Document:

Exhibit 10.1 

	
 

	
E-Z-EM, Inc.

	
 

	
Annual Incentive Plan

Plan Document for
Participants

Effective June 2001

Amended August 2007

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Highlights 

E-Z-EM, Inc.
(“EZEM” or “Company”) has created this Annual Incentive Plan (“AIP” or “Plan”)
to reward you for your contributions to the success of the Company through
individual and corporate performance. The AIP is an incentive form of
compensation designed to better align your interests with those of the Company
and its stockholders. The Company believes that growth and profitability will
help contribute to increased shareholder value and the Plan provides you with
an opportunity to receive a bonus on an annual basis depending upon the
achievement of pre-determined corporate and individual performance criteria. As
a participant in the AIP, you play an important role in helping to achieve
EZEM’s goals and its future success. 

The AIP is
designed to meet the following objectives: 

	
 

	
 

	
•

	
Focus
  E-Z-EM’s leaders on critical objectives – corporate, business area and individual
  results 

	
 

	
 

	
•

	
Strengthen
  the link between pay and overall performance

	
 

	
 

	
•

	
Offer
  competitive, market-based annual incentive targets and opportunities

	
 

	
 

	
•

	
Encourage
  and reward behavior that reflects E-Z-EM’s competencies (e.g., teamwork and
  collaboration, accountability for results)

	
 

	
 

	
•

	
Provide
  significant rewards for exceptional performance and no or little rewards for
  substantial underachievement

This AIP Plan
document provides you with detailed information about the Plan, including: 

	
 

	
 

	
•

	
How the AIP
  works 

	
 

	
 

	
•

	
How
  performance goals are established

	
 

	
 

	
•

	
How
  performance is measured

	
 

	
 

	
•

	
How awards
  are calculated

For additional
information on the AIP, refer to the Total Rewards / Incentive Plan section in
your Employee Performance & Total Rewards Training and Resource Guide.

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Overview 

As a
participant in the AIP, you are eligible to receive an annual incentive award
based on E-Z-EM’s performance and your overall performance during each fiscal
year. Your award opportunity is expressed as an annual incentive target and
range, stated as a percentage of your actual base
salary. 

As an
overview, the AIP includes the following features: 

	
 

	
 

	
•

	
Each AIP
  year begins on the first day of E-Z-EM’s fiscal year. 

	
 

	
 

	
•

	
The Plan
  consists of two performance components, corporate and individual, and are
  weighted differently depending upon your position in the Company.

	
 

	
 

	
•

	
At the
  beginning of each fiscal year, corporate financial performance objectives are
  established by the Company’s Board of Directors (“Board”) or the Compensation
  Committee of the Board (“Committee”). You and your manager will also
  establish a performance plan detailing your individual performance goals
  which include results-based objectives and competency objectives for the
  year.

	
 

	
 

	
•

	
At the end
  of the fiscal year, the Company’s performance is compared to the corporate
  goals and the percent of incentive target achieved is determined for the
  corporate component of your annual incentive award opportunity.

	
 

	
 

	
•

	
Additionally,
  at the end of the fiscal year, your overall performance, including individual
  goals, are assessed and the percent of incentive target achieved is
  determined for the individual component of your annual incentive award
  opportunity.

	
 

	
 

	
•

	
In general,
  AIP awards, if earned, are paid in August following the completion of each
  fiscal year.

Incentive Award Opportunity 

At the
beginning of each fiscal year, eligible participants are notified of their
participation for the new fiscal year and the incentive opportunity established
for their incentive band. Incentive award opportunities are stated as an annual
incentive target, threshold, and range based on a
percentage of your base salary. 

The incentive
threshold indicates the percentage of your base salary that you are eligible to
receive as an AIP award for the minimum level of acceptable performance. The
threshold is the point below which no AIP award is earned for the performance
component. 

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The incentive
range indicates the minimum and maximum AIP award percentages that you
can receive, depending on the attained performance levels. At the beginning of
each fiscal year, the Company will provide you with the minimum threshold level
of achievement as well as the potential minimum and maximum payout level and
corresponding payout curves. 

Under the AIP,
the incentive ranges and assignment of E-Z-EM’s job positions to the incentive
bands are based on competitive market practices and the determination of
management and the Committee. 

The actual
value of your incentive award will depend on actual performance levels achieved
during the fiscal year, referred to as the “% of Incentive Target Achieved.” This
percentage is calculated for both the corporate and individual performance
components. 

More Details about Performance Criteria,
Minimum and Maximum Payouts, Limitations and Payout Curves 

At the start
of each fiscal year, the Company will provide you with the specific details
about the AIP for the upcoming fiscal year, including the corporate (financial)
performance objectives, a copy of your individual performance objectives
(Performance Plan), the minimum threshold amounts, if any, minimum and maximum
payouts and any limitations, and payout curves for each component. 

Components of Performance:

Corporate Objectives & Individual Performance 

Your annual
incentive opportunity is comprised of two components: 

	
 

	
 

	
•

	
Corporate
  Performance 

	
 

	
 

	
•

	
Individual
  Overall Performance

At the
beginning of each fiscal year, corporate performance objectives are established
by the Board or the Committee relative to key financial performance measures.
These measures and corresponding objectives are used as the basis for measuring
the Company’s degree of success at fiscal year-end. Although the measures may
vary from year to year, generally the corporate objectives will include
operating profit and net sales results as compared to budget or the results
from the prior year, or both.

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For the
individual component, your performance plan serves as the mechanism to capture
key individual results-based objectives (RBOs), competency objectives (COs) and
an assessment of overall performance. The individual goals are generally
tailored to relate to matters within each person’s specific department or area
of responsibility. 

The following
chart summarizes the performance components under the AIP: 

	
 

	
 

	
 

	
 

	
 

	
Performance

  Component

	
 

	
Definition

	
 

	
Performance Measures

	

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
Corporate

	
 

	
E-Z-EM

	
 

	
Financial
  Objectives – May include operating profit and net sales

	
 

	
 

	
 

	
 

	
 

	
Individual

	
 

	
Business
  area financial RBOs (for applicable Leaders)

	
 

	
Financial
  Objectives tailored for very specific goals such as individual business unit
  net sales or product line net sales

	
Overall

  Performance

	
Non-financial
  RBOs that reflect overall Company or specific business area objectives

	
 

	
“SMART” RBOs

  Position description and expectations

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Competencies

	
 

	
E-Z-EM’s
  competencies and COs

At the end of
each fiscal year,actual performance results are measured
against the established performance corporate and individual objectives and
expectations. The allocation of AIP awards is determined by: (1) the extent to
which the corporate performance objectives are achieved and individual
performance levels are attained, and (2) the weights assigned to the corporate
and individual components. 

The component
weights vary by incentive band and are based on degree of control,
organizational level, scope of responsibility and business area. 

-41-

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Specifically:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Weight by Incentive Component

  	
   

  	
   

  
	
   

  	
   

  	
  

  	
  

  	
  

  	
   

  
	
  Incentive Band

  	
   

  	
  Corporate

  Performance

  	
   

  	
  Individual Overall

  Performance

  	
   

  
	
  

  	
   

  	
  

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Senior
  Executive Band - CEO & Sr. Vice President

  	
   

  	
   

  	
  75%

  	
   

  	
   

  	
  25%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Executive
  Band - Vice President

  	
   

  	
   

  	
  75%

  	
   

  	
   

  	
  25%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Leadership I

  	
   

  	
   

  	
  60%

  	
   

  	
   

  	
  40%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Leadership
  II

  	
   

  	
   

  	
  60%

  	
   

  	
   

  	
  40%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Leadership
  III

  	
   

  	
   

  	
  50%

  	
   

  	
   

  	
  50%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Leadership
  IV

  	
   

  	
   

  	
  25%

  	
   

  	
   

  	
  75%

  	
   

  

Corporate Component – More Details

A portion of
your AIP award is based on E-Z-EM’s performance. At the beginning of each
fiscal year financial objectives are established and generally include, but are
not limited to, operating profit and net sales targets. The Company will
establish a range of acceptable financial performance results for each target
(the “payout curve”). Each payout curve will include the target for the year
and the minimum and maximum incentive levels for that particular component, as
well as a threshold amount below which no AIP award will be paid. 

The percentage
of weighting for specific financial objectives (e.g. operating profit and net
sales) may vary by incentive bands and/or individual. 

Following the
end of each fiscal year, the actual financial results for each target is
compared to the appropriate payout curve to determine the amount of payment, if
any, related to the corporate component of the AIP. 

Individual Performance Component –
More Details 

A portion of
your annual incentive award is based on your individual performance objectives
and your overall performance for each fiscal year. Your manager will document
your performance at the end of each fiscal year based on their 

-42-

assessment of
your specific performance compared to your individual objectives (RBOs). In
considering your overall performance for the year, your manager will evaluate
whether you have met all your RBOs, demonstrated corporate competencies in the
achievement of results, provided strong contributions during the year, and
accomplished your day-to-day responsibilities. 

Each year
managers are provided with specific individual performance criteria as guidance
in determining the individual component under the AIP. These recommendations
are then reviewed by E-Z-EM’s President and CEO and, for the Company’s
Officers, by the Committee. 

Award Restrictions 

The AIP has a
“safety net” that prevents E-Z-EM from paying out awards if specific
performance levels are not achieved: 

Corporate
Performance: The maximum global payout of all the
incentive plans shall be equal to a percentage of the Company’s operating profit
(operating profit defined as before the cost of the bonus program is deducted)
as determined by the Committee. In the event the payout to all participants
would exceed the annual percentage limitation of the Company’s operating
profit, all bonus payments will be reduced pro-rata so as not to exceed the
annual percentage limitation. 

Individual
Performance: No annual incentive awards are paid if an
individual is placed on a Performance Enhancement Plan, regardless of corporate
performance outcomes. 

In addition to
the limitations set forth above, the Company may establish new limitations or
restrictions, including modifying minimum thresholds for award payout or
limiting maximum payout and may modify existing restrictions. 

Frequently Asked Questions: 

Who may participate
in the Plan? E-Z-EM Officers, Senior Directors,
Directors, Senior Managers, Managers, and those with similar positions, as well
as certain other key employees are eligible to participate in the AIP. 

When are new hires
eligible to participate in the AIP? Most new hires are
immediately eligible to participate, with awards prorated to reflect the period
of employment during the fiscal year. However, new employees who start in the
last quarter of the Company’s fiscal year will wait until the new fiscal year
to participate. The Committee may, in its sole discretion, determine who shall
be eligible to participate in the AIP and may establish such criteria as it
deems fit for each fiscal year. 

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When do I receive the
corporate and individual performance criteria for a fiscal year?
On or about the start of each fiscal year, you will be provided with the
corporate (financial) objectives for such fiscal year. Additionally, you and
your manager will prepare and complete your individual objectives on a
Performance Plan. 

How do I know about
my percentage targets, minimum and maximum payout, corresponding payout curves
and any limitations? On or about the start of each
fiscal year, you shall be provided with the percentage targets (minimum, target
and maximum) and the payout curve for each performance component and any
limitations. 

Do I receive my bonus
if I leave E-Z-EM? The payment of an incentive depends
on the circumstances in which an employee leaves E-Z-EM. Specifically: 

Voluntary Separation: Employees who
voluntarily leave E-Z-EM before any incentives are paid out will forfeit the
entire annual incentive award, regardless of any amounts earned. 

Involuntary
Separation without Cause: Employees with length of
service greater than six months who are terminated without cause will generally
be entitled to a pro-rata portion of the award (depending upon date of
termination) to which he or she would have been entitled, had the employee
remained employed throughout the full fiscal year. Such a prorated award, if
any, may be paid at such time as other employees receive their AIP awards. 

Length of Service:
Employees who leave the Company with less than or equal to six months of
service in the fiscal year forfeit their bonus payout. 

Involuntary Separation
for Cause: Employees whose employment is terminated due to
cause will forfeit the entire annual incentive award regardless of when they
were terminated. 

When are AIP Awards
Paid? If an award is earned during a fiscal year, the
Company will generally pay such award during August of the following fiscal
year. 

Is my base salary
used to calculation my award? For award calculation
purposes, your actual base earnings for the fiscal year are used, rather than
your actual base salary on any given date. This approach takes into account
different base salary levels that may apply during any given fiscal year and
unpaid leaves of absence, during which a participant is not eligible for an
incentive. 

Who do I call if I
have questions about the AIP? If you have questions
after you have read this Plan document, you may contact your manager or the
Vice President - Global Human Resources. 

-44-

Administration of the Plan 

The AIP shall
be administered by the Committee, which shall have full power and discretionary
authority to interpret the AIP, to construe any doubtful or disputed terms, to
amend or modify the Plan as it deems appropriate, to determine the amount of
benefits payable to an employee under the AIP, to prescribe, amend and rescind
any rules, forms and procedures as it deems necessary or appropriate for the
proper administration of the AIP, to make any other determinations, including
factual determinations, and to take any other such actions as it deems
necessary or advisable in carrying out its duties under the AIP. 

Miscellaneous 

This AIP Plan
document describes the provisions of the E-Z-EM, Inc. Annual Incentive Plan.
E-Z-EM reserves the full right to amend, suspend or terminate the AIP at any
time, for any reason or no reason. Enrollment in this AIP is not a guarantee of
employment and employment with E-Z-EM is not a guarantee of continued
participation in this AIP. 

Enrollment in
the AIP is not a guarantee that a bonus award will be paid. Actual awards, if
any, will be determined based on the performance of E-Z-EM and individual
employees. 

-45-EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (the "AGREEMENT"), made and entered into as of this 6th day of October 2006, by and between Universal Energy Corp., a Delaware corporation (the "CORPORATION"), and Kevin Tattersall (the "EXECUTIVE").

WITNESSETH THAT:

WHEREAS, the Corporation desires to employ the Executive in the capacity hereinafter stated, and  the Executive desires to enter into the employ of the Corporation in such capacity for the period and on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it is hereby covenanted and agreed by the Corporation and the Executive as follows:

	Employment Period.  The Corporation hereby agrees to employ the Executive as its Chief Exploration Officer, in such capacity, agrees to provide services to the Corporation for the period beginning on October 6, 2006 and ending October 6, 2008 (the "TERMINATION DATE") (or such later date as may be agreed to by the parties within 120 days prior to the Termination Date) (the "EMPLOYMENT PERIOD").

	Performance of Duties. The Executive agrees that during the Employment Period,  while he is employed by the Corporation, he shall devote his full time,  energies and talents exclusively to serving in the capacity of Chief Exploration Officer  of  the  Corporation  in  the best  interests  of  the Corporation,  and  to  perform  duties assigned to his by the Board of Directors  faithfully,  efficiently  and  in  a  professional  manner.  The Executive shall devote his working time and attention as he deems appropriate to the business and affairs of the Company (excluding any vacation and sick leave to which the Executive is entitled), render such services to the best of his ability, and use his reasonable best efforts to promote the interests of the Company. It shall not be a violation of this Agreement for the Executive to (A) serve on corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions, and (C) manage personal investments, so long as such activities do not significantly interfere with the performance of the Executive's responsibilities as an employee of the Company in accordance with this Agreement.

Specifically,  as  Chief Exploration Officer,  you will be responsible for supporting the identification and evaluation of new business  opportunities  such  as  new  property acquisition or merger opportunities, supporting both near-term  and  long-range marketing activities,  and  the  oversight  and  evaluation of the company's top level  managers.  Your responsibility will be to  management  and  the  Board  of Directors,  and  as  such, policy and direction  from  the  board  will  flow  through  you  to the company.

	Compensation.  Subject to the terms and conditions of this Agreement, during  the Employment  Period, the Executive shall be compensated by the Corporation  for  his services  as  follows: 

	He shall receive $60,000 per year beginning October 6, 2006. The commencement of the payments will require approval by the Board of Directors of the Company.  Executive shall be solely responsible for all income taxes, payroll taxes and other amounts imposed on Executive by reasons of any cash or non-cash compensation and benefits provided to Executive pursuant to this Agreement.

	Restricted Stock Grant.  The Company hereby grants to the Executive 325,000 shares of the common stock of the Company that is currently traded on the Over the Counter Bulletin Board under the symbol UVEC. The stock is restricted as defined by the Securities Act of 1933, as amended. 

	Vesting.The restricted stock issued will vest over a period of two years (24 equal monthly installments) beginning with date hereof. Vesting is contingent upon your continued employment with the Company. Any remaining unvested stock at the time of termination or resignation from the Company will be forfeited by the Executive.

	Compensation Due Upon Termination.  The  Executive's  right  to compensation  for  periods after  the  date  his  employment with the Corporation  terminates shall be determined in the accordance with the following:

	Discharge Without Cause.  If  the  Corporation  terminates  the Executive's employment  under  this Agreement without "cause" (as defined  Below),  the Executive shall be entitled to receive one month  base  salary.  Should the Executive be terminated under this provision (without cause) within the last three months of the Corporate accounting year (now currently the calendar year) the employee will also be entitled to any potential bonus based on paragraph (3) (b) above on a Pro-Rata Basis, e.g. 10 months of employment would equal 10/12 of a year or approximately 83.3% of the bonus the Executive could have earned if employed for the entire year.

	Voluntary Resignation.  The Corporation shall have no obligation to  make  payments  to  the  Executive  in  accordance  with  the provisions of paragraph 3 for periods after the date on which the Executive's employment with the Corporation terminates due to the Executive's  voluntary  resignation.

	Discharge  for Cause. The Corporation shall have no obligation to make payments to the Executive in accordance with the provisions of paragraph 3 for periods after the Executive's employment with the Corporation is terminated on account of the Executive's discharge for cause. The Executive shall be considered discharged for "cause" if he is discharged by the Corporation on account of the  occurrence  of  one  or  more  of  the  following  events:

	the Executive  becomes  habitually  addicted  to  drugs  or alcohol;

	the  Executive  discloses  confidential  information  in violation  of  paragraph  5;

	the Executive  engages  in  competition  in  violation of paragraph  5;

	the  Corporation  is  directed by regulatory or governmental authorities  to terminate the employment of the Executive or the Executive engages in activities that cause actions to be taken  by regulatory or governmental authorities that have a material  or  adverse  effect  on  the  Corporation;

	the Executive is indicted for a felony (other than a felony resulting from  a  traffic  violation);

	the Executive  disregards  his duties under this Agreement

	any  event of misconduct involving serious moral turpitude to the extent that, in the reasonable judgment of the Board of  Directors, the Executive's credibility and reputation no longer  conform  to  the standard  of  the  Corporation's executives;  or 

	the  Executive  commits  an  act  of  fraud  against  the Corporation  or  violates  a  duty  of  loyalty  to  the Corporation.

	Disability.  The  Corporation  shall  have  no obligation to make payments  to  the  Executive in accordance with the provisions in paragraph 3 for periods after the date the Executive's employment with  the  Corporation  terminates  on  account of 50% or greater disability. For purposes of this subparagraph 4(d), determination of whether the Executive is 50% disabled shall be determined in accordance with applicable law.

	Death.  The Corporation shall have no obligation to make payments to the Executive in accordance with the provisions of paragraph 3 for periods after the date of the Executive's death.

	Confidential Information and Competition.  Executive hereby acknowledges that he/he will or may be making use of, acquiring and adding to confidential information of a special and unique nature and value affecting and relating to the Company and its operations, including, but not limited to, the Company's Business, the identity of the Company's customers and suppliers, the names, addresses and phone numbers of representatives and Executives, mailing lists, computer runoffs, financial information, prices paid by the Company for inventory, selling prices of the Company's products, its business practices, marketing strategies, expansion plans, the Company's contracts, business records and other records, the Company's trade secrets, formulas, inventions, techniques used in the Company's Business, know-how and technologies, whether or not patentable, and other similar information relating to the Company and the Company's Business (all the foregoing regardless of whether same was known to Executive prior to the date hereof or is or becomes known to third parties is hereinafter referred to collectively as "Confidential Information"), all of which provides Company with a competitive advantage and none of which is readily available except to authorized representatives, agents and Executives of Company.  The Executive further recognizes and acknowledges that all Confidential Information is the exclusive property of the Company, is material and confidential, and greatly affects the goodwill and effective and successful conduct of the Company's Business.  Accordingly, Executive hereby covenants and agrees that he/he will use the Confidential Information only for the benefit of the Company and shall not at any time, directly or indirectly, during the term of this Agreement or afterward, divulge, reveal or communicate any Confidential Information to any person, firm, corporation or entity whatsoever, or use any Confidential Information for his/his own benefit or for the benefit of others, including without limitation the solicitation of any Executives, agents, representatives, consultants or suppliers of the Company or its successors and assigns.  Confidential Information shall not include information that is, or becomes, generally available to the public through no violation of this Agreement by Executive, or which is generally known within the industry.

For purposes of this Agreement, the Executive agrees that the fact the Executive had prior knowledge of a particular item of information encompassed within the Confidential Information, whether the same is or becomes generally known to the public, shall not permit the disclosure or use thereof, except as permitted in this Agreement.

	Executive recognizes and acknowledges that the Company's Business is built upon the confidence of the customers and that all goodwill arising out of the Executive's acquaintances with customers shall be the sole and exclusive property of the Company.

 

	Executive hereby acknowledges and agrees that the Company would suffer irreparable injury if Executive solicits representatives, contractors, Executives, suppliers or consultants of the Company, diverts business from the Company, or solicits or accepts business from clients, customers, or vendors of the Company.  As a material inducement to the Company to enter into this Agreement, and employ or continue to employ Executive, Executive hereby covenants and agrees that, unless the Company and its successors and assigns shall cease to engage in the Company's Business, during the period beginning on the date hereof and continuing until Twelve (12) months following the date of the termination of this Agreement, for any reason whatsoever, he/he shall not:

	directly or indirectly, operate, organize, maintain, establish, manage, own, participate in, or in any manner whatsoever, individually or through any corporation, firm or organization of which he/he shall be affiliated in any manner whatsoever, have any interest in, whether as owner, operator, partner, stockholder, director, trustee, officer, lender, representative, Executive, principal, agent, consultant or otherwise, any other business or venture anywhere, that   is in direct competition with the Company or the Company's Business, unless such activity shall have been previously agreed to in writing by the Company or its successors and assigns;

	directly or indirectly, divert business from the Company or its successors or assigns, or solicit business from, accept business from, divert the business of, or attempt to convert to other methods of using the same or similar services as are provided by the Company, any client, customer, vender or account of the Company; or

	directly or indirectly, solicit for employment, employ or otherwise engage the services of, any representatives, contractors, Executives, distributors or consultants of the Company or its successors or assigns.

	In view of the irreparable harm and damage that would result to the Company as  a result of a breach by the Executive of the covenants in this paragraph 5, and in view of the lack of an adequate remedy at law to compensate the Company for such harm and damage in the event of a breach or threatened breach by the 

Executive of those covenants, the Company shall have the right to receive, and the Executive hereby consents to the issuance of, temporary and permanent injunctions enjoining the Executive from any violation of said covenants.  In the event that a bond or other undertaking is required of the Company in connection with the issuance of a temporary injunction, the Executive agrees that such bond or undertaking shall not exceed One Thousand Dollars ($1,000.00), which sum is hereby agreed to be sufficient to compensate the Executive for all damages that may result from the wrongful issuance of such temporary injunctive relief.

	The provisions of this paragraph 5 shall be enforceable in law and in equity notwithstanding the existence of any claim or cause of action by the Executive against the Company whether predicated on this Agreement or otherwise.

	The Executive has carefully read and considered the provisions of this paragraph 5 and, having done so, agrees that the restrictions set forth in such Section are fair and reasonable and are reasonably required for the protection of the legitimate business interests of  the Company. In the event that a court of competent jurisdiction shall determine that any of the foregoing restrictions are unenforceable, the parties hereto agree that it is their desire that such court substitute an enforceable restriction in place of any restriction deemed unenforceable, and that the substituted restriction be deemed incorporated herein and enforceable against the Executive.  It is the intent of the parties hereto that the court, in determining any such enforceable substituted restriction, recognize that it is their intent that the foregoing restrictions be imposed and maintained to the greatest extent possible.  The foregoing shall not be interpreted to limit any party's rights to appeal.

	The obligations of the Executive under this paragraph 5 shall survive the expiration or termination of this Agreement for any reason.

	The  Company's  failure  or  refusal  to  enforce  any  of  the  terms  contained  in  this Agreement against any other Executive or former Executive, for any reason, shall not constitute a defense to the enforcement of this Agreement against Executive.

	Successors.  This  Agreement  shall  be  binding  on, and inure to the benefit  of,  the Corporation  and its successors and assigns and any person  acquiring all or substantially all of the Corporation's assets and  business, whether by merger, consolidation, purchase of assets or otherwise.

	Nonalienation. The interests of the Executive under this Agreement are not  subject  to  the claims  of  his  creditors,  other  than  the Corporation,  and  may  not  otherwise be voluntarily or involuntarily assigned,  alienated  or  encumbered except to the Executive's estate, heirs,  devisees,  or  trust  beneficiaries  upon  his  death.

	Waiver of Breach.  The  waiver  by  either  the Corporation or the Executive  of  a  breach  of any provision of this Agreement shall not operate  as  or  be deemed a waiver of any subsequent breach by either the  Corporation  or  the  Executive.

	

	Notice.  Any notice to be given hereunder by a party hereto shall be in  writing  and  shall be deemed to have been given when received or, when deposited in the U.S. mail, certified or registered mail, postage prepaid:

	to the  Executive  addressed  as  follows:

Kevin Tattersall

118 8th Avenue NW

Calgary, AB 

	to the  Corporation  addressed  as  follows:

Universal Energy Corp.

4044 W. Lake Mary Blvd.

#104-347

Lake Mary, FL  32746

	Amendment.  This  Agreement  may  be  amended or cancelled by mutual agreement  of  the parties in writing without the consent of any other person  and  no  person,  other  than  the parties  thereto  (and the Executive's  estate  or  beneficiaries upon his death), shall have any rights  under  or  interest  in  this  Agreement or the subject matter hereof.

	Applicable Law. The provisions of this Agreement shall be construed in accordance with the internal laws of the State of Delaware.

	Termination. All of the provisions of this Agreement shall terminate after the expiration of the Employment Period, except that paragraph 5 shall only terminate upon the expiration of the Non-competition Period and  paragraph  6  shall  terminate  upon  the  expiration  of  the Non-competition  Period.

IN  WITNESS  WHEREOF,  the Executive and the Corporation have executed his Employment  Agreement  as  of  the  day  and  year  first  above  written.

 

 

__/s/ Kevin Tattersall________

Kevin Tattersall

 

 

Universal Energy Corp.

 

 

_/s/ Billy Raley_____________

Billy R. Raley, Chief Executive Officer

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