Document:

EMPLOYMENT AGREEMENT

 EXHIBIT 10.6

 EMPLOYMENT AGREEMENT

 

      This Employment Agreement is made
 on this 19th day of January 2007 between ELITE FX, INC. ("Employer") and Janice
 Haley ("Employee").

 

      WHEREAS, Employer is actively
 engaged in the business of a manufacturing and distributing of non-alcoholic
 beverages; and, 

 

      WHEREAS, Employer wishes to
 continue employing Employee and Employee wishes to continue to be employed
 pursuant to the terms of this Employment Agreement.

 

      WHEREAS, if and when Employer's
 securities become registered or exchanged for securities registered with the
 Securities and Exchange Commission ("SEC"), it may be required to form a
 compensation committee (the "Compensation Committee"), which may in many cases
 determine any changes to Employee's compensation. In such instance, the
 relevant references to Employer herein shall be deemed to be references to
 Compensation Committee.

 

      NOW THEREFORE, in consideration of
 the mutual covenants and agreements contained in this Employment Agreement, and
 other good and valuable consideration, the receipt and sufficiency of which is
 hereby acknowledged, the parties, intending to be legally bound, agree as
 follows:

 Article 1

 Employment of Employee

 

      Employer agrees to employ Employee,
 and Employee accepts employment with Employer, on and subject to the terms and
 conditions set forth in this Employment Agreement.

 Article 2

 Duties of Employee

 

      Section 2.1. Position and Duties.
 Employer agrees to employ Employee to act as Vice President - Marketing
 for Employer. Employee shall be responsible for performing the following
 duties: executive management and other duties typically performed by persons
 employed in a similar capacity. Employer reserves the right from time to time
 to change the nature of Employee's duties and job title; provided, however,
 Employee's duties and job title shall always be of an executive nature.

 

      Section 2.2. Time Devoted to Work. Employee
 agrees to devote Employee's entire business time, attention, and energies to
 the business of Employer in accordance with Employer's instructions and
 directions and shall not be engaged in any other business activity, whether or
 not the activity is pursued for gain, profit, or other pecuniary advantage,
 during the term of this Employment Agreement without Employer's prior written
 consent.

 

 

1

 Article 3

 Place of Employment

 

      Employee shall be based at
 Employer's principal office at 140 NE 4th Avenue, Suite C, Delray
 Beach, FL 33483, excluding reasonable travel commensurate with Employee's
 position and duties. 

 

 Article 4

 Compensation of Employee

 

      Section 4.1. Base Salary.
 For all services rendered by Employee under this Employment Agreement, Employer
 agrees to pay Employee an annual base salary of $100,000, which shall be
 payable to Employee in such installments, but not less frequently than monthly,
 as are consistent with Employee's practice for its other Employees. Employee's
 base salary will be increased to $120,000, upon Employer receiving $2.5 million
 in hard money financing. Subsequent to the aforementioned increase, Employee's
 base salary shall be reviewed at least once a year by Employer.

 

      Section 4.2. Incentive
 Compensation. In addition to the base salary, Employee shall be entitled to
 receive incentive compensation according to a pre-established bonus plan
 specific for the Employee, as determined by Employer.

 

      Section 4.3. Reimbursement for
 Business Expenses. Employer shall promptly pay or reimburse Employee for
 all reasonable business expenses incurred by Employee in performing Employee's
 duties and obligations under this Employment Agreement, but only if Employee
 properly accounts for expenses in accordance with Employer's policies.

 

      Section 4.4. Stock Options and
 Other Stock Awards. The Employee shall be eligible for stock option grants
 and other stock awards pursuant to the Company's 2006 Incentive Stock Plan, and
 any successor plan thereto (the "Incentive Stock Plan") and all rules of
 regulation of the Securities and Exchange Commission applicable to stock option
 plans then in effect. The number of Stock Options and terms and conditions of
 the Stock Options shall be determined by the Employer's Board of Directors or
 the Compensation Committee, if formed.

 Article 5

 Vacations and Other Paid Absences

 

      Section 5.1. Vacation Days.
 Employee shall be entitled to 20 days paid vacation each calendar year during
 the term of this Employment Agreement. All vacation is accrued during the
 calendar year of work, should Employee not take all vacation days in any
 calendar year, no days will be carried over to the next year. If the agreement
 is terminated during a calendar year, any accrued and not taken vacation will
 be paid at the base salary rate, any vacation taken but previously not earned
 will not be deducted from any amount due to the Employee.

 

      Section 5.2. Holidays.
 Employee shall be entitled to the same paid holidays as authorized by Employer
 for its other Employees.

 

 

2

 Section 5.3. Sick Days and Personal Absence Days.
 Employee shall be entitled to the same number of paid sick days and personal
 absence days authorized by Employer for its other Employees.

 Article 6

 Life Insurance

      Employer may, in its sole
 discretion, maintain in effect during the term of Employee's employment a life
 insurance policy on the life of Employee in such amount as Employer shall in
 its sole discretion decide to maintain during the term of this Employment
 Agreement. Any proceeds payable under the policy shall be paid to the
 beneficiary or beneficiaries designated in writing from time to time by
 Employee.

 Article 7

 Fringe Benefits

 

      Section 7.1. Employer Employee
 Benefit Plans. Employee shall be entitled to participate in and receive
 benefits from all of Employer's Employee benefit plans that currently are
 maintained by Employer for its Employees. Employee shall be entitled to
 participate in and receive benefits under any retirement plan, profit-sharing
 plan, or other Employee benefit plan that Employer establishes for the benefit
 of its Employees after the date of this Employment Agreement. No amounts paid
 to Employee from an Employee benefit plan shall count as compensation due
 Employee as base salary or incentive compensation. Nothing in this Employment
 Agreement shall prohibit Employer from modifying or terminating any of its
 Employee benefit plans in a manner that does not discriminate between Employee
 and other Employees of Employer.

 Article 8

 Disability

 

      Section 8.1. Termination Because
 of a Disability. Except as may otherwise be required or prohibited by state
 or federal law, if because of illness or injury Employee becomes unable to work
 full time for Employer for more than sixty (60) days in any twelve month period
 (excluding vacation days and holidays), Employer may, in its sole discretion at
 any time after the accumulation of such time terminate Employee's employment
 upon written notice to Employee.

 

      Section 8.2. Compensation During
 Periods of Disability. 

 

      (a) Employee shall continue to receive Employee's
 base salary and incentive compensation while Employee is unable to work full
 time, until the earlier of: (i) the accumulation of sixty (60) days of
 disability in any 12 month period; (ii) the date Employee begins receiving
 disability insurance benefits equal to Employee base salary and incentive
 compensation; or (iii) the date Employee terminates Employee's employment with
 Employer because Employee's health becomes so impaired that continued
 performance of Employee's 

 

 

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 duties under this Employment Agreement would be hazardous to
 Employee's physical or mental health.

 

      (b) While Employee is unable to
 work full time because of illness or injury and through the full term of this
 Employment Agreement, including extensions, Employer shall maintain for
 Employee's benefit all Employee benefit plans in which Employee was
 participating at the time Employee was replaced. If Employee is barred from
 participating in any Employee benefit plan because of Employee's disability,
 Employer shall pay Employee an amount equal to what Employer would have
 contributed on Employee's behalf to the Employee benefit plan if Employee's
 participation had not been barred.

 

      Section 8.3. Disability
 Insurance. Employer may, in its sole discretion, purchase and maintain
 disability insurance in force for the benefit of Employee throughout the term
 of this Employment Agreement, including extensions. The policy shall provide
 that if Employer fails to make a premium payment, Employee shall have the right
 in Employee's sole discretion to advance such funds as may be required to
 maintain the policy in force and shall thereafter be entitled to recover
 amounts paid from Employer.

 

 Article 9

 Termination of Employment

 

      Section 9.1. Term of Employment.
 Employee's employment shall commence on the date of execution by Employer and
 shall continue for three (3) years ("end-of-employment date"), unless extended
 or terminated sooner, as provided by this article of the Employment Agreement.
 However, no compensation or benefits described hereunder shall be due or
 payable unless and until the closing of Employer's merger with Vector Ventures
 Corp. Should Employer's merger with Vector Ventures Corp. fail to close on or
 before May 3, 2007, all provisions other than those contained in Article 10
 shall automatically terminate and become null and void retroactive to its
 commencement and Employer shall not be obligated to pay Employee any
 compensation or benefits stated herein or continue the same thereafter.

 

      Section 9.2. Extension of
 Employment. On the end-of-employment date and every two (2) years
 thereafter, Employee's employment with Employer automatically shall be extended
 for an additional two (2) years unless, at least ninety (90) days prior to the
 end-of-employment date, or successive two (2) year anniversary thereof,
 Employer or Employee delivers to the other a written notice that Employee's
 employment with Employer is not to be extended, in which event Employer shall
 pay Employee pursuant to Section 9.8.

 

      Section 9.3. Termination at
 Employee's Death. Employee's employment with Employer shall terminate at
 Employee's death.

 

      Section 9.4. Termination by
 Employee. Employee may, but is not obligated to, terminate this Employment
 Agreement at any time under the following circumstances:

 

      (a) There is a change in control of Employer,
 excluding the planned merger with Vector Ventures Corp. For purposes of this
 Agreement, the term "Change in Control" shall 

 

 

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 mean:

            (i) Approval by
 Employer's shareholders of (x) a reorganization, merger, consolidation or other
 form of corporate transaction or series of transactions, in each case, with
 respect to which persons who were Employer's shareholders immediately prior to
 such reorganization, merger or consolidation or other transaction do not,
 immediately thereafter, own more than 50% of the combined voting power entitled
 to vote generally in the election of directors of the reorganized, merged or
 consolidated company's then outstanding voting securities, in substantially the
 same proportions as their ownership immediately prior to such reorganization,
 merger, consolidation or other transaction, or (y) Employer's liquidation or
 dissolution or (z) the sale of all or substantially all of Employer's assets
 (unless such reorganization, merger, consolidation or other corporate
 transaction, liquidation, dissolution or sale is subsequently abandoned); 

  

            (ii)
 Individuals who, as of the date of this Agreement, constitute the Board (the
 "Incumbent Board") cease for any reason to constitute at least a majority of
 the Board, provided that any person becoming a director subsequent to the date
 of this Agreement whose election, or nomination for election by Employer's
 shareholders, was approved by a vote of at least a majority of the directors
 then comprising the Incumbent Board (other than an election or nomination of an
 individual whose initial assumption of office is in connection with an actual
 or threatened election contest relating to the election of Employer's
 directors, as such terms are used in Rule 14a-11 of Regulation 14A promulgated
 under the Securities Exchange Act) shall be, for purposes of this Agreement,
 considered as though such person were a member of the Incumbent Board; or

 

     (b) Employee is assigned duties that are
 significantly different than those described in this Employment Agreement, or
 duties assigned Employee by this Employment Agreement are eliminated or
 transferred to someone else.

 

      (c) Employee is removed from any of
 the positions described in Section 2.1 of this Employment Agreement (other than
 by Employer for cause).

 

      (d) Employee's fringe benefits or
 other compensation are materially reduced.

 

      (e) Employer fails to have a
 successor assume this Employment Agreement.

 

      (f) Employer becomes insolvent or
 files a bankruptcy petition.

 

      Section 9.5. Termination by
 Employer. 

 

      (a) Termination for Cause.
 Employer may terminate Employee's employment for cause.

 

      (b) For purposes of this Agreement, the term
 "Cause" shall mean (i) an action or omission of the Employee which constitutes
 a willful and material breach of, or failure or refusal (other than by reason
 of his disability) to perform his duties under, this Agreement which is not 

 

 

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 cured within fifteen (15) days after receipt by the Employee
 of written notice of same, (ii) fraud, embezzlement, misappropriation of funds
 or breach of trust in connection with his services hereunder, (iii) conviction
 of any crime which involves dishonesty or a breach of trust, or (iv) gross
 negligence in connection with the performance of the Employee's duties
 hereunder, which is not cured within fifteen (15) days after written receipt by
 the Employee of written notice of same, or (v) Employee violates Article 10 or
 Article 11 of this Employment Agreement.

 

      Section 9.6. Notice of
 Termination. Any termination of Employee's employment by Employer or
 Employee must be communicated to the other party by a written notice of
 termination. The notice must specify the provision of this Employment Agreement
 authorizing the termination and must set forth in reasonable detail the facts
 and circumstances providing the basis for termination of Employee's employment.
 The Employee shall have the right to address the Board regarding the acts set
 forth in the notice of termination.

 

      Section 9.7. Date Termination Is
 Effective. If Employee's employment terminates because this Employment
 Agreement expires, then Employee's employment will be considered to have
 terminated on that expiration date. If Employee's employment terminates because
 of Employee's death, then Employee's employment will be considered to have
 terminated on the date of Employee's death. If Employee's employment is
 terminated by Employee, then Employee's employment will be considered to have
 terminated on the date that notice of termination is given. If Employee's
 employment is terminated by Employer for cause, then Employee's employment will
 be considered to have terminated on the date specified by the notice of
 termination. If, within thirty (30) days after a notice of termination is
 given, the party receiving the notice notifies the other party that there is a
 dispute concerning the termination, then Employee's employment will not be
 considered to have terminated, and Employer shall continue to compensate
 Employee pursuant to this Employment Agreement, until the dispute is ended by a
 written agreement between the parties or a final judgment, order, or decree of
 a court of competent jurisdiction. A judgment, order, or decree of a court of
 competent jurisdiction will be considered final only if the time for appealing
 the decision has expired and no notice of appeal has been filed.

 

      Section 9.8. Compensation
 Following Termination. 

 

      (a) If Employee's employment is
 terminated by Employer for cause, or by Employee other than pursuant to Section
 9.4, Employer shall pay Employee/Employee's then current base salary through
 the date employment is terminated, and Employer shall have no further
 obligations to Employee under this Employment Agreement.

 

      (b) If Employee's employment is terminated by
 Employer other than for cause, or by Employee pursuant Section 9.4, Employer
 shall pay Employee Employee's then current base salary through the date
 employment is terminated and any legal fees and expenses incurred by Employee
 to enforce Employee's rights under this Employment Agreement. In addition,
 Employer shall pay Employee as liquidated damages an amount equal to the sum of
 Employee's then current annual base salary plus the annualized amount of
 incentive compensation paid to Employee within the last year before the date
 Employee's employment was terminated, multiplied by the number of full and
 partial years remaining in the term of this Employment 

 

 

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 Agreement.

 

 Article 10

 Confidential Information

 

      Section 10.1. Confidential
 Information Defined. "Confidential Information" as used in this Employment
 Agreement shall mean any and all technical and non-technical information
 belonging to, or in the possession of, Employer or its officers, directors,
 Employees, affiliates, subsidiaries, clients, vendors, or Employees, including
 without limitation, patent, trade secret, and proprietary information;
 techniques, sketches, drawings, models, inventions, know-how, processes,
 apparatus, equipment, algorithms, source codes, object codes, software
 programs, software source documents, and formulae related to Employer's
 business or any other current, future and/or proposed business, product or
 service contemplated by Employer; and includes, without limitation, all
 information concerning research, experimental work, development, design details
 and specifications, engineering, financial information, procurement
 requirements, purchasing, manufacturing, customer lists, vendor lists, business
 forecasts, sales and merchandising, and marketing plans or similar information.

 

      Section 10.2 Disclosures.
 Employee agrees that it shall, at no time during or after termination of this
 Employment Agreement, directly or indirectly make use of, disseminate, or in
 any way disclose Confidential Information to any person, firm or business,
 except to the extent necessary for performance of this Employment Agreement.
 Employee agrees that it shall disclose Confidential Information only to
 Employer's other Employees who need to know such information and who have
 previously agreed to be bound by the terms and conditions of a substantially
 similar confidentiality provision and shall be liable for damages for the
 intentional or negligent disclosure of Confidential Information. Employee's
 obligations with respect to any portion of Confidential Information shall
 terminate only when Employee has documented to Employer that (a) such
 information was lawfully in the public domain at the time it was communicated
 to Employee by Employer; or (b) the communication was in response to a valid
 order by a court of competent jurisdiction or was necessary to establish the
 rights of Employer under this Employment Agreement.

 

      Section 10.3. Survival. This
 Article 10 shall survive any termination of this Agreement and all extended
 periods.

 Article 11

 Noncompetition Agreement

 

      Section 11.1. Agreement Not To
 Compete. For two (2) years after Employee's employment with Employer
 terminates, including employment following the termination of this Employment
 Agreement, Employee agrees not to directly or indirectly own, manage, control,
 or operate; serve as an officer, director, partner, employee or consultant of;
 have any direct or indirect financial interest in; or assist in any way; any
 person or entity that competes with any business conducted by Employer or any
 of Employer's affiliates or subsidiaries in any geographic region in which
 Employer conducts business.

 

 

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      Section 11.2. Competitive
 Businesses. For purposes of this Article 11, a competitive business shall
 be any person or entity directly or indirectly engaged in the manufacturing,
 import, export, sale or distribution of non-alcoholic beverages.

 

      Section 11.3. Ownership of
 Public Corporation No Violation. Employee will not be considered to have
 violated this provision merely because Employee owns no more than five percent
 (5%) of the stock of any publicly held corporation.

 

      Section 11.4. Survival. This
 Article 11 shall survive any termination of this Agreement and all extended
 periods.

 

      Section 11.5. Extension of
 Agreement Not To Compete. At Employer's discretion, the Employer can cause
 Employee to extend the period of the agreement not to compete by paying in
 advance the Employee 30% of the Employee's last annual base salary and bonuses
 per year of extension. The Employer can cause the extension for a total of 3
 annual periods.

 

 Article 12

 Notices

 

      Any notice given under this Employment Agreement to
 either party shall be made in writing. Notices shall be deemed given when
 delivered by hand or when mailed by registered or certified mail, return
 receipt requested, postage prepaid, and addressed to the party at the address
 set forth below.

 
  Employee's address:    Janice Haley

                                  
  906 SW 36th Ct

                                  
  Boynton Beach, FL 33435

  Employer's address:     Elite FX, Inc.

                                  
  140 NE 4th Avenue, Suite C

                                  
  Delray Beach, FL 33483

 

 Each party may designate a different address for receiving
 notices by giving written notice of the different address to the other party.
 The written notice of the different address will be deemed given when it is
 received by the other party.

 Article 13

 Binding Agreement

 

      Section 13.1. Employer's Successors.

      (a) The rights and obligations of
 Employer under this Employment Agreement shall inure to the benefit of and
 shall be binding in all respects upon the successors and assigns of Employer.

 

      (b) Employer shall require any direct or indirect
 successor (by purchase, merger, 

 

 

8

 consolidation, or otherwise) of all or substantially all of
 Employer's stock, business and/or assets to expressly agree to assume
 Employer's obligations under this Employment Agreement and perform them in the
 same manner and to the same extent as Employer would have been required to do
 if no succession had occurred. The agreement must be in a form and substance
 satisfactory to Employee.

 

      (c) If Employer fails to obtain
 such an agreement before the effective date of the succession, Employer's
 failure will be considered a breach of this Employment Agreement, and Employee
 shall be entitled to the immediate payment of the amount of money that Employee
 would have been entitled to if Employer had terminated Employee's employment
 other than for cause in accordance with the terms of Section 9.8(c) of this
 Employment Agreement, calculated as though Employee's employment had terminated
 on the effective date of the succession. However, Employer's failure to obtain
 such agreement shall not affect said successor's obligations pursuant to
 paragraph 13.1(a) above.

 

      Section 13.2. Employee's
 Successors. This Employment Agreement shall inure to the benefit and be
 enforceable by and upon Employee's personal representatives, legatees, and
 heirs. If Employee dies while amounts are still owed, such amounts shall be
 paid to Employee's legatees or, if no such person or persons have been
 designated, to Employee's estate.

 Article 14

 Waivers

 

      The waiver by either party of a
 breach of any provision of this Employment Agreement shall not operate or be
 construed as a waiver of any subsequent breach.

 

 Article 15

 Entire Agreement

 

      Section 15.1. No Other
 Agreements. This instrument contains the entire agreement of the parties.
 The parties have not made any agreements or representations, oral or otherwise,
 express or implied, pertaining to the subject matter of this Employment
 Agreement other than those specifically included in this Employment Agreement.

      Section 15.2. Prior Agreements.
 This Employment Agreement supersedes any prior agreements pertaining to or
 connected with or arising in any manner out of the employment of Employee by
 Employer. All such prior agreements are terminated and are of no force or
 effect whatsoever.

 Article 16

 Amendment of Agreement

 

      No change or modification of this
 Employment Agreement shall be valid unless it is in writing and signed by the
 party against whom the change or modification is sought to be enforced. No
 change or modification by Employer shall be effective unless it is approved by
 Employer's Board of Directors and signed by an officer specifically authorized
 to sign such documents.

 

 

9

 Article 17

 Severability of Provisions

 

      If any provision of this Employment
 Agreement is invalidated or held unenforceable, the invalidity or
 unenforceability of that provision or provisions shall be deemed modified or
 severed only to the minimum extent necessary to make said provision(s) valid
 and enforceable while maintaining the intent of said provision(s). No such
 modification shall affect the validity or enforceability of any other provision
 of this Employment Agreement.

 Article 18

 Assignment of Agreement

 

       Employer shall not assign
 this Employment Agreement without Employee's prior written consent, but failure
 to obtain such consent shall not affect said assignee's obligations pursuant to
 paragraph 13.1(a) above, which consent will not be unreasonably withheld.

 Article 19

 Governing Law, Venue & Attorneys Fees

 

       All questions regarding the
 validity and interpretation of this Employment Agreement shall be governed by
 and construed and enforced in all respects in accordance with the laws of the
 State of Florida. Venue for any action arising in any manner out of the
 Employee's employment, this Employment Agreement, or any of the terms contained
 herein shall be the Federal and or State courts located in Palm Beach County,
 Florida, regardless of where this Employment Agreement is to be performed. In
 the event either party engages legal counsel to enforce any provision contained
 in this Employment Agreement, the prevailing party shall be entitled to all
 reasonable attorneys fees, investigative expenses, costs, and court costs,
 whether or not a suit is actually filed, but including all levels of appeal.

 

 [signature page follows]

 

 

 

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 IN WITNESS WHEREOF, the parties have executed this
 Employment Agreement in duplicate on the date and year first above written.

 

  

 EMPLOYEE:

             /s/ Janice Haley

            
           
          
         
        
       
      
     
    
   
  
 
                                                                                                                        
 ______________________________________

                                                                                                                       
 Janice Haley

  

  

 EMPLOYER:

             ELITE FX, INC.

                  /s/ Stephen C. Haley

 

             By: ___________________________________

      Stephen C. Haley, Chief Executive Officer

            
           
            

          
         
        
       
      
     
    
   
  
 
 
 

 
  

  

 

11Exhibit 10.1

    SECOND
      AMENDMENT TO DEBENTURE SUBSCRIPTION AGREEMENT

    

    California
      News Tech

    

    California
      News Tech, a Nevada corporation (hereinafter the “Company”) and DNB Capital
      Management, Inc., (hereinafter
      the “Subscriber”) in
      consideration for the mutual promises and covenants contained herein,
agree
      to
      amend that certain Debenture Subscription Agreement dated October 30, 2006,
      as
      follows:

    

    I. Paragraph
      1.2 is amended and restated to provide as follows:

    

    1.2    Closing.  The
      closing of the
      transactions contemplated herein (the “Closing”) shall occur on March 2, 2007,
      or at such other time and place as the parties may agree (the “Closing Date”),
      provided that all of the Closing conditions set forth in sections 1.3 and 1.4
      shall have occurred. 

    

    The
      Debenture Subscription Agreement is not otherwise modified and the original
      terms and conditions thereof, with the sole exception of the Amendment contained
      herein, shall remain in full force and effect.

    

    Accepted
      and Agreed this 31st day of January, 2007

    

    
      	
              COMPANY

               

               

              /s/ 
                Marian Munz

              By:
                MARIAN MUNZ

              Its:
                PRESIDENT

            	 	
              SUBSCRIBER

               

               

              /s/
                David N. Baker

              By:
                David N. Baker

              Its:
                President

            
	
               

              CALIFORNIA
                NEWS TECH

            	 	
               

              DNB
                Capital Management, Inc.

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