Document:

ex102.htm

     

    EMPLOYMENT
AGREEMENT

     

    This
employment agreement (this “Agreement”) is made and entered into by Tactical Air
Defense Services, Inc., a Nevada corporation whose registered place of business
is 1515 Perimeter Rd., West Palm Beach, FL 33406 (hereinafter, the "Company"),
and Michael Cariello, a Florida resident (hereinafter referred to as
“Employee”).  This Agreement shall replace and supersede the
employment agreement between the Company and Employee dated June 8, 2009, and is
in connection with the employment of Employee by the Company subject to the
terms and conditions of this Agreement.

     

     

    In
consideration of the mutual covenants set forth below, the Company agrees to
employ Employee, and Employee agrees to be employed by the Company, commencing
January 1, 2010 (hereinafter, the “Effective Date”), and as set forth in this
Agreement.

     

     

    1.           DESCRIPTION
OF DUTIES

     

     

    A.           Position

     

     

    Employee
shall be employed as Chief Operating Officer of the Company and in such other
capacities as may be mutually agreed upon from time to time by the Company and
Employee.  Employee may be removed or terminated only by the majority
of the Board of Directors of the Company.

     

     

    B.           Essential
Job Functions and Duties

     

     

    Employee
shall perform such duties as are customarily performed by other persons in
similar such positions.

     

     

    C.           Duty
of Loyalty and Best Efforts

     

     

    Employee
shall devote his/her attention, knowledge, and skills to the Company's business
interests, and shall do so in good faith and with best
efforts.  Notwithstanding the above, the Company acknowledges and
agrees that Employee may become employed by additional companies (the
“Additional Companies”) in any capacity whatsoever, so long as Employee’s
devotion of such attention, knowledge, and skills do not substantially interfere
with Employee’s duty of loyalty and best efforts to the
Company.  Employee agrees to refrain from any interest or
participation, of any kind whatsoever, in any business directly competitive to
the Company’s business, for a term of one (1) year from the termination or
expiration of this Agreement.

     

     

    D.           Place
of Employment

     

     

    The
Company agrees that Employee, in his/her sole discretion, shall in good faith
determine his/her place of employment.  Notwithstanding the foregoing,
Employee acknowledges that his/her presence shall be required from time-to-time
at the registered place of business of the Company, or at such other location as
may be determined by the Company, at the expense of the Company.

     

     

    
      	
              2.  

            	
              COMPENSATION
      TERMS

            

    

     

     

    A.           Base
Salary

     

     

    Employee
shall receive a base salary (the “Base Salary”), of one hundred and
twenty-thousand dollars ($120,000) per year, payable bi-weekly on the 15th and
30th of
each month, in arrears.  Notwithstanding the above, it is hereby
agreed between the parties that at the end of each calendar quarter, Employee
shall be issued a convertible promissory note (a “Note”) equal to the amount of
any accrued and unpaid Base Salary, which Note shall have a term of three (3)
years, an annual interest rate of twelve (12%) percent, shall be convertible
into shares of common stock of the Company at a conversion price equal to the
lowest price of any shares of common stock of the Company sold or issued during
the term of this Agreement or of said Note, and shall have full ratchet
anti-dilution protection.

     

     

    B.           Stock
Incentive

     

    Employee
shall be given an initial grant of 50,000,000 fully-vested shares of common
stock of the Company, as an inducement to enter into this Agreement

     

    C.           Performance
Bonus

     

     

    In
connection with each calendar year, partial or otherwise, in which Employee is
employed by the Company, Employee shall participate in a management bonus pool
(the “MBP”), the terms and conditions of which MBP shall be determined by the
Board of Directors of the Company.

     

     

    D.           Exempt
Status

     

     

    Employee
understands that at all times he/she is employed as an independent contractor
and, therefore, he/she is not entitled to overtime wages.  Employee
shall not receive overtime compensation for the services performed under this
Agreement, unless specifically agreed to in writing.

     

     

    E.           Expense
Reimbursement

     

     

    Employee
shall be entitled to reimbursement of any or all reasonably incurred expenses
incurred in the performance of the functions and duties under this
Agreement.  In order to receive reimbursement, Employee must timely
provide the Company with an itemized account of all expenditures, along with
suitable receipts therefore.

     

     

    3.           BENEFITS

     

     

    A.           Health
Insurance

     

     

    The
Company agrees that upon the Effective Date, Employee shall be eligible to
participate in the Company health insurance plan (the “Company Plan”), if such
Company Plan is in-place.  In the event that a Company Plan is
in-place, the Company agrees to pay the cost of an individual policy for
Employee.  Should Employee choose to add additional family members to
the Company Plan, any such additional costs shall be at the sole expense of
Employee, and shall be deducted from Employee’s Base Salary.  In the
event that a Company Plan is not in-place or if Employee chooses to not
participate in a Company Plan, the Company shall reimburse Employee up to $500
per month for his/her out-of-pocket costs for any other individual health
insurance plan or medical expenses.

     

     

    B.           Vacation

     

     

    Employee
is entitled to up to four (4) weeks of paid vacation per year, which if unused
shall accrue.

     

     

    4.           TERM
OF EMPLOYMENT

     

     

    Employee’s
employment with the Company is for a term of one (1) year from the Effective
Date.

     

     

    5.           COVENANTS

     

     

    
      	
              A.

            	
              Non-Disclosure
      of Trade Secrets and Other Proprietary
  Information

            

    

     

     

    Employee
agrees not to use, disclose, or communicate, in any manner, proprietary
information about the Company, its operations, clientele, or any other
proprietary information, that relate to the business of the
Company.  This includes, but is not limited to, the names of the
Company’s customers, clients, vendors, employees, or independent contractors, or
any other information of any kind which would be deemed confidential or
proprietary information of the Company.

     

     

    B.           Non-Solicitation
Covenant

     

     

    Employee
agrees that for a period of two (2) years following termination of employment,
for any reason whatsoever, Employee will not solicit, including but not limited
to the following: customers, clients, vendors, employees, or independent
contractors, of the Company.

     

     

    
      	
              6.  

            	
              INDEMNIFICATION
      FOR THIRD PARTY CLAIMS

            

    

     

    The
Company agrees to indemnify and hold harmless Employee to the fullest extent
permitted by law, from and against any and all losses, claims, damages,
liabilities, obligations, penalties, judgments, awards, costs, expenses, and
disbursements (and any and all actions, suits, proceedings and investigations in
respect thereof and any and all legal and other costs, expenses and
disbursements in giving testimony or furnishing documents in response to a
subpoena or otherwise), including, without limitation, the costs, expenses, and
disbursements, as and when incurred, of investigating, preparing, or defending
any such action, suit, proceeding, or investigation (whether or not in
connection with litigation in which Employee is a party), directly or
indirectly, caused by, relating to, based upon, arising out of, or in connection
with, Employee’s acting for the Company, including, without limitation, any act
or omission by Employee in connection with his/her acceptance of or the
performance or nonperformance of his/her duties and obligations under this
Agreement, provided, however, such indemnification shall not apply to any
portion of any such loss, claim, damage, obligation, penalty, judgment, award,
liability, cost, expense, or disbursement to the extent it is found in a final
judgment by a court of competent jurisdiction (not subject to further appeal) to
have resulted primarily and directly from the gross negligence or willful
misconduct of Employee.

     

    If any
action, suit, proceeding, or investigation is commenced, as to which Employee
proposes to demand indemnification, he/she shall notify the Company with
reasonable promptness.  Employee shall have the right to retain
counsel of his/her own choice to represent him/her, which counsel shall be
reasonably acceptable to the Company, and the Company shall pay the fees,
expenses, and disbursements of such counsel, and such counsel shall, to the
extent consistent with its professional responsibilities, cooperate with the
Company and any counsel designated by the Company.  The Company shall
be liable for any settlement of any claim against Employee.  The
Company shall not, without the prior written consent of Employee, settle or
compromise any claim, or permit a default or consent to the entry of any
judgment in respect thereof, unless such settlement, compromise, or consent
includes, as an unconditional term thereof, the giving by the claimant to
Employee of an unconditional and irrevocable release from all liability in
respect of such claim.

     

     

    Neither
termination nor completion of the employment of Employee shall affect these
Indemnification Provisions which shall then remain operative and in full force
and effect.

     

     

    
      	
              7.  

            	
              ATTORNEYS’
      FEES AND COSTS

            

    

     

     

    Employee
and the Company agree that should any action be instituted by either party
against the other regarding the enforcement of the terms of this Agreement, the
prevailing party will be entitled to all of its expenses related to such
litigation including, but not limited to, reasonable attorneys' fees and costs,
both before and after judgment.

     

     

    
      	
              8.  

            	
              COUNTERPARTS

            

    

     

     

    For the
convenience of the parties, any number of counterparts of this Agreement may be
executed by the parties hereto.  Each such counterpart shall be, and
shall be deemed to be, an original instrument, but all such counterparts taken
together shall constitute one and the same Agreement.

     

     

    
      	
              9.  

            	
              MISCELLANEOUS
      PROVISIONS

            

    

     

     

    A.           Notices

     

     

    The
parties agree that any notices that are required to be given under this
Agreement shall be given in writing, sent by certified mail, return receipt
requested, to the principal place of business of the Company or residence of
Employee as set forth herein.

     

     

    B.           Modifications

     

     

    This
Agreement embodies the entire agreement and understanding of the parties hereto
and supersedes any and all prior agreements, arrangements, and understanding
relating to the matters provided for herein.  Any modifications to
this Agreement may only be done in writing and must be signed by an officer of
the Company and Employee.

     

     

    C.           Severability
of Agreement

     

     

    To the
extent that any provision hereof is deemed unenforceable, all remaining
provisions of this Agreement shall not be affected thereby and shall remain in
full force and effect.

     

     

    D.           Waiver
of Breach

     

     

    The
waiver by the Company of a breach of any provision of this Agreement by Employee
shall not operate as a waiver of any subsequent breach by the
Employee.  No waiver shall be valid unless placed in writing and
signed by an officer of the Company.

     

     

    E.           Choice
of Law, Jurisdiction and Venue

     

     

    Employee
agrees that this Agreement shall be interpreted and construed in accordance with
the laws of the State of Florida, and that any claims brought against the
Company related to the terms or conditions of employment shall be brought within
a court of competent jurisdiction within the county of Miami-Dade,
Florida.  Employee also consents to jurisdiction of any claims by the
Company related to the terms or conditions of employment by a court of competent
jurisdiction within the county of Miami-Dade, Florida.

     

     

    Agreed to
on this _____ day of ___________________, 2010, by and between:

     

    
 

     

    

    Michael
Cariello (“Employee”)

    
 

    

    

    Tactical
Air Defense Services, Inc. (“Company”)

    Alexis
Korybut, President and CEOex103.htm

    SETTLEMENT
AGREEMENT

    

    THIS SETTLEMENT AGREEMENT (the “Agreement”) is made
and entered into as of February 22, 2010 (the “Effective Date”) by
and between: (i) Tactical Air Defense Services, Inc., a Nevada corporation (the
“Company”); and
(ii) DS Enterprises, Inc., a California corporation (the “Settlor”) (The
Company and the Settlor may be individually referred to hereinafter as a “Party” and
collectively as the “Parties”).

    

    RECITALS

    

    WHEREAS,
on or about September 8, 2006, the Company and the Settlor entered into a
Financial Advisory Services Agreement (the “Advisory
Agreement”).

    

    WHEREAS,
pursuant to the terms of the Advisory Agreement, the Settlor completed the
services under the Advisory Agreement and was issued a convertible promissory
note on May 8, 2007 (the “Note,” a copy of
which are attached hereto as Exhibit
A).

    

    WHEREAS,
pursuant to the terms of and the rights afforded by the Note, the Settlor has
made numerous demands upon the Company for conversion of the balance of the Note
into 66,385,157 shares of the Company’s common stock, par value $0.001 (the
“Common
Stock”).

    

    WHEREAS,
the Company has reviewed the Note and confirms the existence of and liability
for the Note.

    

    WHEREAS,
the Company is unable to settle the Note through the payment of cash and in an
effort to clean up its balance sheet, the Company believes it to be in the best
interest of the Company and its shareholders to settle the Note through the
issuance of shares of Common Stock as further described herein.

    

    WHEREAS,
the Parties wish to enter into this Agreement and settle and forever resolve the
claims the Settlor has against the Company related to the Note.

    

    NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement,
and for good and valuable consideration, the receipt of which is hereby
acknowledged, it is hereby agreed as follows:

    

    AGREEMENT

    

    1.           Release of
Claims.    Upon issuance of the Settlement Shares (as
further defined and described herein) the Settlor hereby agrees to fully settle
and forever resolve any and all past, present and future claims the Settlor may
have against the Company related to Advisory Agreement and the Note, including
all principal and interest due thereunder as of the Effective Date (hereinafter
the “Claims”).

    

    2.           Consideration.   As
consideration for the release of the Claims, the Company shall issue and
transfer to the Settlor or its assignees, free and clear of any security
interests, liens, claims or other encumbrances whatsoever, Forty Five Million
Eight Hundred and Five Thousand Seven Hundred and Fifty Eight (45,805,758)
shares of Common Stock (the “Settlement Shares”).
The Settlement Shares shall be issued to the Settlor or its assignees: (i)
within five (5) business days of the Effective Date via DWAC electronic transfer
pursuant to the transfer instructions attached hereto as Exhibit B;
(ii) pursuant to a valid Company Board of Directors resolution; and (iii) as
unrestricted, free trading shares pursuant to the opinion letter provided by the
Settlor’s counsel (the “Opinion Letter,” a
copy of which has been attached hereto as Exhibit
C), which the Company hereby irrevocably authorizes the Company’s
transfer agent, Transfer Online, Inc., to accept. The Settlement Shares shall be
deemed to have been converted from the Note and, as such, the issuance date for
such Settlement Shares shall tack back to the original issuance date of the Note
pursuant to Rule 144 promulgated under the Securities Act of 1933. The
Settlement Shares shall represent the total compensation due and payable to the
Settlor in connection with Claims. In the event the Settlement Shares are not
issued as free trading unrestricted shares due to events outside of the
Company’s control, this Agreement shall be nullified in its entirety and the
Note shall remain as issued and valid.

    

    3.           Assignability.  This
Agreement shall be binding upon the Company and its successors, and shall inure
to the benefit of the Settlor and their successors and assigns. The Settlement
Shares, and all of the terms and conditions described herein, are assignable and
may be transferred sold, or pledged, hypothecated or otherwise granted as
security by the Settlor at their sole discretion.

    

    4.           Waiver of Section
1542.     In signing this Agreement, the Parties
has been advised of, understand and knowingly waive their rights under
California Civil Code Section 1542 which provides as follows: A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST
IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST
HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

    

    5.           No Further
Claims.     The Parties covenant and agree never
to commence against each other, any legal action or proceeding based in whole or
in part upon the Claims, demands, allegations, and/or injuries released in this
Agreement.

    

    6.           Dispute
Resolution.   The subject matter of this Agreement shall
be governed by and construed in accordance with the laws of the State of
California (without reference to its choice of law principles), and to the
exclusion of the law of any other forum, without regard to the jurisdiction in
which any action or special proceeding may be instituted.  EACH PARTY
HERETO AGREES TO SUBMIT TO THE PERSONAL JURISDICTION AND VENUE OF THE STATE
COURTS LOCATED IN THE NORTH COUNTY OF SAN DIEGO, CALIFORNIA FOR RESOLUTION OF
ALL DISPUTES ARISING OUT OF, IN CONNECTION WITH, OR BY REASON OF THE
INTERPRETATION, CONSTRUCTION, AND ENFORCEMENT OF THIS AGREEMENT, AND HEREBY
WAIVES THE CLAIM OR DEFENSE THEREIN THAT SUCH COURTS CONSTITUTE AN INCONVENIENT
FORUM.  AS A MATERIAL INDUCEMENT FOR THIS AGREEMENT, EACH PARTY
SPECIFICALLY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY ISSUES SO
TRIABLE.

    

    7.           Attorney’s
Fees.   Should any Party hereto employ an attorney for the
purpose of enforcing or constituting this Agreement, the Advisory Agreement or
the Note, or any judgment based on this Agreement or the Note, in any legal
proceeding whatsoever, including insolvency, bankruptcy, arbitration,
declaratory relief or other litigation, the prevailing party shall be entitled
to receive from the other Party or Parties thereto reimbursement for all
reasonable attorneys’ fees and all reasonable costs, including but not limited
to service of process, filing fees, court and court reporter costs,
investigative costs, expert witness fees, and the cost of any bonds, whether
taxable or not, and that such reimbursement shall be included in any judgment or
final order issued in that proceeding.

    

    8.           Necessary
Action.   At all times after the execution of this
Agreement, each Party hereto agrees to take or cause to be taken all such
necessary action including, without limitation, the execution and delivery of
such further instruments and documents, as may be reasonably requested by any
Party for such purposes or otherwise necessary to complete or perfect the
transaction contemplated hereby.

    

    9.           Authority to
Bind.   Each Party to this Agreement represents and
warrants that the execution, delivery and performance of this Agreement and the
consummation of the transaction provided in this Agreement have been duly
authorized by all necessary action of the respective person or entity, including
receipt of approvals from any governing board of directors, and that the person
executing this Agreement on its behalf, if applicable, has the full capacity to
bind that entity.

    

    10.           Time of
Essence.  Time is of the essence in the performance of all
obligations under this Agreement.

    

    11.           Signatures.  This
Agreement may be signed in counterparts and the Agreement, together with its
counterpart signature pages, shall be deemed valid and binding on each Party
when executed by all Parties. Facsimile signatures shall be valid and binding
for all purposes.

    

    12.           No Oral Change;
Waiver.  This Agreement may only be changed, modified, or
amended in writing by the mutual consent of the Parties hereto.  The
provisions of this Agreement may only be waived in or by writing signed by the
Party against whom enforcement of any waiver is sought.

    

    13.           Severance.    Should
any provision of this Agreement be held by a court of competent jurisdiction to
be invalid, void or unenforceable for whatever reason, the remaining provisions
not so declared shall, nevertheless, continue in full force and effect, without
being impaired in any manner whatsoever.

    

    14.           Acknowledgments and
Assent.   The Parties acknowledge that they have been
given adequate time to consider this Agreement and that they were advised to
consult with an independent attorney prior to signing this Agreement and that
they have in fact consulted with counsel of their own choosing prior to
executing this Agreement. The Parties agree that they have read this Agreement
and understand the content herein, and freely and voluntarily assent to all of
the terms herein.

    

 

    SIGNATURE
PAGE

    

    IN
WITNESS WHEREOF the Parties have executed this Settlement Agreement effective as
of February 22, 2010.

    

    
      	
              COMPANY:

               

              Tactical
      Air Defense Services, Inc.

               

              A
      Nevada corporation

               

               

               

              ___________________________________

              By:
      Alexis Korybut

              Its:
      Chief Executive Officer

            	
              SETTLOR:

               

              DS
      Enterprises, Inc.

               

              A
      California corporation

               

               

               

              ___________________________________

              By:
      Phil Scott, CFA

              Its:
      President

            

    

    

    

    A
FACSIMILE COPY OF THIS AGREEMENT SHALL HAVE THE SAME LEGAL EFFECT AS AN ORIGINAL
OF THE SAME

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}]]