Document:

Unassociated Document

 

Exhibit 10.2

 

EXECUTIVE EMPLOYMENT AGREEMENT

This Executive Employment Agreement (this “Agreement”) is made as of the 23rd day of May, 2011 by and among Lantis Laser Inc., a Nevada corporation (the “Company”), Lantis Laser, Inc, a New Jersey  corporation (the “Subsidiary”), and Craig Gimbel, a natural person who resides in the State of New Jersey (“Executive”).

WHEREAS, the Company wishes to employ Executive as the Executive Vice President, Clinical Affairs of the Subsidiary and Executive wishes to accept such employment;

WHEREAS, the Company and Executive wish to set forth the terms of Executive’s employment and certain additional agreements between Executive, on the one hand, and the Company and the Subsidiary, on the other hand.

NOW, THEREFORE, in consideration of the foregoing recitals and the representations, covenants and terms contained herein, the parties hereto agree as follows:

	
  

	
1.

	
Employment Period

The Subsidiary will employ Executive, and Executive will serve the Subsidiary, under the terms of this Agreement commencing May 23, 2011 (the “Commencement Date”) for a term of three (3) years unless earlier terminated under Section 4 hereof.  The period of time between the commencement and the termination of Executive’s employment hereunder shall be referred to herein as the “Employment Period”.

	
  

	
2.

	
Duties and Status

The Company hereby engages Executive as its Executive Vice President, Clinical Affairs of the Subsidiary on the terms and conditions set forth in this Agreement including the terms and conditions of the Executive Proprietary Information, Inventions, and Non-Competition Agreement attached hereto as Exhibit A and incorporated herein. Executive agrees to perform such duties as are customarily performed by similar executive officers at peer companies and as may be more specifically enumerated from time to time by the Company’s Board of Directors (the “Board”). During the term of the Employment Period, Executive shall exercise such authority, perform such executive functions and discharge such responsibilities as are reasonably associated with Executive’s position, commensurate with the authority vested in Executive pursuant to this Agreement and consistent with the governing documents of the Company.

	
  

	
3.

	
Compensation and Benefits

	
  

	
(a)

	
Salary.  During the Employment Period, the Company shall pay to Executive, as compensation for the performance of Executive’s duties and obligations under this Agreement, a base salary of $120,000 per annum (the “Annual Base Salary”), payable in accordance with the Company’s regular payroll practices.  Executive's Annual Base Salary shall be reviewed annually in accordance with the policies of the Company from time to time and in the second year from the Commencement Date of the may be subject to upward adjustment based upon, among other things, Executive's performance, as determined in the sole discretion of the Board. In the event that any of the Annual Base Salary is not paid in accordance with the terms of this Agreement, such unpaid Annual Base Salary shall be accrued and shall be convertible, at the discretion of the Executive, into options to purchase shares of the Company's common stock at $0.075 per share, allowing for reorganization, recapitalizations, consolidation, amalgamations and mergers.

 

  

  

  

 

	
  

	
(b)

	
Bonus.  During the Employment Period, Executive shall be eligible for a bonus of up to 50% of Executive's Annual Base Salary to be paid in cash, stock or stock options or a combination based on performance targets that shall be defined and agreed upon mutually by the Board and Executive. Cash and/or stock/stock option bonus payments will be determined and approved by the Board.

 

	
  

	
(c)

	
Equity.  Executive shall be eligible to receive awards of restricted stock, stock options, stock appreciation rights, phantom stock units and such other forms of equity compensation awards that may be authorized from time to time by the Board (collectively, “Equity”) under the Company’s equity compensation plans, such awards to be made by the Board from time to time in its sole discretion.  The Company shall reserve not less than 5% of its authorized capital for its Equity compensation plans for directors, officers, employees, advisors, consultants and other personnel.

 

	
  

	
(d)

	
Other Benefits.  During the Employment Period, Executive shall be entitled to participate in all of the employee benefit plans, programs and arrangements of the Company in effect during the Employment Period which are generally available to senior executives of the Company, subject to and on a basis consistent with the terms, conditions and overall administration of such plans, programs and arrangements.  In addition, during the Employment Period, Executive shall be entitled to fringe benefits and perquisites comparable to those of other senior executives of the Company including, but not limited to, standard holidays, twenty (20) days of vacation for the first year of the Employment Period and an additional day of vacation for each year thereafter to a maximum of twenty-five (25) days, to be used in accordance with the Company’s vacation pay policy for senior executives.

 

	
  

	
(e)

	
Business Expenses.  During the Employment Period, the Company shall promptly reimburse Executive for all appropriately documented, reasonable business expenses incurred by Executive in the performance of Executive’s duties under this Agreement, including telecommunications expenses and travel expenses.

 

	
  

	
(f)

	

Automobile Allowance.  The Company agrees to reimburse Executive for the lease and maintenance of one automobile in an amount to be mutually agreed between the Company and Executive.

 

  

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4.

	
Termination of Employment

	
  

	
(a)

	
Termination for Cause.  The Company may terminate Executive’s employment hereunder for Cause (defined below).  For purposes of this Agreement and subject to Executive’s opportunity to cure as provided in Section 4(c) hereof, the Company shall have Cause to terminate Executive’s employment hereunder if such termination shall be the result of:

	
  

	
(i)

	
a material breach of fiduciary duty or material breach of the terms of this Agreement or any other agreement between Executive and the Company (including without limitation any agreements regarding confidentiality, inventions assignment and non-competition);

 

	
  

	
(ii)

	
the commission by Executive of any act of embezzlement, fraud, larceny or theft on or from the Company;

 

	
  

	
(iii)

	
substantial and continuing neglect or inattention by Executive of the duties of his employment or the willful misconduct or gross negligence of Executive in connection with the performance of such duties which remains uncured for a period of fifteen (15) days following receipt of written notice from the Board specifying the nature of such breach;

 

	
  

	
(iv)

	
the commission and indictment by Executive of any crime involving moral turpitude or a felony; and

 

	
  

	
(v)

	
Executive’s performance or omission of any act which, in the judgment of the Board, if known to the customers, clients, stockholders or any regulators of the Company, would have a material and adverse impact on the business of the Company.

 

	
  

	
(b)

	
Termination for Good Reason.  Executive shall have the right at any time to terminate Executive’s employment with the Company upon not less than thirty (30) days prior written notice of termination for Good Reason (defined below).  For purposes of this Agreement and subject to the Company’s opportunity to cure as provided in Section 4(c) hereof, Executive shall have Good Reason to terminate Executive’s employment hereunder if such termination shall be the result of:

 

	 	
(i) 

	
the Company’s material breach of this Agreement; or

 

	
  

	
(ii)

	
A requirement by the Company that Executive perform any act or refrain from performing any act that would be in violation of any applicable law.

 

  

3

  

 

	
  

	
(c)

	
Notice and Opportunity to Cure.  Notwithstanding the foregoing, it shall be a condition precedent to the Company’s right to terminate Executive’s employment for Cause and Executive’s right to terminate for Good Reason that (i) the party seeking termination shall first have given the other party written notice stating with specificity the reason for the termination (“breach”) and (ii) if such breach is susceptible of cure or remedy, a period of fifteen (15) days from and after the giving of such notice shall have elapsed without the breaching party having effectively cured or remedied such breach during such 15-day period, unless such breach cannot be cured or remedied within fifteen (15) days, in which case the period for remedy or cure shall be extended for a reasonable time (not to exceed an additional thirty (30) days) provided the breaching party has made and continues to make a diligent effort to effect such remedy or cure. In case Executive is the party seeking termination, written notice should be provided to either the Company’s CEO, the Company’s President, or the Company's Chairman of the Board.

	
  

	
(d)

	
Voluntary Termination.  Executive, at Executive’s election, may terminate Executive’s employment upon not less than sixty (60) days prior written notice of termination other than for Good Reason.

	
  

	
(e)

	
Termination Upon Death or Permanent and Total Disability.  The Employment Period shall be terminated by the death of Executive.  The Employment Period may be terminated by the Board if Executive shall be rendered incapable of performing Executive’s duties to the Company by reason of any medically determined physical or mental impairment that can be reasonably expected to result in death or that can be reasonably be expected to last for a period of either (i) six (6) or more consecutive months from the first date of Executive’s absence due to the disability or (ii) nine (9) months during any twelve-month period (a “Permanent and Total Disability”).  If the Employment Period is terminated by reason of a Permanent and Total Disability of Executive, the Company shall give thirty (30) days’ advance written notice to that effect to Executive.

	
  

	
(f)

	
Termination at the Election of the Company.  At the election of the Company, otherwise than for Cause as set forth in Section 4(a) above, upon not less than sixty (60) days prior written notice of termination.

	
  

	
(g)

	
Termination for Business Failure.  Anything contained herein to the contrary notwithstanding, in the event the Company’s business is discontinued because continuation is rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war, dissolution, national or local economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day of the month were originally set as the termination date hereof.  In the event this Agreement is terminated pursuant to this Section 4(g), the Company will give Executive fourteen (14) days’ advance written notice of termination and Executive will not be entitled to severance pay.

 

  

4

  

 

	
  

	
5.

	
Consequences of Termination

	
  

	
(a)

	
By Executive for Good Reason or by the Company Without Cause.  In the event of a termination of Executive’s employment during the Employment Period by Executive for Good Reason pursuant to Section 4(b) or by the Company without Cause pursuant to Section 4(f) the Company shall pay Executive (or Executive’s estate) and provide Executive with the following, provided that Executive enter into a release of claims agreement agreeable to the Company and Executive:

	
  

	
(i)

	
Cash Payment.  A cash payment, payable in equal installments over a six (6) month period after Executive’s termination of employment, equal to the sum of the following:

 

	
  

	
(A)

	
Salary.  The equivalent of six (6) months of Executive’s then-current base salary (the “Severance Period”); plus

 

	
  

	
(B)

	
Earned but Unpaid Amounts.  Any previously earned but unpaid salary through Executive’s final date of employment with the Company, and any previously earned but unpaid bonus amounts prior to the date of Executive’s termination of employment.

	
  

	
(C)

	
Equity.  All Equity vested at time of termination shall be retained by Executive and all Equity that has not vested shall be accelerated and be deemed vested for purposes of this Section 5.

	
  

	
(ii)

	
Other Benefits.  The Company shall provide continued coverage for the Severance Period under all health, life, disability and similar employee benefit plans and programs of the Company on the same basis as Executive was entitled to participate immediately prior to such termination, provided that Executive’s continued participation is possible under the general terms and provisions of such plans and programs.  In the event that Executive’s participation in any such plan or program is barred, the Company shall use its commercially reasonable efforts to provide Executive with benefits substantially similar (including all tax effects) to those which Executive would otherwise have been entitled to receive under such plans and programs from which his continued participation is barred.  In the event that Executive is covered under substitute benefit plans of another employer prior to the expiration of the Severance Period, the Company will no longer be obligated to continue the coverage provided for in this Section 5(a)(ii).

 

  

5

  

 

	
  

	
(b)

	
Other Termination of Employment.  In the event that Executive’s employment with the Company is terminated during the Employment Period by the Company for Cause (as provided for in Section 4(a) hereof) or by Executive other than for Good Reason (as provided for in Section 4(b) hereof), the Company shall pay or grant Executive any earned but unpaid salary, bonus, and Options through Executive’s final date of employment with the Company, and the Company shall have no further obligations to Executive.

	
  

	
(c)

	
Withholding of Taxes.  All payments required to be made by the Company to Executive under this Agreement shall be subject only to the withholding of such amounts, if any, relating to tax, excise tax and other payroll deductions as may be required by law or regulation.

	
  

	
(d)

	
No Other Obligations.  The benefits payable to Executive under this Agreement are not in lieu of any benefits payable under any employee benefit plan, program or arrangement of the Company, except as specifically provided herein, and Executive will receive such benefits or payments, if any, as he may be entitled to receive pursuant to the terms of such plans, programs and arrangements.  Except for the obligations of the Company provided by the foregoing and this Section 5, the Company shall have no further obligations to Executive upon his termination of employment.

	
  

	
6.

	
Change of Control.

	
  

	
(a)

	
In the event of a change in control of the Company, the Company shall pay Executive and provide him with the following:

	
  

	
(i)

	
Cash Payment.  A cash payment, payable in a lump sum at the time any change in control is consummated, equal to the sum of the following:

 

	
  

	
(A)

	
Salary.  The equivalent of eighteen (18) months of Executive’s then-current base salary; plus

 

	
  

	
(B)

	
Earned but Unpaid Amounts.  Any previously earned but unpaid salary through date of the change in control, and any previously earned but unpaid bonus amounts prior to the date of the change in control.

 

	
  

	
(C)

	
Equity.  All Equity vested at time of the change in control shall be retained by Executive and all Equity that has not vested shall be accelerated and be deemed vested for purposes of this Section 6.

	
  

	
(b)

	
As used in this Agreement, the term "change in control" shall mean the occurrence of any of the following events:

 

  

6

  

 

	
  

	
(i)

	
if any "person" or "group" of persons, as such terms are used in Sections 13 and 14 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), other than an employee benefit plan sponsored by the Company, becomes the "beneficial owner," as such term is used in Section 13 of the Exchange Act (without regard to any vesting or waiting periods) of common equity of the Company or any class of stock convertible into common equity of the Company, in an amount equal to fifty percent (50%) or more of the sum total of the common equity issued and outstanding immediately prior to such acquisition as if they were a single class and disregarding any equity raise in connection with the financing of such transaction;

 

	
  

	
(ii)

	
 
if any common equity is purchased pursuant to a tender or exchange offer of more than fifty percent (50%) of the common equity issued and outstanding immediately prior to any tender or exchange offer;

 

	
  

	
(iii)

	
upon the dissolution or liquidation of the Company or the consummation of any merger or consolidation of the Company or any sale or other disposition of all or substantially all of its assets, if the stockholders of the Company immediately before such transaction own, immediately after consummation of such transaction, equity securities possessing less than fifty percent (50%) of the surviving or acquiring company; or

 

	
  

	
(iv)

	
upon a turnover, during any two (2) year period, of the majority of the members of the Board, without the consent of the remaining members of the Board as to the appointment of the new members.

 

	
  

	
7.

	
Governing Law

This Agreement and the rights and obligations of the parties hereto shall be construed in accordance with the laws of the State of Nevada, without giving effect to the principles of conflict of laws.

	
  

	
8.

	
Indemnity and Insurance

The Company shall indemnify and save harmless Executive for any liability incurred by reason of any act or omission performed by Executive while acting in good faith on behalf of the Company and within the scope of the authority of Executive pursuant to this Agreement and to the fullest extent provided under the Bylaws, the Articles of Incorporation and the Nevada Revised Statutes, except that Executive must have in good faith believed that such action was in, or not opposed to, the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe that such conduct was unlawful.

The Company shall provide that Executive is covered by any Directors and Officers insurance that the Company provides to other senior executives and/or board members.

 

  

7

  

	 	
9. 

	
Cooperation with the Company After Termination of Employment

Following termination of Executive’s employment for any reason, Executive shall fully cooperate with the Company in all matters relating to the winding up of Executive’s pending work on behalf of the Company including, but not limited to, any litigation in which the Company is involved, and the orderly transfer of any such pending work to other employees of the Company as may be designated by the Company.  Following any notice of termination of employment by either the Company or Executive, the Company shall be entitled to such full time or part time services of Executive as the Company may reasonably require during all or any part of the sixty (60)-day period following any notice of termination, provided that Executive shall be compensated for such services at the same rate as in effect immediately before the notice of termination.

	 	
10. 

	
Notice

All notices, requests and other communications pursuant to this Agreement shall be sent by overnight mail, by fax with proof of transmission or by email with confirmed receipt to the following addresses:

If to Executive:

Craig Gimbel

11 Stonebridge Court

 Denville, New Jersey 07834

Fax:   (619) 789-0454

Email: craiggimbel@lantislaser.com

If to the Company or the Subsidiary:

Lantis Laser Inc.

41 Howe Lane

Freehold, NJ 07728

Attn: Al Pietrangelo, President

Fax:   (619) 789-0454

Email: alpietrangelo@gmail.com

	 	
11. 

	
Waiver of Breach

Any waiver of any breach of this Agreement shall not be construed to be a continuing waiver or consent to any subsequent breach on the part of either Executive or of the Company.

 

  

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12. 

	
Non-Assignment / Successors

Neither party hereto may assign his/her or its rights or delegate his/hers or its duties under this Agreement without the prior written consent of the other party; provided, however, that (i) this Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company upon any sale or all or substantially all of the Company’s assets, or upon any merger, consolidation or reorganization of the Company with or into any other corporation, all as though such successors and assigns of the Company and their respective successors and assigns were the Company; and (ii) this Agreement shall inure to the benefit of and be binding upon the heirs, assigns or designees of Executive to the extent of any payments due to them hereunder.  As used in this Agreement, the term “Company” shall be deemed to refer to any such successor or assign of the Company referred to in the preceding sentence.

	 	
13. 

	
Severability

To the extent any provision of this Agreement or portion thereof shall be invalid or unenforceable, it shall be considered deleted there from and the remainder of such provision and of this Agreement shall be unaffected and shall continue in full force and effect.

	 	
14. 

	
Counterparts

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

	 	
15. 

	
Arbitration

Executive and the Company shall submit to mandatory and exclusive binding arbitration, any controversy or claim arising out of, or relating to, this Agreement or any breach hereof where the amount in dispute is greater than or equal to $50,000, provided, however, that the parties retain their right to, and shall not be prohibited, limited or in any other way restricted from, seeking or obtaining equitable relief from a court having jurisdiction over the parties.  In the event the amount of any controversy or claim arising out of, or relating to, this Agreement, or any breach hereof, is less than $50,000, the parties hereby agree to submit such claim to mediation.  Such arbitration shall be governed by the Federal Arbitration Act and conducted through the American Arbitration Association (“AAA”) in the State of New Jersey, before a single neutral arbitrator, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association in effect at that time.  The parties may conduct only essential discovery prior to the hearing, as defined by the AAA arbitrator.  The arbitrator shall issue a written decision which contains the essential findings and conclusions on which the decision is based.  Mediation shall be governed by, and conducted through, the AAA.  Judgment upon the determination or award rendered by the arbitrator may be entered in any court having jurisdiction thereof.

 

  

9

  

	 	
16. 

	
Entire Agreement

This Agreement and all schedules and other attachments hereto constitute the entire agreement by the Company and Executive with respect to the subject matter hereof and, except as specifically provided herein, supersedes any and all prior agreements or understandings between Executive and the Company with respect to the subject matter hereof, whether written or oral.  This Agreement may be amended or modified only by a written instrument executed by Executive and the Company.

[Signature Page Follows]

 

  

10

  

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

	  	
LANTIS LASER INC.

	  	  	  
	  	
By:

	
 /s/ Al Pietrangelo

	  	  	
Name:  Al Pietrangelo

	  	  	
Title:  President

	  	
Yes

	  	  	  
	  	
LANTIS LASER, INC.

	  	  	  
	  	
By:

	
/s/ Stanley B. Baron

	  	  	
Name: Stanley B. Baron

	  	  	
Title:  President

	  	  	  
	  	
EXECUTIVE

	  	  
	  	
/s/ Craig Gimbel

	  	
Craig Gimbel

  

11

  

Exhibit A

Proprietary Information and Non-Competition Agreement

For purposes of this Proprietary Information and Non-Competition Agreement (this "Agreement"), the term "Proprietary Information" shall mean all knowledge and information which the Executive has acquired or may acquire as a result of, or related to, his relationship with the Company concerning the Company's business, finances, sales and marketing plans, operations, strategic planning, current or proposed products or services, software, methodologies, algorithms, flow charts and logic diagrams, technical specifications and data, proprietary technology, trade secrets, cost and pricing policies, methods of doing business, customer names and profiles, confidential business information, know-how, techniques, and strategies and Services.  Notwithstanding the foregoing sentence, such Proprietary Information does not include (i) information which is or becomes publicly available through no action or fault of the Executive (except as may be used or disclosed in violation of this Agreement), (ii) information acquired by the Executive from a source other than the Company or any of its Executives or other consultants, which source acquired such information directly from the Company without a breach of any confidentiality obligation between such source and the Company, (iii) information that is known to the Executive without restriction from his own independent sources as evidenced by the Executive’s written records, and which was not acquired, directly or indirectly, from the Company or its partners, and (iv) information developed or obtained by the Executive unrelated to the services performed by the Executive for the Company and discovered from sources other than the Company.

	
  

	
1.

	
During Term of Employment

At all times while this Agreement is in force and after its expiration or termination, Executive agrees to refrain from disclosing the customer lists, trade secrets, inventions, or other Proprietary Information of Lantis Laser, Inc. (the "Company"). All Proprietary Information generated by Executive during the Term of Employment as set forth in Executive's Employment Agreement with the Company will be the property of Company and to be surrendered to the Company by Executive upon termination as described in Section 4 of this Agreement. In addition, Executive shall not engage, directly or indirectly, as an Executive, officer, director, partner, manager, consultant, agent, owner (other than a minority shareholder or other equity interest of not more than 1% of a company whose equity interests are publicly traded on a nationally recognized stock exchange or over-the-counter) or in any other capacity, in any competition with the Company, its parent or any of its subsidiaries.

 

  

12

  

	
  

	
2.

	
Subsequent to Employment

After expiration or termination of this Agreement, Executive agrees not to compete with the Company for a period of two (2) years in the area of applying diagnostic imaging technology or OCT in the dental field or disclose the Company’s Proprietary Information as described in Section 1. All Company material generated by Executive during employment will be surrendered to the Company as described Section 4. In addition, Executive shall not in any capacity (whether in the capacity as an Executive, officer, director, partner, manager, consultant, agent or owner (other than a minority shareholder or other equity interest of not more than 1% of a company whose equity interests are publicly traded on a nationally recognized stock exchange or over-the-counter), directly or indirectly advise, manage, render or perform services to or for any person or entity which is engaged in a business competitive to that of the Company or any of its subsidiaries.

	
  

	
3.

	
Non-solicitation

 

For a two (2) year period following the termination of Executive’s employment for any reason or without reason, Executive shall not solicit or induce any person who was an Executive of the Company or any of its subsidiaries on the date of Executive’s termination or within three (3)  months prior to leaving his or her employment with the Company or any of its subsidiaries to leave their employment with the Company.

	
  

	
4.

	
Return of Documents

Immediately upon termination of employment, Executive will return to the Company, and so certify in writing to the Company, all the Company’s or any of its subsidiaries’ papers, documents and other property, including information stored for use in or with computers and software applicable to the Company’s and its subsidiaries’ business (and all copies thereof), which are in Executive’s possession or under Executive’s control, regardless whether such papers, documents or other property contain Confidential Information or Trade Secrets.

	
  

	
5.

	
No Conflicts

To the extent that they exist, Executive will not disclose to the Company or any of its subsidiaries any of Executive’s previous employer’s confidential information or trade secrets.  Further, Executive represents and warrants that Executive has not previously assumed any obligations inconsistent with those of this Agreement and that employment by the Company does not conflict with any prior obligations to third parties.  In addition, Executive and the Company agree that it is important for any prospective employer to be aware of this Agreement, so that disputes concerning this Agreement can be avoided in the future.  Therefore, the Executive agrees that, following termination of employment with the Company, the Company may forward a copy of this Non-Competition Agreement to any future prospective or actual employer, and the Executive releases the Company from any claimed liability or damage caused to the Executive by virtue of the Company’s act in making that prospective or actual employer aware of this Agreement (and any related Exhibits hereto).

 

  

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6.

	
Agreement on Fairness.

Executive acknowledges that:  (i) this Agreement has been specifically bargained between the parties and reviewed by Executive, (ii) Executive has had an opportunity to obtain legal counsel to review this Agreement, and (iii) the covenants made by and duties imposed upon Executive hereby are fair, reasonable and minimally necessary to protect the legitimate business interests of the Company, and such covenants and duties will not place an undue burden upon Executive’s livelihood in the event of termination of Executive’s employment by the Company and the strict enforcement of the covenants contained herein.

	
  

	
7.

	
Equitable Relief and Remedies.

Executive acknowledges that any breach of this Agreement will cause substantial and irreparable harm to the Company for which money damages would be an inadequate remedy.  Accordingly, the Company shall in any such event be entitled to seek injunctive and other forms of equitable relief to prevent such breach and the prevailing party shall be entitled to recover from the other, the prevailing party’s costs (including, without limitation, reasonable attorneys’ fees) incurred in connection with enforcing this Agreement, in addition to any other rights or remedies available at law.

 

  

14Unassociated Document

Exhibit 10.1

EMPLOYMENT AGREEMENT

AGREEMENT made as of April 1st, 2011 between Mascot Properties Inc, a Nevada corporation with offices at 7985 113th Street, Suite 220, Seminole, Florida 33772 (hereinafter called the “Company”), and David Dreslin, residing at12745 Peloria Court, Seminole, Florida 33778(hereinafter referred to as the “Executive”).

WITNESSETH:

WHEREAS, the Company is engaged in the business of Property Management; and

WHEREAS, the Company’s Board of Directors (the “Board” or the “Board of Directors”) believes that the Executive possesses the skills and abilities necessary for the Company to meet its current and future objectives; and 

 

WHEREAS, the Executive desires to provide such services to the Company in such capacities, on and subject to the terms and conditions hereof;

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

	
1. 

	
EMPLOYMENT

 Subject to all of the terms and conditions hereof, the Company does hereby employ the Executive and the Executive does hereby accept such employment.

	
2. 

	
TERM

The term of this Agreement shall commence on the date hereof and shall continue until March 31, 2013 (the “Term”), unless sooner terminated as herein provided including termination under any of the subsections described in Section 7.

	
3. 

	
COMPENSATION

Executive shall not be entitled to any compensation, bonus payment or benefits until the Company has reached $300,000 in gross revenues (the “Revenue Milestone”).  Upon the Company reaching the Revenue Milestone, Executive shall be entitled to the following:

(a) Base Salary. The Company agrees to pay the Executive during the Term hereof a salary at the annual rate of: (1) $85,000.00.  The Company shall make all salary payments in equal bi-weekly installments in arrears.  Unless otherwise determined by the Board, Executive’s Base Salary at the commencement of the second and each subsequent year shall be adjusted to provide for all cost of living increases based upon the percentage increase (if any) in the Consumer Price Index for All Urban Consumers (1967=100; All Cities), prepared by the United States Bureau of Labor Statistics, or any successor thereto, over said Index in effect at the commencement of the preceding calendar year.  All salary, bonus, or other compensation payable to the Executive shall be subject to the customary withholding, FICA, medical and other tax and other employment taxes and deductions as required by federal, state and local law with respect to compensation paid by an employer to an employee.

 

 

	
Page 1

	
Executive: _____

	  	
Company: _____

  

  

  

 

 

(b)      Bonus. Bonuses to all of the Company’s employees are determined by the Board of Directors at the end of every fiscal year, and will depend upon the progress and profitably of the Company.  The Company does not guarantee Executive the payment of any bonuses.

	
4. 

	
DUTIES

The Executive is hereby employed as Chief Executive Officer of the Company and shall perform the following services in connection with the general business of the Company:

(a)           Duties as Chief Executive Officer.  Except as otherwise determined from time to time by the Board of Directors, Executive shall oversee all operations of the Company including but not limited to evaluation of business opportunities, and compliance with all tax and regulatory filings.

(b)           Compliance.   The Executive hereby agrees to observe and comply with such reasonable rules and regulations of the Company as may be duly adopted from time to time by the Board of Directors and otherwise to carry out and perform those orders, directions and policies stated to him from time to time by the Board of Directors, either as specified in the minutes of the proceedings of the Board of Directors of the Company or otherwise in writing that are reasonably necessary and appropriate to carry out his duties hereunder. Such orders, directions and policies shall be legal and shall be consistent with the Executive's position as Chief Executive Officer.

	
5. 

	
EXTENT OF SERVICES

The Executive agrees to serve the Company faithfully and to the best of his ability and shall devote his full time, attention and energies to the business of the Company during customary business hours. The Executive agrees to carry out his duties in a competent and professional manner and to at all times promote the best interests of the Company. The Executive shall not, during the term of his employment hereunder, engage in any other business, whether or not pursued for profit.  Nothing contained herein shall be construed as preventing the Executive from investing in any other business or entity which is not in competition with the business of the Company.  Nothing contained herein shall be construed as preventing the Executive from engaging in (1) personal business affairs and other personal matters, (2) serving on civic or charitable boards or committees, or (3) serving on the board of directors of companies that do not compete directly or indirectly with the Company, providedhowever, that none of such activities materially interferes with the performance of his duties under this Agreement.

 

 

	
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Executive: _____

	  	
Company: _____

  

  

  

 

 

	
 6. 

	
BENEFITS AND EXPENSES

Upon theCompany reaching Revenue Milestone, and for the duration of the Term of this agreement Executive shall be entitled to, and the Company shall provide, the following benefits in addition to those specified in Section 3:

(a)        Vacation.  The Executive shall be entitled to three (3) weeks vacation in each twelve (12) month period during the Term. Vacation may be taken at such time(s) as Executive may determine provided that such vacation does not interfere with the Company's business operations. The Executive must use his vacation in any event by May 31 of the year next following the year in which the vacation accrues or such vacation time shall expire.  The Executive shall not be entitled to compensation for unused vacation except that, upon termination of his employment, the Company shall pay to the Executive for all of his accrued, unexpired vacation time.

(b)        Expense Reimbursement.  The Company shall reimburse the Executive upon submission of vouchers for his out-of-pocket expenses for travel, entertainment, meals and the like reasonably incurred by him pursuant to his employment hereunder in accordance with the general policy of the Company as adopted by its Board of Directors from time to time.

(c)        Health Insurance.  The Company shall provide the Executive with health insurance in the coverage consistent with those provided to other key executives of the Company as determined by the Board of Directors from time to time.

(e)        Disability.  If the Company maintains disability insurance, thenthe Company shall provide a disability policy for the Executive comparable to the policies in force for other similar executives in the Company. If the Company does not maintain a disability policy, then the Executive may obtain such a policy in amounts equal to his salary and be reimbursed by the Company for all premium payments thereunder.

(f)         Other Benefits. The Company shall provide to the Executive other benefits as reasonably determined by the Board from time to time.

	
7.

	
TERMINATION; DISABILITY; RESIGNATION; TERMINATION WITHOUT CAUSE

(a)         Termination for Cause.  The Company shall have the right to terminate the Executive's employment hereunder:

(1)           For cause upon ten (10) business days' prior written notice to Executive.  Upon such termination, Executive shall have no further duties or obligations under this Agreement (except as provided in Section 8) and the obligations of the Company to Executive shall be as set forth below.  For purposes of this Agreement, “cause” shall mean:

(A)    Executive’s conviction of a felony under federal or state law;

 

 

	
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(B)    Executive’s failure to perform (other than as a result of Executive's being Disabled), in any material respect, any of his duties or obligations under or in accordance with this Agreement and either (i) the Executive fails to cure such failure within ten (10) business days following receipt of notice from the Company, or (ii) if such failure by its nature cannot be cured within such ten business day period, the Executive fails to commence to cure such failure within such ten business day period and proceed to cure such failure within thirty (30) days thereafter.

(C)    Executive commits any dishonest, malicious or grossly negligent act which is materially detrimental to the business or reputation of the Company, or the Company’s business relationships, provided, however, that in such event the Company shall give the Executive written notice specifying in reasonable detail the reason for the termination.

Notwithstanding the foregoing, the Executive may, within ten (10) business days following delivery of the notice of termination referred to in the preceding paragraph, by written notice to the Board of Directors, cause the matter of the termination of his employment by the Company to be discussed at the next regularly scheduled meeting of the Board of Directors or at a special meeting of the Board of Directors requested by a majority of the members of the Board of Directors who are not employees of the Company or any of its subsidiaries.  The Executive shall be entitled to be present and to be represented by counsel at such meeting which shall be conducted according to a procedure deemed equitable by a majority of the directors present.  If, at such meeting, it shall be determined that the employment of the Executive had been terminated without proper cause, the provisions of this Agreement shall be reinstated with the same force and effect as ifthe notice of termination had not been given;and the Executive shall be entitled to receive the compensation and other benefits provided herein for the period from the date of the delivery of the notice of termination through the date of such reinstatement.

In the event, the Company terminates the Executive's employment for cause, then the Executive shall be entitled to receive through the date of termination:  (1)  his base salary as defined in Section 3 hereof; and (2) the benefits provided in Section 6 hereof including all accrued but unpaid vacation;

 In the event that Executive’s employment is terminated by the Company without cause including but not limited to an involuntary change in position or termination of the Executive as a result of a material breach of this Agreement by the Company (any of the foregoing, an “Involuntary Termination”), Executive shall receive from the Company, through the effective date of the Involuntary Termination:  (1)  his base salary as defined in Section 3(a) hereof; (2) the benefits provided in Section 6 hereof including all accrued but unpaid vacation; and (3) an additional two weeks’ pay of the Executive’s then current Base Salary.

(c)          Disability.  The Company shall have the right to terminate the Executive's employment hereunder:

 

 

	
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(1)           By reason of the Executive's becoming Disabled for an aggregate period of ninety (90) days in any consecutive three hundred sixty (360) day period (the “Disability Period”).

(A)    “Disabled” as used in this Agreement means that, by reason of physical or mental incapacity, Executive shall fail or be unable to substantially perform the customary duties of his employment.

(B)    If the existence of a disability is in dispute, it shall be resolved by two physicians, one appointed by Executive and one appointed by the Board of Directors of the Company.  If the two physicians so selected cannot agree as to whether or not Executive is Disabled as defined in subsection (A) above, the two physicians so selected shall designate a third physician and a majority of the three physicians so selected shall determine whether or not Executive is Disabled.

(C)    In the event Executive is Disabled, during the period of such disability he shall continue to receive his base compensation in the amount set forth in Section 3 hereof, which base compensation shall be reduced by the amount of all disability benefits he actually receives under any disability insurance program in place with the Company until the first to occur of (1) the cessation of the Disability or (2) the termination of this Agreement by the Company at any time after the Disability Period.  During the period of Disability and prior to termination, the Executive shall continue to receive the benefits provided in Section 6 hereof.

(D)    For the purposes of this Section 7(b), any amounts to be paid to Executive by the Company pursuant to subsection (C) above, shall not be reduced by any disability income insurance proceeds received by him under any disability insurance policies owned or paid for by the Executive.

(E)    If the Executive is terminated at the end of the Disability Period, then the Executive shall receive through the date of termination: (1) his base salary as defined in Section 3 hereof; (2) the benefits provided in Section 6 hereof including all accrued but unpaid vacation; and (3) an additional two weeks’ pay of the Executive’s then current Base Salary.

(d)           Death.  The Company's employment of the Executive shall terminate upon his death and all payments and benefits shall cease upon such date provided, however, that under this Agreement the estate of such Executive shall be entitled to receive through the date of termination (1) his base salary as defined in Section 3 hereof, (2) the benefits provided in Section 6 hereof including all accrued but unpaid vacation; and (3) an additional two weeks’ pay of the Executive’s then current Base Salary.

 

 

	
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(e)           Termination by the Executive.

The Executive may elect, by written notice to the Company, such notice to be effective immediately upon receipt by the Company, to terminate his employment hereunder if:

 

(1)  The Company sells all or substantially all of its assets;

(2)  The Company merges or consolidates with another business entity in a transaction immediately following which the holders of all of the outstanding shares of the voting capital stock of the Company own less than a majority of the outstanding shares of the voting capital stock of the resulting entity (whether or not the resulting entity is the Company); provided, however, that the Executive shall not be permitted to terminate his employment under this subsection unless he notifies the Company in writing that he does not approve of the directors selected to serve on the Board after the merger or similar transaction described herein;

(3)  More than fifty (50%) percent of the outstanding shares of the voting capital stock of the Company are acquired by a person or group (as such terms are used in Section 13(d) of the Securities Exchange Act of 1934, as amended), which person or group includes neither the Executive nor the holders of the majority of the outstanding shares of the voting capital stock of the Company on the date hereof; provided, however, that the Executive shall not be permitted to terminate his employment under this subsection unless he notifies the Company in writing that he does not approve of the directors selected to serve on the Board after the merger or similar transaction described herein;

(4)  The Company defaults in making any of the payments required under this Agreement and said default continues for a thirty (30) day period after the Executive has given the Company written notice of the payment default.

If the Executive elects to terminate his employment hereunder pursuant to this Section 7(e), then (1) the Company shall continue to pay to the Executive his salary as provided in Section 3 hereof through the end of the Term; (2) the Company shall continue to provide to the Executive the benefits provided in Section 6 hereof through the end of the Term; and (3) the Company shall provide Executive an additional two weeks’ pay of the Executive’s then current Base Salary.

(f)           Resignation.  If the Executive voluntarily resigns during the term of this Agreement other than pursuant to Section 7(e) hereof, then all payments and benefits shall cease on the effective date of resignation, provided that under this Agreement the Executive shall be entitled to receive through the date of such resignation: (1) his base salary as defined in Section 3 hereof, (2) the benefits provided in Section 6 hereof including all accrued but unpaid vacation; and (3) an additional two weeks’ pay of the Executive’s then current Base Salary.

(g)           Mitigation.In the event of the termination of this Agreement by the Executive as a result of a material breach by the Company of any of its obligations hereunder, or in the event of the termination of the Executive’s employment by the Company in breach of this Agreement, the Executive shall not be required to seek other employment in order to mitigate his damages hereunder.

 

 

	
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8.           CONFIDENTIALITY; RESTRICTIVE COVENANTS; NON COMPETITION

(a)           Non-Disclosure of Information.  (1) The Executive recognizes and acknowledges that by virtue of his position as a key executive, he will have access to the lists of the Company's referral sources, suppliers, advertisers and customers, financial records and business procedures, sales force and personnel, programs, software, selling practices, plans, special methods and processes for electronic data processing, custom research services in marketing strategy, and other unique business information and records (collectively “Proprietary Information”), as same may exist from time to time, and that they are valuable, special and unique assets of the Company's business. The Executive also may develop on behalf of the Company a personal acquaintance with the present and potential future clients and customers of the Company, and the Executive’s acquaintance may constitute the Company’s sole contact with such clients and customers.

(a)(2) The Executive will not during the Term of his employment, and at any time following the end of the Term of or earlier termination of this Agreement regardless of the reason therefor, disclose trade secrets or other confidential information about the Company, including but not limited to Proprietary Information, to any person, firm, corporation, association or other entity for any reason or any purpose whatsoever or utilize such Proprietary Information for his own benefit or the benefit of any third party; provided, however, that nothing contained herein shall prohibit the Executive from using his personal acquaintance with any clients or customers of the Company at any time in a manner that is not inconsistent with their remaining as clients or customers of the Company.

(a)(3) All equipment, records, files, memoranda, computer print-outs and data, reports, correspondence and the like, relating to the business of the Company which Executive shall use or prepare or come into contact with shall remain the sole property of the Company.  The Executive shall immediately turn over to the Company all such material in Executive's possession, custody or control at such time as this Agreement is terminated.

(a)(4) “Proprietary Information” shall not include information that was a matter of public knowledge on the date of this Agreement or subsequently becomes public knowledge other than as a result of having been revealed, disclosed or disseminated by Executive, directly or indirectly, in violation of this Agreement.

(b)           Non-Solicitation.  The  Executive covenants and agrees that during the term of his employment, and for a two (2) year period immediately following the end of the Term of or earlier termination of this Agreement, regardless of the reason therefor, the Executive shall not solicit, induce, aid or suggest to: (1) any employee to leave such employ, (2) any contractor, consultant or other service provider to terminate such relationship, or (3) any customer, agency, vendor, or supplier of the Company to cease doing business with the Company.

 

 

	
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(c)           Non-Competition.  For purposes of this Section 8 (c) the parties agree that the “business of the Company” shall be defined to include, but not be limited to,managing properties for the purposes of student housing pursuant to a management agreement andcollecting rent, advertising for student housing, showing and leasing units or apartments, coordinating with service professions for maintenance and repairs, or arranging promotional events for marketing.

The  Executive covenants and agrees that during the Term Executive shall not engage in any activity or render service in any capacity, directly or indirectly, (whether as principal, director, officer, investor, employee, consultant or otherwise) for or on behalf of any person or persons or entity in the United States or anywhere else in the world if such activity or service (1) directly or indirectly involves or relates to any business which is in competition with the business of the Company or (2) other business acquired or begun by the Company during the period of the Executive’s employment hereunder but in the latter event only if the Executive was directly involved in the operation of such other business. It is understood and agreed that nothing herein contained shall prevent the Executive from engaging in discussions concerning business arrangements to become effective upon the expiration of the term of this covenant not to compete.

(d)           Enforcement.  In view of the foregoing, the Executive acknowledges and agrees that it is reasonable and necessary for the protection of the good will, business, trade secrets, confidential information and Proprietary Information of the Company that he makes the covenants in this Section 8 and that the Company will suffer irreparable injury if the Executive engages in the conduct prohibited by Section 8 (a), (b) or (c) of this Agreement. The Executive agrees that upon a breach, threatened breach or violation by him of any of the foregoing provisions of this Section 8, the Company, in addition to all other remedies it may have including an action at law for damages, shall be entitled as a matter of right to injunctive relief, specific performance or any other form of equitable relief in any court of competent jurisdiction without being required to post bond or other security and without having to prove the inadequacy of the available remedies at law, to enjoin and restrain the Executive and each and every other person, partnership, association, corporation or organization acting in concert with the Executive, from the continuance of any action constituting such breach. The Company shall also be entitled to recover from the Executive all of its reasonable costs incurred in the enforcement of this Section 8 including its reasonable legal fees. The Executive acknowledges that the terms of Section 8(a), (b) and (c) are reasonable and enforceable and that, should there be a violation or attempted or threatened violation by the Executive of any of the provisions contained in these subsections, the Company shall be entitled to relief by way of injunction, specific performance or other form of equitable relief.  In the event that any of the foregoing covenants in Sections 8 (a), (b) or (c) shall be deemed by any court of competent jurisdiction, in any proceedings in which the Company shall be a party, to be unenforceable because of its duration, scope, or area, it shall be deemed to be and shall be amended to conform to the scope, period of time and geographical area which would permit it to be enforced.

(e)           Independent Covenants.   The Company and the Executive agree that the covenants contained in this Section 8 shall each be construed as a separate agreement independent of any of the other terms and conditions of this Agreement, and the existence of any claim by the Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense by the Executive to the Company’s enforcement of any of the covenants of this Section 8.

 

 

	
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(f)           Exclusion from Arbitration.  The terms and conditions of this Section 8 including the enforcement thereof by the Company are specifically excluded from the arbitration of all other matters under this Agreement as provided in Section 12 hereof.

	
9. 

	
INDEMNIFICATION.

The Company shall indemnify the Executive to the maximum extent permitted under the Nevada Revised Statutes, or any successor thereto, and shall promptly advance any expenses incurred by the Executive prior to the final disposition of the proceeding to which such indemnity relates upon receipt from the Executive of a written undertaking to repay the amount so advanced if it shall be determined ultimately that the Executive is not entitled to indemnity under the standards set forth in the Nevada Revised Statutes or its successor.  The Employer shall use commercially reasonable efforts to obtain and maintain throughout the Term of the employment of the Executive hereunder directors’ and officers’ liability insurance for the benefit of the Executive.  The indemnificationobligations of the Company under this Section 9 shall survive the termination of the Term or of this Agreement for any reason whatsoever unless the Agreement is terminated for cause.

	
10. 

	
NOTICES.

(a)           Any and all notices or other communications given under this Agreement shall be in writing and shall be deemed to have been duly given on (1) the date of delivery, if delivered in person to the addressee, (2) the next business day if sent by overnight courier, or (3) three (3) days after mailing, if mailed within the continental United States, postage prepaid, by certified or registered mail, return receipt requested, to the party entitled to receive same, at his or its address set forth below:

If to the Company:

7985 113th Street, Suite 220

Seminole, Florida 33772

Attention: David Dreslin

Fax No.: 727-393-1857

If to the Executive:

David Dreslin

12745 Peloria Court

Seminole, Florida 33778

Email:Dreslinfinancial@gmail.com

 

 

	
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(b)           The parties may designate by notice to each other any new address for the purposes of this Agreement as provided in this Section 10.

	
 11. 

	
MISCELLANEOUS PROVISIONS

(a)          Applicable Law.  This document shall, in all respects, be governed by the laws of the State of Florida excluding any conflicts of law provisions.  The parties acknowledge that substantially all of the negotiations relating to this Agreement were conducted in, and that this Agreement has been executed by both parties in State of Florida.

 

(b)           Survival.  The parties agree that the covenants contained in Section 3 hereof shall survive any termination of employment by the Executive and any termination of this Agreement.  In addition, the parties agree that any compensation or right which shall have accrued to the Executive as of the date of any termination of employment or termination hereof shall survive any such termination and shall be paid when due to the extent accrued on the date of such termination.

 

(c)           Assignability.  All of the terms and provisions contained herein shall inure to the benefit of and shall be binding upon the parties and their respective heirs, personal representatives, successors and assigns.  The obligations of the Executive may not be delegated, except as set forth herein, however, and the Executive may not, without the Company’s written consent thereto, assign, transfer, convey, pledge, encumber, hypothecate or otherwise dispose of this Agreement or any interest therein.  Any such attempted delegation or disposition shall be null and void and without effect.  The Company and the Executive agree that this Agreement and all of the Company’s rights and obligations hereunder may be assigned or transferred by the Company to and may be assumed by and become binding upon and may inure to the benefit of any affiliate of or successor to the Company.  The term “successor” shall mean, with respect to the Company or any of its subsidiaries, and any other corporation or other business entity which, by merger, consolidation, purchase of the assets, or otherwise, acquires all or a material part of the assets of the Company.  Any assignment by the Company of its rights and obligations hereunder to any affiliate of or successor shall not be considered a termination of employment for purposes of this Agreement.

 

(d)           Modifications or Amendments.  No amendment, change or modification of this document shall be valid unless in writing and signed by each of the parties herein.

 

(e)           Waiver.  No reliance upon or waiver of one or more provisions of this Agreement shall constitute a waiver of any other provisions hereof.

 

(f)           Severability.  If any provision of this Agreement as applied to either party or to any circumstances shall be adjudged by a court of competent jurisdiction to be void or unenforceable, the same shall in no way affect any other provision of this Agreement or the validity or enforceability of this Agreement.  If any court construes any of the provisions to be unreasonable because of the duration of such provision or the geographic or other scope thereof, such court may reduce the duration or restrict the geographic or other scope of such provision and enforce such provision as so reduced or restricted.

 

 

	
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(g)           Separate Counterparts.  This document may be executed in one or more separate counterparts, each of which, when so executed, shall be deemed to be an original.  Such counterparts shall, together, constitute and shall be one and the same instrument.

 

(h)           Headings.  The captions appearing at the commencement of the sections hereof are descriptive only and are for convenience of reference.  Should there be any conflict between any such caption and the section at the head of which it appears the substantive provisions of such section and not such caption shall control and govern in the construction of this document.

 

(i)           Specific Performance.  It is agreed that the rights granted to the parties hereunder are of a special and unique kind and character and that, if there is a breach by either party of any material provision of this document, the other party would not have any adequate remedy at law.  It is expressly agreed, therefore, that the rights of the parties may be enforced by an action for specific performance and other equitable relief.

 

(j)           Further Assurances.  Each of the parties shall execute and deliver any and all additional papers, documents and other assurances, and shall do any and all acts and things reasonably necessary in connection with the performance of their obligations hereunder and to carry out their intentions as set forth herein.

 

(k)           Entire Agreement.  This Agreement constitutes the entire understanding and agreement of the parties with respect to the subject matter of this Agreement, and any and all prior agreements, understandings or representations are hereby terminated and canceled in their entirety.

 

(l)           Neutral Construction.  Neither party may rely on any drafts of this Agreement in any interpretation of the Agreement.  Each party to this Agreement has reviewed this Agreement and has participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

 

(m)           Attorneys’ Fees.  In the event that either party hereto commences litigation against the other to enforce such party’s rights hereunder, the prevailing party shall be entitled to recover all costs, expenses and fees, including reasonable attorneys’ fees (including in-house counsel), paralegals’ fees, and legal assistants’ fees through all appeals.

 

	
12. 

	
SUBMISSION TO ARBITRATION.

Except as hereinafter expressly provided, every difference or dispute, of whatever nature, between the Company and the Executive involving (1)  any breach of this Agreement or (2) any other difference or dispute arising out of, related to, under or having any connection with this Agreement, shall be settled and finally determined by arbitration in Seminole, Florida in accordance with the then current commercial arbitration rules of the American Arbitration Association, and judgment upon any award rendered may be entered in any court having jurisdiction, including but not limited to the courts of the State of Florida, and the determination of such arbitration proceeding shall be binding and conclusive upon the parties.  Any claim by the Company against the Executive arising out of, under, or related to, Section 8 of this Agreement, whether for equitable relief or monetary damages or any combination, is specifically excluded from arbitration under this Section 12.

 

 

	
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IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement on the date first above written.

 

 

	  	
MASCOT PROPERTIES, INC

	  
	  	  	  	  
	  	  	  	  
	  	 
By:

	
/s/ David Dreslin

	 
	  	  	
Name: David Dreslin

	  
	  	  	
Title: President

	  
	  	  	  	  
	  	  	  	  
	  	  	  	  
	  	
EXECUTIVE

	  
	  	  	  	  
	  	
/s/ David Dreslin 

	  
	  	
David Dreslin

	  

 

	
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