Document:

Exhibit 10.7

    Exhibit
      10.7

    PHOENIX
      INTERNATIONAL VENTURES, INC.

    

    EMPLOYMENT
      AGREEMENT

    

    

    EMPLOYMENT
      AGREEMENT
      (this
“Agreement”)
      made
      as of this 14th day of December, 2006 by and between
      PHOENIX INTERNATIONAL VENTURES, INC.,
      a
      Nevada corporation, having an office at 2201 Lockheed Way, Carson City, Nevada
      89706 ("Employer")
      and
Neev
      Nissenson,
      an
      individual residing at 11a Yehuda Hamacabi St., Herzliya, Israel ("Executive");

    

    W
      I T N E S S E T H:

    

    WHEREAS,
      Employer desires to employ Executive as a Vice President of Employer;
      and

    

    WHEREAS,
      Executive is willing to be employed as a Vice President of Employer in the
      manner provided for herein, and to perform the duties of a Vice President of
      Employer upon the terms and conditions herein set forth;

    

    NOW,
      THEREFORE,
      in
      consideration of the promises and mutual covenants herein set forth it is agreed
      as follows:

    

    1. Employment.
      Effective the Effective Date (herein defined), Employer hereby employs Executive
      as a Vice President.

    

    2. Term.
      Subject
      to Section 9 and Section 10 below, the term of this Agreement shall be for
      a
      period of thirty six (36) months commencing on the Effective Date (the
“Term”).
      The
      Term of this Agreement shall be automatically extended for additional one (1)
      year periods, unless either party notifies the other in writing at least ninety
      (90) days prior to the expiration of the then existing Term of its intention
      not
      to extend the Term.

    

    The
      Effective Date shall mean the earlier of (i) ninety (90) days after filing
      of a
      registration statement concerning Employer’s common stock with the Securities
      and Exchange Commission (“SEC”)
      and
      (ii) the SEC’s declaration of the effectiveness of such registration
      statement.

    

    3. Duties.

    

    (a) The
      Executive shall perform those functions assigned to him from time to time by
      the
      Board and/or the Employer’s Chief Executive Officer and President, and shall be
      available to confer and consult with and advise the officers and directors
      of
      Employer at such times that may be required by Employer. Executive shall report
      directly and solely to Chief Executive Officer and President.

    

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    (b) Executive’s
      employment by Employer and its affiliates shall be full-time, and during the
      Term, Executive agrees that he will (i) devote all of his business time and
      attention, his best efforts, and all his skill and ability to promote the
      interests of Employer, and if, as, and when requested, the interests of
      Employer’s affiliates, and (ii) carry out his duties and work with other
      employees of Employer in a competent and professional manner. To this end,
      it is
      contemplated that Executive will be engaged by Phoenix Europe Ventures, Ltd.,
      Employer’s Israeli subsidiary. Notwithstanding the foregoing, Executive, with
      the consent of Employer, which consent shall not be unreasonably withheld,
      may
      engage other business activities.

    

    (c) Executive
      agrees that, for no additional compensation, he will serve as a member of
      Employer’s Board or serving as Employer’s secretary.

    

    4. Compensation/Stock
      Options.

    

    (a) (i)
      Executive shall be paid a minimum of (A) $75,000 per year during the first
      twelve (12) months of the Term; (B) $126,000 per year during the second twelve
      (12) months of the Term; and (C) not less than $126,000 per year during the
      third twelve (12) months of the Term. Executive shall be paid periodically
      in
      accordance with the policies and procedures of the Employer during the Term,
      but
      not less than monthly. In this regard, if Employer does not have sufficient
      cash
      flow to pay Executive his compensation that is due and payable hereunder in
      accordance with this Agreement’s terms, Employer shall so notify Executive of
      this circumstance and shall be entitled to suspend periodic payments of
      Executive’s compensation. Executive’s compensation will nevertheless continue to
      accrue and will be shown on Employer’s books and financial statements as a debt
      of Employer. When Employer has sufficient cash flow, it shall promptly pay
      Executive his accrued but unpaid compensation and recommence periodic payments
      of compensation under this Agreement.

    

    (ii) Executive
      is eligible for an annual increase (but not decrease) in his base compensation,
      which will be determined by the Board and paid in accordance with policies
      and
      procedures set from time-to-time by the Board. Such annual increase, if any,
      shall be seventy percent (70% of any increase given the Chief Executive Officer
      and President.

    

    (iii) The
      Board
      shall from time-to-time consider other incentive programs, without duplication,
      for Executive, which are customary for executive officers similarly situated
      in
      Employer’s industry.

    

    (b) Employer
      shall include Executive in its health insurance program available to Employer's
      executive officers and shall pay 100% of the premiums for such
      program.

    

    (c) Executive
      shall have the right to participate in any other employee benefit plans
      established by Employer.

    

    (d) Executive
      shall receive such other benefits such as life insurance and disability
      insurance, which are customary for executive officers similarly situated in
      Employer’s industry, as deemed appropriate by the Board.

     

    (e) Executive
      shall be issued an option to purchase up to 330,000 shares of Employer’s common
      stock. The aggregate purchase price for the common stock is $165,000. The
      exercise price shall be $.50 per share, which the parties agree is the fair
      market value of the common stock on the Effective Date hereof. This option
      shall
      expire December 31, 2010 and shall vest immediately upon issuance. The option
      and the underlying shares of common stock issuable upon exercise of the option
      (the “Option
      Shares”)
      shall
      be subject to the customary restrictions on transfer. Provided Executive
      provides Employer with the customary ‘investor rep’ letter and the transfer
      otherwise complies with federal and state securities law, he may transfer the
      all or a portion of the Option Shares to an entity with respect to which
      Executive and his affiliates control.

    

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    5.  Expenses.
      Executive shall be reimbursed for all of his actual, out-of-pocket, ordinary
      and
      necessary expenses incurred in the performance of his duties hereunder. Such
      expenses must be previously approved by Employer and must be otherwise
      acceptable to Employer, which approval shall not be unreasonably withheld.
      Executive shall submit to Employer reasonably detailed receipts with respect
      thereto.

    

    6. Vacation. Executive
      shall be entitled to receive four (4) weeks paid vacation time after each year
      of employment upon dates agreed upon by Employer. Upon separation of employment,
      for any reason, vacation time accrued and not used shall be paid at the salary
      rate of Executive in effect at the time of employment separation.

    

    7. Secrecy.
      At no
      time shall Executive disclose to anyone any confidential or secret information
      (not already constituting information available to the public) concerning the
      internal affairs, business operations, and trade secrets of Employer. To this
      end, Executive shall execute and deliver Employer’s Agreement Relating to
      Inventions, Patents, Copyrights, and Confidential Information (Including
      Covenant against Competing Employment).

    

    8.  Covenant
      Not to Compete.

    (a) Subject
      to, and limited by, Section 10(b), Executive will not, at any time, during
      the
      Term, and for one (1) year thereafter, either directly or indirectly, engage
      in,
      with or for any enterprise, institution, whether or not for profit, business,
      or
      company, competitive with the business (as identified herein) of Employer as
      such business may be conducted on the date thereof or on the date of the
      termination of this Agreement for any reason, as a creditor, guarantor, or
      financial backer, stockholder, director, officer, consultant, advisor, employee,
      member, or otherwise of or through any corporation, partnership, association,
      sole proprietorship or other entity; provided, that an investment by Executive,
      his spouse or his children is permitted if such investment is not more than
      two
      percent (2%) of the total debt or equity capital of any such competitive
      enterprise or business and further provided that said competitive enterprise
      or
      business is a publicly held entity whose stock is listed and traded on a
      national stock exchange, the NASDAQ Stock Market, or the over-the-counter
      bulletin board or any successor thereto. As used in this Agreement, the business
      of Employer shall be the business of manufacturing, upgrading and
      remanufacturing of ground support equipment for the defense-aerospace
      industry.

    

    (b) For
      a
      period one (1) year from the date of termination of this agreement Executive
      shall not contact or solicit any of the Employer’s dealers, customers, employees
      or suppliers.

    

    9. Termination.

    

    (a) Termination
      by Employer

    

    (i) Employer
      may terminate this Agreement upon written notice for Cause. For purposes hereof,
      "Cause" shall mean (A) Executive's misconduct as could reasonably be expected
      to
      have a material adverse effect on the business and affairs of Employer, (B)
      the
      Executive's disregard of lawful instructions of Employer’s Board of Directors
      and/or Chief Executive Officer and President consistent with Executive's
      position relating to the business of Employer or neglect of duties or failure
      to
      act, which, in each case, could reasonably be expected to have a material
      adverse effect on the business and affairs of Employer, (C) engaging by the
      Executive in conduct that constitutes activity in competition with Employer,
      (D)
      the conviction of Executive for the commission of a felony, and/or (E) the
      habitual abuse of alcohol or controlled substances. Notwithstanding anything
      to
      the contrary in this Section 9(a)(i), Employer may not terminate Executive's
      employment under this Agreement for Cause unless Executive shall have first
      received notice from the Board advising Executive of the specific acts or
      omissions alleged to constitute Cause, and such acts or omissions continue
      after
      Executive shall have had a reasonable opportunity (at least 10 days from the
      date Executive receives the notice from the Board) to correct the acts or
      omissions so complained of. If this Agreement is terminated for Cause, Employer
      shall have no further obligation to compensate Executive pursuant to Section
      4
      above as of the date of termination, except for salary and bonus accrued by
      the
      Executive as of the date of termination.

    

    (ii) This
      Agreement automatically shall terminate upon the death of Executive, except
      that
      Executive's estate shall be entitled to receive any amount accrued under Section
      4.

    

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    (b) Termination
      by Executive

    

    (i) Executive
      shall have the right to terminate his employment under this Agreement upon
      30
      days' notice to Employer given within 90 days following the occurrence of any
      of
      the following events (A) through (E):

    

    (A) Executive
      is not elected or retained as a Vice President.

    (B) Employer
      acts to materially reduce Executive's duties and responsibilities hereunder.
      Executive's duties and responsibilities shall not be deemed materially reduced
      for purposes hereof solely by virtue of the fact that Employer is (or
      substantially all of its assets are) sold to, or is combined with, another
      entity, provided that Executive shall continue to have the same duties and
      responsibilities with respect to Employer's business, and Executive shall report
      directly to the chief executive officer and/or board of directors of the entity
      (or individual) that acquires Employer or its assets.

    

    (C) A
      Material Reduction (as hereinafter defined) in Executive's rate of base
      compensation, or Executive's other benefits. "Material
      Reduction"
      shall
      mean a ten percent (10%) differential;

    

    (D) A
      failure
      by Employer to obtain the assumption of this Agreement by any successor;
      or

    

    (E) A
      material breach of this Agreement by Employer, which is not cured within thirty
      (30) days of written notice of such breach by Employer.

    

    (ii) Anything
      herein to the contrary notwithstanding, Executive may terminate this Agreement
      upon ninety (90) days written notice.

    

    (iii) If
      Executive shall terminate this Agreement under Section 9(b)(i)(A)-(E), Executive
      shall be entitled to receive six (6) months salary. Other than the foregoing
      payment, Employer shall have no further obligation to compensate Executive
      pursuant to Section 4 above. If
      Executive shall terminate this Agreement pursuant to Section 9(b)(ii), Executive
      shall only be entitled to any accrued and unpaid base compensation as of the
      date of termination as provided in Section 4(a).

    

    
      	 	
              10.

            	
              Consequences
                of Breach by Employer; Employment
                Termination

            

    

    

    (a) If
      Employer shall terminate Executive's employment under this Agreement, without
      Cause, or in any way that is a breach of this Agreement by Employer, the
      following shall apply:

    

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    (i) Executive
      shall be entitled to payment of six (6) months salary; and

    

    (ii) Executive
      shall be entitled to payment of any previously declared bonus as provided in
      Section 4 above.

    

    (b) In
      the
      event of termination of Executive's employment pursuant to Section 9(b)(i)
      of
      this Agreement, the provisions of Section 8 shall not apply to
      Executive.

    

    11. Enforceability.
      Executive
      acknowledges that certain of the provisions contained in this Agreement,
      including but not limited to those contained in Section 7 and Section 8 hereof,
      are intended to protect Employer, and accordingly each employee of Employer
      shall be deemed a third party beneficiary with respect to such provisions and
      shall have the right to enforce such provisions as appropriate. The failure
      of
      any party at any time to require performance by another party of any provision
      hereunder shall in no way affect the right of that party thereafter to enforce
      the same, nor shall it affect any other party’s right to enforce the same, or to
      enforce any of the other provisions in this Agreement; nor shall the waiver
      by
      any party of the breach of any provision hereof be taken or held to be a waiver
      of any subsequent breach of such provision or as a waiver of the provision
      itself.

    

    12. No
      Conflict.
      Executive
      represents and warrants that Executive is not subject to any agreement,
      instrument, order, judgment or decree of any kind, or any other restrictive
      agreement of any character, which would prevent him from entering into this
      Agreement or which would be breached by Executive upon his/her performance
      of
      his/her duties pursuant to this Agreement.

    

    13. Attorneys'
      Fees and Costs.
      If any
      action at law or in equity is necessary to enforce or interpret the terms of
      this Agreement, the prevailing party shall be entitled to reasonable attorney's
      fees, costs and necessary disbursements in addition to any other relief to
      which
      he may be entitled.

    14. Entire
      Agreement; Survival.
      This
      Agreement contains the entire agreement between the parties with respect to
      the
      transactions contemplated herein and supersedes, effective as of the date hereof
      any prior agreement or understanding between Employer and Executive with respect
      to Executive's employment by Employer. The unenforceability of any provision
      of
      this Agreement shall not effect the enforceability of any other provision.
      This
      Agreement may not be amended except by an agreement in writing signed by the
      Executive and the Employer, or any waiver, change, discharge or modification
      as
      sought. Waiver of or failure to exercise any rights provided by this Agreement
      and in any respect shall not be deemed a waiver of any further or future
      rights.

    

    15. Assignment.
      This
      Agreement shall not be assigned to other parties, except in the event of the
      sale of all of Employer’s business and the assumption in writing of Employer’s
      obligations hereunder by the purchaser of Employer’s business. Notwithstanding
      the foregoing, Executive may assign his right to receive compensation hereunder
      to one of his affiliates.

    

    16.  Governing
      Law.
      This
      Agreement and all the amendments hereof, and waivers and consents with respect
      thereto shall be governed by the internal laws of the State of Nevada, without
      regard to the conflicts of laws principles thereof.

    

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    17. Notices.
      All
      notices, responses, demands or other communications under this Agreement shall
      be in writing and shall be deemed to have been given when 

    

    (a) delivered
      by hand;

    

    (b) three
      business days after being sent by registered or certified mail, return receipt
      requested; or 

    

    (c) received
      by the addressee as sent be express delivery service (receipt requested) in
      each
      case to the appropriate addresses as the party may designate to itself by notice
      to the other parties: 

    

    (i)
      if to
      the Employer:

    

    Phoenix
      International Ventures, Inc.

    2201
      Lockheed Way

    Carson
      City, Nevada 89706

    Attention:
      Zahir Teja

    

    Gersten
      Savage LLP

    600
      Lexington Avenue, 9th Floor

    New
      York,
      New York 10022

    Attention:
      Arthur S. Marcus, Esq.

    

    (ii)
      if
      to the Executive: 

    

    Neev
      Nissenson

    11a
      Yehuda Hamacabi St.

    Herzliya

    Israel

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    18. Severability
      of Agreement.
      Should
      any part of this Agreement for any reason be declared invalid by a court of
      competent jurisdiction, such decision shall not affect the validity of any
      remaining portion, which remaining provisions shall remain in full force and
      effect as if this Agreement had been executed with the invalid portion thereof
      eliminated, and it is hereby declared the intention of the parties that they
      would have executed the remaining portions of this Agreement without including
      any such part, parts or portions which may, for any reason, be hereafter
      declared invalid.

    

    19. Withholdings.
      Employer
      may withhold from any amounts payable under this Agreement such Federal, state
      or local taxes as shall be required to be withheld pursuant to any applicable
      law or regulation.

    

    IN
      WITNESS WHEREOF,
      each of
      the undersigned has executed this Employment Agreement as of the day and year
      first above written.

    
      	 	 	 
	 	PHOENIX
              INTERNATIONAL VENTURES, INC.
	 
 	 
 	 
 
	
            	By:  	/s/ Zahir
              Teja
	 	
              
Zahir
              Teja
	 	Chief
              Executive Officer/President

      	 	 	 
	 	
            
	 
 	 
 	 
 
	
            	By:  	/s/ Neev
              Nissenson
	 	
              
Neev
              Nissenson
	 	 

    

    
      
         

      

      
        -7-Exhibit 10.8

    Exhibit
      10.8

    PHOENIX
      INTERNATIONAL VENTURES, INC.

    

    EMPLOYMENT
      AGREEMENT

    

    

    EMPLOYMENT
      AGREEMENT
      (this
“Agreement”)
      made
      as of this 14th
      day of
      December, 2006 by and between
      PHOENIX INTERNATIONAL VENTURES, INC.,
      a
      Nevada corporation, having an office at 2201 Lockheed Way, Carson City, Nevada
      89706 ("Employer")
      and
Teja
      N. Shariff,
      an
      individual with an address at 388 East Main Street, Branford, CT 06405
      ("Executive");

    

    W
      I T N E S S E T H:

    

    WHEREAS,
      Employer desires to employ Executive as the Chief Financial Officer of Employer;
      and

    

    WHEREAS,
      Executive is willing to be employed as the Chief Financial Officer of Employer
      in the manner provided for herein, and to perform the duties of the Chief
      Financial Officer of Employer upon the terms and conditions herein set
      forth;

    

    NOW,
      THEREFORE,
      in
      consideration of the promises and mutual covenants herein set forth it is agreed
      as follows:

    

    1. Employment.
      Effective the Effective Date (herein defined), Employer hereby employs Executive
      as the Chief Financial Officer.

    

    2. Term.
      Subject
      to Section 9 and Section 10 below, the term of this Agreement shall be for
      a
      period of twenty-four (24) months commencing on the Effective Date (the
“Term”).
      The
      Term of this Agreement shall be automatically extended for additional one (1)
      year periods, unless either party notifies the other in writing at least ninety
      (90) days prior to the expiration of the then existing Term of its intention
      not
      to extend the Term.

    

    The
      Effective Date shall mean the earlier of (i) ninety (90) days after filing
      of a
      registration statement concerning Employer’s common stock with the Securities
      and Exchange Commission (“SEC”)
      and
      (ii) the SEC’s declaration of the effectiveness of such registration
      statement.

    

    3. Duties.

    

    (a) The
      Executive shall perform those functions assigned to him from time to time by
      the
      Board and/or the Employer’s Chief Executive Officer and President, and shall be
      available to confer and consult with and advise the officers and directors
      of
      Employer at such times that may be required by Employer. Executive shall report
      directly and solely to Chief Executive Officer and President. The Executive,
      for
      no extra consideration, will act as Employer’s Principal Accounting and
      Financial Officer.

    

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    (b) Executive’s
      employment by Employer and its affiliates shall be on an as needed basis during
      the Term, Executive agrees that he will (i) devote so much of his business
      time
      and attention as Employer may require, his best efforts, and all his skill
      and
      ability to promote the interests of Employer, and if, as, and when requested,
      the interests of Employer’s affiliates, and (ii) carry out his duties and work
      with other employees of Employer in a competent and professional
      manner.

    

    (c) Executive
      agrees that, for no additional compensation, he will serve as a member of
      Employer’s Board or serving as Employer’s secretary.

    

    4. Compensation.

    

    (a) (i)
      Executive shall be paid $60,000 per year during the Term. Executive shall be
      paid periodically in accordance with the policies and procedures of the Employer
      during the Term, but not less than monthly. In this regard, if Employer does
      not
      have sufficient cash flow to pay Executive his compensation that is due and
      payable hereunder in accordance with this Agreement’s terms, Employer shall so
      notify Executive of this circumstance and shall be entitled to suspend periodic
      payments of Executive’s compensation. Executive’s compensation will nevertheless
      continue to accrue and will be shown on Employer’s books and financial
      statements as a debt of Employer. When Employer has sufficient cash flow, it
      shall promptly pay Executive his accrued but unpaid compensation and recommence
      periodic payments of compensation under this Agreement.

    

    (ii) Executive
      is eligible for an annual increase (but not decrease) in his base compensation,
      which will be determined by the Board and paid in accordance with policies
      and
      procedures set from time-to-time by the Board.

    

    (iii) The
      Board
      shall from time-to-time consider other incentive programs, without duplication,
      for Executive, which are customary for executive officers similarly situated
      in
      Employer’s industry.

    

    (b) Employer
      shall include Executive in its health insurance program available to Employer's
      executive officers and shall pay 100% of the premiums for such
      program.

    

    (c) Executive
      shall have the right to participate in any other employee benefit plans
      established by Employer.

    

    (d) Executive
      shall receive such other benefits such as life insurance and disability
      insurance, which are customary for executive officers similarly situated in
      Employer’s industry, as deemed appropriate by the Board.

    

    5.  Expenses.
      Executive shall be reimbursed for all of his actual, out-of-pocket, ordinary
      and
      necessary expenses incurred in the performance of his duties hereunder. Such
      expenses must be previously approved by Employer and must be otherwise
      acceptable to Employer, which approval shall not be unreasonably withheld.
      Executive shall submit to Employer reasonably detailed receipts with respect
      thereto.

    

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    6. Vacation. Executive
      shall not be entitled to any paid vacation time.

    

    7. Secrecy.
      At no
      time shall Executive disclose to anyone any confidential or secret information
      (not already constituting information available to the public) concerning the
      internal affairs, business operations, and trade secrets of Employer. To this
      end, Executive shall execute and deliver Employer’s Agreement Relating to
      Inventions, Patents, Copyrights, and Confidential Information (Including
      Covenant against Competing Employment).

    

    8.  Covenant
      Not to Compete.

    (a) Subject
      to, and limited by, Section 10(b), Executive will not, at any time, during
      the
      Term, and for one (1) year thereafter, either directly or indirectly, engage
      in,
      with or for any enterprise, institution, whether or not for profit, business,
      or
      company, competitive with the business (as identified herein) of Employer as
      such business may be conducted on the date thereof or on the date of the
      termination of this Agreement for any reason, as a creditor, guarantor, or
      financial backer, stockholder, director, officer, consultant, advisor, employee,
      member, or otherwise of or through any corporation, partnership, association,
      sole proprietorship or other entity; provided, that an investment by Executive,
      his spouse or his children is permitted if such investment is not more than
      two
      percent (2%) of the total debt or equity capital of any such competitive
      enterprise or business and further provided that said competitive enterprise
      or
      business is a publicly held entity whose stock is listed and traded on a
      national stock exchange, the NASDAQ Stock Market, or the over-the-counter
      bulletin board or any successor thereto. As used in this Agreement, the business
      of Employer shall be the business of manufacturing, upgrading and
      remanufacturing of ground support equipment for the defense-aerospace
      industry.

    

    (b) For
      a
      period one (1) year from the date of termination of this agreement Executive
      shall not contact or solicit any of the Employer’s dealers, customers, employees
      or suppliers.

    

    9. Termination.

    

    (a) Termination
      by Employer

    

    (i) Employer
      may terminate this Agreement upon written notice for Cause. For purposes hereof,
      "Cause" shall mean (A) Executive's misconduct as could reasonably be expected
      to
      have a material adverse effect on the business and affairs of Employer, (B)
      the
      Executive's disregard of lawful instructions of Employer’s Board of Directors
      and/or Chief Executive Officer and President consistent with Executive's
      position relating to the business of Employer or neglect of duties or failure
      to
      act, which, in each case, could reasonably be expected to have a material
      adverse effect on the business and affairs of Employer, (C) engaging by the
      Executive in conduct that constitutes activity in competition with Employer,
      (D)
      the conviction of Executive for the commission of a felony, and/or (E) the
      habitual abuse of alcohol or controlled substances. Notwithstanding anything
      to
      the contrary in this Section 9(a)(i), Employer may not terminate Executive's
      employment under this Agreement for Cause unless Executive shall have first
      received notice from the Board advising Executive of the specific acts or
      omissions alleged to constitute Cause, and such acts or omissions continue
      after
      Executive shall have had a reasonable opportunity (at least 10 days from the
      date Executive receives the notice from the Board) to correct the acts or
      omissions so complained of. If this Agreement is terminated for Cause, Employer
      shall have no further obligation to compensate Executive pursuant to Section
      4
      above as of the date of termination, except for salary and bonus accrued by
      the
      Executive as of the date of termination.

    

    (ii) This
      Agreement automatically shall terminate upon the death of Executive, except
      that
      Executive's estate shall be entitled to receive any amount accrued under Section
      4.

    

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    (b) Termination
      by Executive

    

    (i) Executive
      shall have the right to terminate his employment under this Agreement upon
      30
      days' notice to Employer given within 90 days following the occurrence of any
      of
      the following events (A) through (E):

    

    (A) Executive
      is not elected or retained as the Chief Financial Officer.

    (B) Employer
      acts to materially reduce Executive's duties and responsibilities hereunder.
      Executive's duties and responsibilities shall not be deemed materially reduced
      for purposes hereof solely by virtue of the fact that Employer is (or
      substantially all of its assets are) sold to, or is combined with, another
      entity, provided that Executive shall continue to have the same duties and
      responsibilities with respect to Employer's business, and Executive shall report
      directly to the chief executive officer and/or board of directors of the entity
      (or individual) that acquires Employer or its assets.

    

    (C) A
      Material Reduction (as hereinafter defined) in Executive's rate of base
      compensation, or Executive's other benefits. "Material
      Reduction"
      shall
      mean a ten percent (10%) differential;

    

    (D) A
      failure
      by Employer to obtain the assumption of this Agreement by any successor;
      or

    

    (E) A
      material breach of this Agreement by Employer, which is not cured within thirty
      (30) days of written notice of such breach by Employer.

    

    (ii) Anything
      herein to the contrary notwithstanding, Executive may terminate this Agreement
      upon ninety (90) days written notice.

    

    (iii) If
      Executive shall terminate this Agreement under Section 9(b)(i)(A)-(E), Executive
      shall be entitled to receive six (6) months salary. Other than the foregoing
      payment, Employer shall have no further obligation to compensate Executive
      pursuant to Section 4 above. If
      Executive shall terminate this Agreement pursuant to Section 9(b)(ii), Executive
      shall only be entitled to any accrued and unpaid base compensation as of the
      date of termination as provided in Section 4(a).

    

    
      	 	
              10.

            	
              Consequences
                of Breach by Employer; Employment
                Termination

            

    

    

    (a) If
      Employer shall terminate Executive's employment under this Agreement, without
      Cause, or in any way that is a breach of this Agreement by Employer, the
      following shall apply:

    (i) Executive
      shall be entitled to payment of six (6) months salary; and

    

    (ii) Executive
      shall be entitled to payment of any previously declared bonus as provided in
      Section 4 above.

    

    (b) In
      the
      event of termination of Executive's employment pursuant to Section 9(b)(i)
      of
      this Agreement, the provisions of Section 8 shall not apply to
      Executive.

    

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    11. Enforceability.
      Executive
      acknowledges that certain of the provisions contained in this Agreement,
      including but not limited to those contained in Section 7 and Section 8 hereof,
      are intended to protect Employer, and accordingly each employee of Employer
      shall be deemed a third party beneficiary with respect to such provisions and
      shall have the right to enforce such provisions as appropriate. The failure
      of
      any party at any time to require performance by another party of any provision
      hereunder shall in no way affect the right of that party thereafter to enforce
      the same, nor shall it affect any other party’s right to enforce the same, or to
      enforce any of the other provisions in this Agreement; nor shall the waiver
      by
      any party of the breach of any provision hereof be taken or held to be a waiver
      of any subsequent breach of such provision or as a waiver of the provision
      itself.

    

    12. No
      Conflict.
      Executive
      represents and warrants that Executive is not subject to any agreement,
      instrument, order, judgment or decree of any kind, or any other restrictive
      agreement of any character, which would prevent him from entering into this
      Agreement or which would be breached by Executive upon his/her performance
      of
      his/her duties pursuant to this Agreement.

    

    13. Attorneys'
      Fees and Costs.
      If any
      action at law or in equity is necessary to enforce or interpret the terms of
      this Agreement, the prevailing party shall be entitled to reasonable attorney's
      fees, costs and necessary disbursements in addition to any other relief to
      which
      he may be entitled.

    14. Entire
      Agreement; Survival.
      This
      Agreement contains the entire agreement between the parties with respect to
      the
      transactions contemplated herein and supersedes, effective as of the date hereof
      any prior agreement or understanding between Employer and Executive with respect
      to Executive's employment by Employer. The unenforceability of any provision
      of
      this Agreement shall not effect the enforceability of any other provision.
      This
      Agreement may not be amended except by an agreement in writing signed by the
      Executive and the Employer, or any waiver, change, discharge or modification
      as
      sought. Waiver of or failure to exercise any rights provided by this Agreement
      and in any respect shall not be deemed a waiver of any further or future
      rights.

    

    15. Assignment.
      This
      Agreement shall not be assigned to other parties, except in the event of the
      sale of all of Employer’s business and the assumption in writing of Employer’s
      obligations hereunder by the purchaser of Employer’s business. Notwithstanding
      the foregoing, Executive may assign his right to receive compensation hereunder
      to one of his affiliates.

    

    16.  Governing
      Law.
      This
      Agreement and all the amendments hereof, and waivers and consents with respect
      thereto shall be governed by the internal laws of the State of Nevada, without
      regard to the conflicts of laws principles thereof.

    

    17. Notices.
      All
      notices, responses, demands or other communications under this Agreement shall
      be in writing and shall be deemed to have been given when 

    

    (a) delivered
      by hand;

    

    (b) three
      business days after being sent by registered or certified mail, return receipt
      requested; or 

    

    (c) received
      by the addressee as sent be express delivery service (receipt requested) in
      each
      case to the appropriate addresses as the party may designate to itself by notice
      to the other parties: 

    

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    (i)
      if to
      the Employer:

    

    Phoenix
      International Ventures, Inc.

    2201
      Lockheed Way

    Carson
      City, Nevada 89706

    Attention:
      Zahir Teja

    

    Gersten
      Savage LLP

    600
      Lexington Avenue, 9th Floor

    New
      York,
      New York 10022

    Attention:
      Arthur S. Marcus, Esq.

    

    (ii)
      if
      to the Executive: 

    

    Teja
      N.
      Shariff

    388
      East
      Main Street

    Branford,
      CT 06405

    

    18. Severability
      of Agreement.
      Should
      any part of this Agreement for any reason be declared invalid by a court of
      competent jurisdiction, such decision shall not affect the validity of any
      remaining portion, which remaining provisions shall remain in full force and
      effect as if this Agreement had been executed with the invalid portion thereof
      eliminated, and it is hereby declared the intention of the parties that they
      would have executed the remaining portions of this Agreement without including
      any such part, parts or portions which may, for any reason, be hereafter
      declared invalid.

    

    19. Withholdings.
      Employer
      may withhold from any amounts payable under this Agreement such Federal, state
      or local taxes as shall be required to be withheld pursuant to any applicable
      law or regulation.

    

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      each of
      the undersigned has executed this Employment Agreement as of the day and year
      first above written.

    
      	 	 	 
	 	PHOENIX
              INTERNATIONAL VENTURES, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Zahir
              Teja
	 	
              
Zahir
              Teja
	 	Chief
              Executive Officer/President 

      	 	 	 
	 	
            
	 
 	 
 	 
 
	
            	By:  	/s/ Teja
              N.
              Shariff
	 	
              
Teja
              N. Shariff
	 	 

    

    

    
      
         

      

      
        -7-

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