than
 $5,000,000.00. The price that Leonard shall receive in exchange for such options shall be calculated at $5.00 per
 share.

	
 

	
 

	
 

	
 

	
 

	
          a.ii. Within the first six months after the
 Closing, the COMPANY may, at its own option, elect to substitute a
 cash payment of salary to Leonard in lieu
 of a portion or all of the Options. If COMPANY makes such election,
 then COMPANY shall pay to Leonard as
 additional salary the sum of $5.00 per share in place and stead of each share
 of stock, as long as the amount substituted at any one time is at least $500,000.00 and no more than
 $5,000,000.00. After the first six months, the COMPANY may elect the same
 substitution at the greater of $10.00
 per share or 80% of the price of the Stock the day of the exchange.

	
 

	
 

	
 

	
 

	
 

	
(4)

	
Common stock in the Company equal to 20% of P.E.
 times EBITDA on increase of previous base
 year earnings.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(5)

	
Bonus to be paid in stock in the Company at the
 trading price on date of issuance.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
EXAMPLE:

	
2008 base year earnings: $3,000,000 EBITDA

 2009 year earnings: $9,000,000 EBITDA

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
P.E. is 20

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
20% of 20 is 4

	
 

	
 

	
 

	
 

	
Bonus would be 4 times $6,000,000 ($24,000,000)

	
 

	
 

	
 

	
 

	
 

	
 

	
          (c)
 Vacation. During each 12-month period occurring during the Term
 commencing with the 12 months beginning on the Closing Date, Leonard shall be
 entitled to four (4) weeks paid vacation to be taken at such time as the
 Company and Leonard shall reasonably determine, plus all other holidays given
 Company employees generally.

	
 

	
 

	
          4.
 Representations and Warranties of Leonard. With respect to the Shares
 to be issued in payment of the Services rendered hereunder, Leonard
 represents and warrants as follows:

	
 

	
 

	
 

	
(a)

	
Leonard is a natural person;

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
He has provided bona
 fide services to the Company not related or connected to the resale of the
 Shares;

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
The Services were not
 in connection with the offer for sale of securities in a capital-raising
 transaction, and do not directly or indirectly promote or maintain a market
 for the Company’s securities;

	
 

	
 

	
 

	
 

	
 

	
 

	
(d)

	
By prearrangement or
 otherwise, the Company has not controlled or directed the resale of the
 Shares in the public market;

	
 

	
 

	
 

	
 

	
          5.
 Restrictions on Transfer. Leonard understands and agrees that the
 following restrictions and limitations are applicable to the shares of the
 Company Common Stock issued to Leonard hereunder as a portion of his salary:

	
 

	
 

	
 

	
(a)

	
The shares shall not be sold, pledged, hypothecated
 or otherwise transferred unless the shares are registered under the
 Securities Act of 1933, as amended and the securities laws of a state or
 foreign jurisdiction, or are exempt there from;

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
A legend in
 substantially the following form has been or will be placed on any
 certificate or other document evidencing the shares:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
THE SECURITIES
 REPRESENTED BY THIS INSTRUMENT OR DOCUMENT HAVE BEEN ACQUIRED FOR INVESTMENT
 AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
 THE SECURITIES LAW OF ANY STATE. WITHOUT SUCH REGISTRATION, SUCH SECURITIES
 MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT UPON
 DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL. SATISFACTORY TO THE COMPANY
 THAT REGISTRATION IS NOT REQUIRED FOR SUCH TRANSFER OR THE SUBMISSION TO THE
 COMPANY OF SUCH OTHER. EVIDENCE AS MAY BE SATISFACTORY TO THE COMPANY TO THE
 EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE SECURITIES ACT
 OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE, OR ANY RULE OR
 REGULATION PROMULGATED THEREUNDER.

          6.
Expenses. All expenses, including travel and lodging, incurred by the
CEO in performance of the Services shall be sole responsibility of Company.

          7.
Insurance. The parties agree that the Company shall not be required to
carry insurance or in any way insure the activities of Leonard except that
Company shall carry liability insurance (CGL coverage) for potential liability
of the Company beginning at Closing with coverage for up to $1 million per claim. It is understood
that KEY MAN life insurance may be provided at the expense of Company or new World, in the discretion of the
Company.

          8.
Duration. This Agreement shall remain in effect for a period of 5 years
commencing on the Closing Date of the Company’s Stock Purchase Agreement with
New World, but shall automatically renew, if not terminated as provided for
herein, for each successive one year period. Notwithstanding the foregoing, the
Company or Leonard may terminate this Agreement at any time upon 30 days
written notice after 5 years.

          9.
Termination. If the COMPANY terminates the Employment Contract for no cause prior to the third year of the
contract it will pay Leonard the remaining years of base salary of the
contract. “Cause” to terminate the Employment Contract shall mean fraud,
embezzlement, abandonment of employment, recklessness in performance of the
duties of employment, gross negligence in performance of the duties of
employment, or conviction of a felony. Leonard shall be entitled to keep the
475,000 shares of stock to be transferred to Leonard under Section 3(a)(1)

of this Agreement whether
or not the Employment Contract is terminated within the first three years and regardless of the cause for
termination.

          10.
Confidentiality. All information relating to the business and
affairs of the Company shall be related as Confidential Information, as
hereinafter defined, by Leonard both during and after the term hereof. Except
with the prior approval of the Company, Leonard shall not disclose any of the
Confidential Information at any time to any person except authorized personnel
of the Company and its affiliated corporations. Leonard further agrees not to
use any information made available to or coming into its possession or knowledge in manner that is adverse to the business of the
Company. All data, records, and written material prepared or compiled by Leonard or furnished to Leonard during
the term hereof shall be the sole and exclusive
property of the Company, and none of such data, records or written materials,
or copies thereof, shall be retained
by Leonard after the termination of this Agreement.

          As
used herein, the term “Confidential Information” includes, without limitation, information, and knowledge pertaining to
products, inventions, innovations, designs, ideas, plans, trade secrets, proprietary information,
manufacturing, packaging, advertising, distribution and sales methods and
systems, sales profit figures, customer and clients lists, and relationships
between the Company and its affiliated corporations and dealers, distributors,
customers, clients, suppliers, and others who have had or will have had
business dealing with the Company and its affiliated corporations. The term
“Confidential Information” does not include information which (a) becomes generally available to the public
through no wrongful act on the part of Leonard, (b) can be shown to have
been previously available to Leonard on a non-confidential basis prior to its
disclosure to Leonard by the Company, or it’s representatives, (c) becomes
available to Leonard on a non-confidential basis
from a source other than the Company or its representative, or (d) is required
to be disclosed by order of a court of competent jurisdiction.

          Notwithstanding
anything herein contained to the contrary, the above described obligation with respect to confidentiality shall
survive any termination of Leonard’s engagement hereunder or the termination of this Agreement. However, in the event
of a breach of this Agreement or the related Stock Purchase Agreement, either of the Parties may disclose as much of such information as may be reasonably
necessary to litigate and/or arbitrate such breach of contract and other causes
of action arising out of the same or similar facts and circumstances.

          11.
No Contracts, Arrangements, Understandings or Relationships with Respect to Securities. There
are no contracts, arrangements, understandings or relationships (legal or
otherwise) by any party to this Agreement, or any other person with respect to
the Company Common Stock, or any other
securities of the Company, including but not limited to transfer or voting
or any of the Company Common Stock, or any other securities of the Company,
finder’s fees, joint ventures, loan or option arrangements, puts or calls,
guarantees of profits, division of profits
or loss, or the giving or withholding of proxies.

          12.
Legal. Any legal matters required between said parties will be
handled under the same mediation and
arbitration provisions set forth in the Stock Purchase Agreement.

          13.
Benefit. The terms and provisions of this Agreement
shall be binding upon, inure to the benefit of and enforceable by, the parties hereto and their respective
successors and permitted assigns.

          14.
Relationship of Parties. Leonard is providing services as an employee of
New World. In the event that the Company determines, during the five-year
initial duration of this Agreement, to
convert New World to another form of entity, Leonard shall hold the same position as an employee of said new entity under
the same terms and conditions. In the event that the Company, during said duration, determines to liquidate or
otherwise cease doing business through New World, the Company shall make
its best efforts to provide Leonard with a comparable position as an employee
of the Company or of another related entity of the Company if such a
position is available. Notwithstanding anything to the contrary herein, this
Agreement shall not in any manner be construed to create a joint venture,
partnership, or other similar form of relationship, and neither party shall
have the right or authority to: (a) commit the other party to any obligation or transaction not expressly
authorized by such other party, or (b) act or purport to act as agent or
representative of the other, except for such agency as is inherent in the
position of employee as CEO of New World and as otherwise expressly authorized in writing by such other
party. Further, Leonard acknowledges that Leonard shall not be entitled to any
insurance, pension, profit sharing, retirement or other fringe benefits, which
the Company may provide to its other
employees during the term of this Agreement.

          15.
Assignment. This Agreement may not be assigned by any Party
without the consent of the other
Parties.

          16.
Notices. All notices, requests, demands, and other
communications hereunder shall be in
writing and delivered personally or sent by registered or certified United
States mail, return receipt requested with postage prepaid, by
facsimile, or by e-mail, if to the Company, addressed
to 3 Centerview Drive, Suite 240, Greensboro, NC 27407 and if to Leonard, addressed to Mr. Kevin Leonard, 37765 Avenida La
Cresta, Murrieta, CA 92562.

          17.
Construction. Words of any gender used in this Agreement shall be
held and construed to include any other
gender, and worked in the singular number shall be held to include the plural,
and vice versa, unless the context requires otherwise. In addition, the pronouns
used in this Agreement shall be understood and construed to apply whether the
party referred to is an individual,
partnership, joint venture, corporation or an individual or individuals doing business under a firm or trade name, and
the masculine, feminine and neuter pronouns shall each induced the other and may be used interchangeable with the
same meaning.

          18.
Waiver. No course of dealing on the part of any party
hereto or its agents, or any failure or
delay by any such party with respect to exercising any right, power or
privilege or such party under this Agreement or any instrument referred to herein
shall operate as a waiver thereof, and
any single or partial exercise of any such right, power or privilege shall not
preclude any later exercise thereof or any exercise of any other right, power
or privilege hereunder or there under.

          19.
Cumulative Rights. The rights and remedies contained in this
Agreement shall be cumulative and their exercise or partial exercise of
any such right or remedy shall not preclude the
exercise of any other right or remedy.

          20.
Invalidity. If any provision of this Agreement is held
illegal, invalid or unenforceable,
such illegality, invalidity, or unenforceability shall not affect any other
provisions hereof. Such provision
and the remainder of this Agreement shall, in such circumstances, be modified to the extent necessary to render
enforceable the remaining provisions hereof.

          21.
Headings. The headings used in this Agreement are for convenience and reference only and in
no way define, limit, amplify or describe the scope or intent of this Agreement, and do not effect or constitute a part
of this Agreement.

          22.
Governing law; Jurisdiction. This Agreement
shall be governed by and construed in accordance with the laws of the
State of Florida. The mediation and arbitration provisions of the Stock Purchase Agreement are incorporated
herein by this reference and shall apply except to the extent that Florida law prohibits arbitration
provisions concerning the resolution of certain workers compensation or other
employment-related related proceedings affecting employees within the State of Florida.

          23.
Multiple 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 on and the same instrument.

          [THE REST
OF THIS PAGE LEFT INTENTIONALLY BLANK]

          24.
Entire Agreement. This instrument, together with the related Stock
Purchase Agreement, contains the entire understanding of the Parties with respect
to the subject matter hereof, and may not be changed orally, but only by an
instrument in writing signed by each of the parties hereto.

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

INDIVIDUAL

	
 

	
 

	

	 

	
Kevin Leonard

	
 

	
NEW
 WORLD MORTGAGE, INC.

	
 

	
By:

	
 

	 

	
 

	
WILLING
 HOLDING, INC.

	
 

	
By:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]