Document:

Exhibit 10.4

 

September 12, 2005

 

Mark Ianni

 

Dear Mark:

 

The full year 2004 results ended with an after-tax profit, exclusive of the subchapter conversion tax credit, of $286,302.  Unfortunately, this was well below the lowest level where bonus is paid in our 2004 bonus program.  We have adjusted the bonus levels as follows for 2005 in accordance with our new plans.

 

The bonus plan for 2005 has been adjusted to reflect the goals for our company this coming year.  Your bonus will be based on the profit after-tax using a standard corporate tax rate.

 

	
            7.5%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $   400,000
 
	
            15%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $   800,000
 
	
            22.5%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $1,200,000
 
	
            30%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $1,600,000
 
	
            37.5%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $2,000,000
 
	
            50%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $2,700,000
 
	
            62.5%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $3,600,000
 
	
            75%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $4,600,000
 

 

In addition, you will earn 12.5% of your cumulative salary if, in my opinion, you have met the criteria outlined on the attached.

 

The bonus period will be the fiscal months of February 2005 through January 2006.  You must be an active employee of Bakers Footwear Group at the time bonuses are paid to be eligible to receive your bonus.

 

We are excited about the challenges and prospects in the coming year.  We hope it’s profitable for all of us and our shareholders.

 

	
             
 	
            Sincerely,
 

 

 

 

	
             
 	
            Peter Edison
 

 

ss

[Attachment, 2005 Goals and Objectives, omitted. The Company undertakes to furnish a
supplemental copy of such attachment to the Securities and Exchange Commission upon request.]Exhibit 10.5

 

September 12, 2005

 

Joe Vander Pluym

 

Dear Joe:

 

The full year 2004 results ended with an after-tax profit, exclusive of the subchapter conversion tax credit, of $286,302.  Unfortunately, this was well below the lowest level where bonus is paid in our 2004 bonus program.  We have adjusted the bonus levels as follows for 2005 in accordance with our new plans.

 

The bonus plan for 2005 has been adjusted to reflect the goals for our company this coming year.  Your bonus will be based on the profit after-tax using a standard corporate tax rate.

 

	
            7.5%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $   400,000
 
	
            15%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $   800,000
 
	
            22.5%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $1,200,000
 
	
            30%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $1,600,000
 
	
            37.5%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $2,000,000
 
	
            50%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $2,700,000
 
	
            62.5%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $3,600,000
 
	
            75%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $4,600,000
 

 

In addition, you will earn 12.5% of your cumulative salary if, in my opinion, you have met the criteria outlined on the attached.

 

The bonus period will be the fiscal months of February 2005 through January 2006.  You must be an active employee of Bakers Footwear Group at the time bonuses are paid to be eligible to receive your bonus.

 

We are excited about the challenges and prospects in the coming year.  We hope it’s profitable for all of us and our shareholders.

 

	
             
 	
            Sincerely,
 

 

 

 

	
             
 	
            Peter Edison
 

 

ss

[Attachment, 2005 Goals and Objectives, omitted. The Company undertakes to furnish a
supplemental copy of such attachment to the Securities and Exchange Commission upon request.]Exhibit 10.6

 

September 12, 2005

 

Larry Spanley

 

Dear Larry:

 

The full year 2004 results ended with an after-tax profit, exclusive of the subchapter conversion tax credit, of $286,302.  Unfortunately, this was well below the lowest level where bonus is paid in our 2004 bonus program.  We have adjusted the bonus levels as follows for 2005 in accordance with our new plans.

 

The bonus plan for 2005 has been adjusted to reflect the goals for our company this coming year.  Your bonus will be based on the profit after-tax using a standard corporate tax rate.

 

	
            7.5%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $   400,000
 
	
            15%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $   800,000
 
	
            22.5%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $1,200,000
 
	
            30%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $1,600,000
 
	
            37.5%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $2,000,000
 
	
            50%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $2,700,000
 
	
            62.5%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $3,600,000
 
	
            75%
 	
            of your cumulative salary if the company achieves an after-tax profit of
 	
            $4,600,000
 

 

In addition, you will earn 12.5% of your cumulative salary if, in my opinion, you have met the criteria outlined on the attached.

 

The bonus period will be the fiscal months of February 2005 through January 2006.  You must be an active employee of Bakers Footwear Group at the time bonuses are paid to be eligible to receive your bonus.

 

We are excited about the challenges and prospects in the coming year.  We hope it’s profitable for all of us and our shareholders.

 

	
             
 	
            Sincerely,
 

 

 

 

	
             
 	
            Peter Edison
 

 

ss

[Attachment, 2005 Goals and Objectives, omitted. The Company undertakes to furnish a
supplemental copy of such attachment to the Securities and Exchange Commission upon request.]<PAGE>
                                                                    Exhibit 10.1

                                  FORTUNET INC.
                                     EXEMPT
                              EMPLOYMENT AGREEMENT

     THIS AGREEMENT is made and entered into effective the 9th day of September,
2002, by and between FortuNet Inc. ("Company") a Nevada Corporation having a
principal place of business located at 2620 S. Highland Drive, Las Vegas, NV
89109 and Jack B. Coronel an individual residing at 908 Cambridge Cross Place,.
Las Vegas, NV 89134 ("Employee").

                                   WITNESSETH:

     WHEREAS, Company desires to employ Employee in the position of Director of
Compliance and Strategic Development, and Employee is willing to work for
Company in that position.

     NOW, THEREFORE, Company and Employee, in consideration of the promises and
mutual covenants contained herein, including but not limited to the increase in
salary set forth in paragraph 3, agree as follows:

     1.   Current Employment: Company agrees to employ Employee and Employee
          agrees to serve Company in the position set forth above and/or to
          perform such services for Company as may be assigned by Company
          management or officers, in accordance with the terms herein set forth.

     2.   Exclusive Service and Best Efforts: Except as otherwise provided in
          writing, Employee shall devote his or her full time and best efforts
          to the performance of Employee's duties for Company, and shall
          faithfully adhere to Company's business policies and procedures.
          During the term of this Agreement, Employee shall not, at any time or
          place, either directly or indirectly, provide services in Employee's
          professional capacity to any extent whatsoever except under the terms
          of this Agreement. All fees or other income attributable to services
          by Employee in Employee's professional capacity during the term of
          this Agreement shall belong to and inure to the benefit of Company.

     3.   Salary: Unless otherwise agreed to in writing, Company will compensate
          Employee for Employee's services as follows: Company will pay Employee
          an annual salary of Sixty Thousand dollars ($60,000.00).

     4.   Expenses: Company shall reimburse Employee for reasonable expenses
          incurred by Employee on behalf of the Company in the performance of
          Employee's duties, if and to the extent approved by an appropriate
          officer of Company. Employee shall furnish Company with the
          appropriate documentation required by the Internal Revenue Code and
          Regulations in connection with such expenses.

     5.   Benefits: Employee shall be entitled to participate in any employee
          benefit plans which are maintained or established by Company for its
          employees, the terms and duration of which shall be determined at the
          discretion of the Company.

     6.   Vacations: Employee shall be entitled to vacation in accordance with
          Company policy.

     7.   Termination of Employment: This Agreement may be terminated
          immediately at the option of and by notice from Company or Employee.
          Unless previously terminated, this Agreement shall be terminated by
          Employee's death. Upon the termination of this Agreement, regardless
          of the reason, all rights and obligations of Company and Employee
          under this agreement shall be terminated, except that all of the
          obligations of
<PAGE>
          Employee set forth in paragraphs 8, 9, 10, 11, and 12 hereof shall
          continue in effect for their full duration, as specified below.

     8.   Nondisclosure: Employee recognizes and acknowledges that during the
          course of his or her employment by Company, Employee will gain access
          to confidential information of Company, and that irreparable harm to
          Company would result if such confidential information came to be known
          by the Competitors of Company. For the purpose of this paragraph,
          confidential information is any information that the Company endeavors
          to keep confidential, including but not limited to; financial,
          organizational, or operational information; customer lists; marketing
          plans; employee lists; trade secrets; proprietary information; or any
          such information provided by a third party to Company in confidence.
          In view of the above, Employee will not, at any time before or after
          the termination of this Agreement, either directly or indirectly, make
          known, reveal, divulge, make available, furnish or use any
          confidential information of Company, except in furtherance of
          Employee's duties on behalf of Company. Upon Company's demand,
          Employee will provide to Company any records, including all copies, in
          Employee's possession containing Company's confidential information,
          or records which are the property of Company.

     9.   Non-competition: During the term of this Agreement and for two (2)
          years thereafter, Employee shall not, without the prior written
          consent of Company, either directly or indirectly; operate, perform
          any advisory or consulting services for, invest in (other than stock
          in a publicly-held corporation which is traded on a recognized
          securities exchange or over-the-counter, provided that the ownership
          of such equity interest does not give Employee the right to control or
          substantially influence the policy or operational decisions of such
          corporation), or otherwise become associated with in any capacity any
          company, proprietorship, or other entity which develops, manufactures,
          sells, or distributes bingo or lottery products or performs bingo or
          lottery services in competition with Company within market areas that
          are, or were at any time during the most recent two year of Employees
          employment with Company, with Employee's area of responsibility.

     10.  Non-solicitation and Noninterference: Employee shall not, at any time
          during the term of this agreement or for two (2) years thereafter,
          without the prior written consent of Company, directly or indirectly,
          solicit, encourage or induce any employee, agent, or other
          representative or associate of Company to terminate its relationship
          with Company, or in any way, directly or indirectly, interfere or act
          to the detriment of such a relationship or any relationship between
          Company and any of its suppliers or customers.

     11.  Remedy for Certain Breaches: Employee acknowledges that the
          obligations set forth in paragraphs 8, 9 and/or 10 hereof are required
          for the reasonable protection of Company. Employee further
          acknowledges and agrees that a breach of those obligations and
          agreements will result in immediate and irreparable damage to Company
          for which there will be adequate remedy at law, and agrees that in the
          event of any breach of said obligations, Company, and its successors
          and assigns, shall be entitled to injuctive relief (including but not
          limited to an ex parte temporary restraining order) and to such other
          and further relief as is proper in the circumstances.

     12.  Rights: Employee acknowledges and agrees that any procedure, design
          feature, schematic, invention, improvement, development, discovery,
          know how, idea, concept, or the like (whether or not patentable,
          registrable under trademark or copyright laws, or otherwise
          protectable under similar laws) that Employee may conceive of,
          suggest, make, invent, develop or implement, during the course of
          service pursuant to this Agreement (whether individually or jointly
          with any other person or persons), relating in any way to the business
          of Company or to the general industry of which company is a part, as
          shall all physical embodiments and manifestations thereof, and all
          patent rights, trademarks,
<PAGE>
          copyright (or applications thereof) and similar protections therein
          (all of the foregoing referred to as "Work Product"), shall be the
          sole, exclusive and absolute property of Company. All Work Product
          shall be deemed to be works for hire, and to the extent that any Work
          Product may not constitute a work for hire, Employee hereby assigns to
          Company all right, title and interest in, to and under such Work
          Product, including without limitation, the right to obtain such
          patents, trademark registrations, copyright registrations or similar
          protections as Company may desire to obtain. Employee will immediately
          disclose all Work Product to Company and agrees, at any time, upon
          Company's request and without additional compensation, to execute any
          documents and otherwise to cooperate with Company respecting the
          perfection of its right, title and interest in, to and under such Work
          Product, and in any litigation or controversy in connection therewith,
          all expenses incident thereto to be borne by Company.

     13.  Reformation of Agreement; Severability: In the event that any
          provision in paragraphs 8, 9, 10, 11 and/or 12 shall be found by a
          court of competent jurisdiction to be invalid or unenforceable, such
          court shall exercise its discretion in reforming such provision to the
          end that Employee shall be subject to nondisclosure, non-competition,
          non-solicitation, and noninterference covenants that are reasonable
          under the circumstances and enforceable by Company. In the event that
          any other provision of this Agreement is found to be invalid or
          unenforceable to any extent for any reason, it is the agreed-upon
          intent of the parties hereto that all remaining provisions of this
          Agreement shall remain in full force and effect to the maximum extent
          permitted and that this Agreement shall be enforceable as if such
          invalid or unenforceable provision had never been a part hereof.

     14.  Assignment: This Agreement and the obligations hereunder may not be
          assigned or transferred by Employee without the prior written consent
          of Company, which may be unreasonably withheld. Company may not assign
          or transfer this Agreement and the obligations hereunder except to any
          of its parent, subsidiary, or other affiliated or related corporations
          or business entities, or when such assignment or transfer is made
          pursuant to the sale transfer, merger, or consolidation of such
          corporations or a business segment thereof.

     15.  Notice: Any notice required to be given under the provisions of this
          Agreement shall be in writing and sent by certified mail to the
          recipient's last known address. All notices to Company should be
          addressed to the attention of the Legal Department. Such notice shall
          be effective when mailed.

     16.  Entire Agreement; Amendments; Waivers: This Agreement contains the
          entire agreement between the parties, and supersedes any and all prior
          agreements, understandings or representations, oral or written. It may
          not be changed orally, but only by express terms, in writing, signed
          by each of the parties and approved by the President of the Company.
          The covenants of paragraphs 8, 9, 10, 11 and/or 12 of this Agreement
          may be waived only by written instrument specifically referring to
          this Agreement, and executed by the party waiving compliance. The
          failure of Company at any time or from time to time to require
          performance of any of Employee's obligations under this Agreement
          shall in no manner affect Company's right to enforce any provisions of
          this Agreement at a subsequent time, and the waiver by Company of any
          right arising out of any breach shall not be construed as a waiver of
          any right arising out of any subsequent breach.

     17.  Construction: This Agreement shall be governed in all respects,
          whether as to validity, construction, capacity, performance, or
          otherwise, by the laws of the State of Nevada. The paragraph headings
          used in this Agreement are solely for convenience and shall not
          affect, or be used in connection with, the interpretation of this
          Agreement.
<PAGE>
I, Jack B. Coronel, having read and understood this Employment Agreement and
agreeing to fully comply with the same, do hereby accept this offer of
employment.

DATED this 9th day of September, 2002.

/s/ Jack B. Coronel                   Employee
-------------------------------------

/s/ Yuri Itkis                        Yuri Itkis, as President of FortuNet, Inc.
-------------------------------------

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