Document:

Exhibit
10.3 

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT, dated this 9th of April, 2015, is entered into by and
between:

 

(1)Bang
Vapor, Inc., a Florida company with its principal business address at 1400 NE Miami Gardens Drive, Ste 202, North Miami Beach,
FL (the “Company”); and

 

(2)Adam
Mutchler, residing at 1311 Meridian Ave # 4, Miami Beach, FL 33139 (the “Employee”).

 

IT
IS AGREED as follows:

 

		1.	Appointment

 

		1.1	The
                                         Company appoints the Employee and the Employee agrees to serve as Marketing Officer of
                                         the Company.

 

		1.2	The
                                         appointment commenced on January 2, 2015 and shall continue (subject to earlier termination
                                         as provided in this Agreement) for a period of three (3) years.

 

		1.3	The
                                         Employee warrants that by virtue of entering into this Agreement he/she will not be in
                                         breach of any express or implied terms of any contract with or of any other obligation
                                         to any third party binding upon him.

 

		2.	Duties
                                         of the Employee

 

The
Employee shall at all times during the continuance of his employment under this Agreement:

 

		2.1	devote
                                         so much of his time, attention and ability as is reasonably required to the duties of
                                         his appointment;

 

		2.2	faithfully
                                         and diligently perform those duties and exercise such powers consistent with them which
                                         are from time to time assigned to or vested in him;

 

		2.3	abide
                                         by the Articles of Incorporation and Bylaws of the Company and obey
                                         all lawful and reasonable directions of the Board;

 

		2.4	use
                                         his best endeavours to promote the interests of the Company;

 

		2.5	keep
                                         the Board promptly and fully informed (in writing if so requested) of his conduct of
                                         the business or affairs of the Company and provide such explanations as the Board may
                                         require; and

 

		2.6	not
                                         at any time make any untrue or misleading statement relating to the Company.

 

		3.	Remuneration

 

		3.1	During
                                         his appointment the Company shall pay to the Employee an annual salary of $65,000,
                                         payable every two weeks. 

 

    	 

    	 

    

 

		4.	Bonus
                                         and Employee Stock Option

 

		4.1	On July
                                         1, 2015, the Employee shall receive stock options to purchase 60,000 shares of Bang Holdings
                                         Corp. common stock at an exercise price of $0.001 per share, and 50,000 shares of Bang
                                         Holdings Corp. common stock at an exercise price of $0.50 per share.  On July
                                         1, 2016, the Employee shall receive stock options to purchase an additional 100,000 shares
                                         of Bang Holdings Corp. common stock at an exercise price of $0.001 per share, and an
                                         additional 50,000 shares of the Bang Holdings Corp. common stock at an exercise price
                                         of $0.50 per share.   On July 1, 2017, the Employee shall receive stock option
                                         to purchase an additional 150,000 shares of the Bang Holdings Corp. common stock at an
                                         exercise price of $0.001 per share, and an additional 50,000 shares of Bang Holdings
                                         Corp. common stock at an exercise price of $0.50 per share.  All options shall be
                                         exercisable for 2 years from the date of issuance. Employee must continue to be employed
                                         by the Company on the dates set forth above to be eligible for the stock options.

 

		5.	Annual
                                         Leave

 

		5.1	The
                                         Employee will be given 15 days annual leave each year beginning on July 1, 2015. The
                                         Employee may carry forward his unused leave for a maximum period of one calendar year.
                                         Any period of leave not taken within this period will be deemed to be forfeited.

 

		6.	Restrictive
                                         Covenants

 

		6.1	Confidential
                                         & Proprietary Information. The Employee hereby acknowledges that, during his period
                                         of engagement, Employee may be exposed, either directly or indirectly, in writing or
                                         orally, to confidential and proprietary information belonging to the Company or relating
                                         to its affairs. Such information may include, without limitation: (i) technical information;
                                         (ii) business information (sales and marketing research, materials, lists, plans, accounting
                                         and financial information, identification of contacts and vendors, personnel records
                                         and the like); (iii) information or materials received from any third party subject to
                                         a duty to maintain the confidentiality thereof and to use such information only for certain
                                         limited purposes; (iv) work product of the Employee, the Company or any affiliate of
                                         the Company; and (v) other information designated as confidential or proprietary expressly
                                         or by the circumstances in which it is provided or created (“Confidential &
                                         Proprietary Information”). Confidential & Proprietary Information does
                                         not include: (i) information already known or independently developed by the Employee
                                         after the effective date hereof without use of the Company’s or any affiliate’s
                                         time, resources, or facilities; (ii) information in the public domain through no act
                                         of Employee or any other person or; (iii) information received by the Employee outside
                                         the scope of engagement hereunder from a third party who was free to disclose it. Employee
                                         hereby acknowledges and agrees that the Company is the exclusive owner of all Confidential
                                         & Proprietary Information.

 

		6.2	Covenant
                                         Not to Disclose. With respect to all Confidential & Proprietary Information, the
                                         Employee hereby agrees that, during the term of his employment with Employee and at all
                                         times thereafter, he or she shall hold in strictest confidence and not use or commercialize
                                         such Confidential & Proprietary Information, other than for the exclusive benefit
                                         of the Company, or disclose such information to any person or entity unless specifically
                                         authorized by the Company in writing.

 

    	 

    	 

    

		6.3	Covenant
                                         Not to Solicit. Employee agrees that for a period of two (2) years following termination
                                         of his employment with the Company, Employee shall not, without the prior written consent
                                         of the Company, solicit any other employees of the Company to leave the Company and join
                                         any other firm for the same period of two (2) years following termination of his employment
                                         with the Company.

 

		6.4	No
                                         Conflicts. Employee represents and warrants that (i) he is not restricted by any other
                                         contract or other limitation of any kind that would prevent or otherwise inhibit Employee
                                         from rendering the services contemplated hereunder; and (ii) in rendering services for
                                         the Company, the Employee will not use any pre-existing work or divulge any information
                                         of any previous employer or third party that would violate or infringe any proprietary
                                         rights of such employer or third party and agrees to defend, indemnify and hold the Company
                                         harmless from any claim to the contrary.

 

		7.	Termination
                                         of agreement

 

		7.1	The
                                         employment will be at-will, meaning that Employee or the Company may terminate the employment
                                         relationship at any time, with or without cause, and with or without notice.

 

		8.	General

 

		8.1	Governing
                                         Law. This Agreement shall be interpreted in accordance with, and the rights of the parties
                                         hereto shall be determined by, the laws of the State of Florida.

 

		8.2	Benefit.
                                         This agreement shall be binding upon and shall inure to the benefit of the parties hereto,
                                         their respective heirs, executors, administrators and assigns. This Agreement may not
                                         be assigned by Employee or the Company.

 

		8.3	Entire
                                         Agreement. This Agreement sets out the entire agreement and understanding of the parties
                                         and is in substitution for any previous contracts of employment or for services between
                                         the Company and the Employee (which shall be deemed to have been terminated by mutual
                                         consent).

 

IN
WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have executed this Employment Agreement as of
the day and year first above written:

 

 

 

 

	The
                                         Employee

         

        Adam
        Mutchler

         

         

        Signature
        _____________________________

         

        Date
        _________________________________
	The
                                         Company

         

        Bang
        Holdings Corp.

         

         

        Signature
        ______________________________

        Name
        __________________________________

        Title
        ___________________________________

        Date
        ___________________________________Ex10-1SrMgmtBonusPlanMay2015

Exhibit 10.1
POST HOLDINGS, INC. SENIOR MANAGEMENT BONUS PROGRAM 
Article I – Purpose
The purpose of the Senior Management Bonus Program (the “Program”) is to focus senior management employees on critical business objectives of Post Holdings, Inc. and its subsidiaries and to encourage superior performance to meet identified metrics that drive shareholder value.  
This Program shall be effective May 4, 2015 and shall continue in effect until terminated by the Committee in accordance with Section 6.1.  
Article II – Definitions and Rules of Construction
The following words and phrases shall have the following meanings unless a different meaning is plainly required by the context:
2.1    “Award” means any cash bonus payable under the terms of the Program.  An amount of an Award may be expressed as a percentage of a Participant’s Base Salary, a specific dollar amount, or such other measure or terms the Committee may determine for each Participant for any Program Year.
2.2    “Base Salary” means as to any Program Year, 100% of the Participant’s annualized salary rate on the last day of the Program Year.  Such Base Salary shall be before both (a) deduction for taxes or benefits, and (b) deferrals of compensation pursuant to Company-sponsored plans.
2.3    “Beneficiary” means the person or persons designated by a Participant, or otherwise entitled to receive a Award that remains undistributed at Participant’s death, in accordance with the terms of this Program and such rules and procedures as may be established by the Committee from time to time.
2.4    “Board” means the Board of Directors of the Company.
2.5    “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute.
2.6    “Committee” means the Corporate Governance and Compensation Committee of the Board of Post Holdings, Inc.  The membership of the Committee shall include at least two directors, each of whom shall be (a) an “outside director” and (b) an “independent” director, as defined under the Company’s Corporate Governance Guidelines and the listing standards of the New York Stock Exchange.
2.7    “Company” means Post Holdings, Inc., a Missouri corporation, or any successor to all or substantially of all of its businesses by merger, consolidation, purchase of assets or otherwise.
2.8    “Determination Date” typically means as to any Program Year, (a) the first day of the Program Year, or (b) any date that is on or before the 90th day of the Program Year.  Notwithstanding the foregoing, the Determination Date may be later if the Committee determines that the outcome of any Performance Goal established on the Determination Date is substantially uncertain at the time established by the Committee.
2.9    “Participant” means any individual holding a senior management position and who is employed by the Company or any of its subsidiaries and who is selected by the Committee for participation in this Program for that Program Year.  Participants are typically executive officers as defined by Section 16 of the Securities Exchange Act of 1934, as amended.
2.10    “Performance Goals” means performance goals established by the Committee with respect to any Potential Award.

1

2.11    “Performance Period” means the Program Year.
2.12    “Program” means this Post Holdings, Inc. Senior Management Bonus Program, as may be amended from time to time. 
2.13    “Program Year” means the fiscal year of the Company, which ends on September 30.
2.14    “Potential Award” means an Award which is potentially payable to a Participant, the terms of which are established by the Committee as of the Determination Date for a Program Year.  The terms of a Potential Award relate to that Program Year and can be exclusively performance-based, with Performance Goals, or can involve a combination of performance-based criteria and individual performance-based assessments, as the Committee, in its sole discretion, may determine.  
Article III – Eligibility and Determination of Awards
3.1    Eligibility.  On or prior to the Determination Date, the Committee, in its sole discretion, shall select the senior management employees who shall be Participants for the Program Year.  
3.2    Determination of Performance Goals and Potential Awards.  On or prior to the Determination Date, the Committee, in its sole discretion, shall establish the terms of the Potential Award for each Participant for the Program Year and any Performance Goals applicable to all, or a portion of, the Potential Award.  To the extent that all, or a portion, of the Participant’s Potential Award is performance-based, such Potential Award shall be contingent upon the attainment of the Participant’s Performance Goals.  The Committee may elect to establish alternative payment formulae for the Potential Awards based upon the attainment of alternative Performance Goals for the Program Year.  Each Participant’s Performance Goals and Potential Award shall be set forth in writing and presented to the Participant.  The outcome of any Performance Goal must be substantially uncertain at the time it is established by the Committee.
3.3    Determination of Awards.  After the end of each Program Year, the Committee shall certify in writing the extent to which the Performance Goals applicable to each Participant for that Program Year were achieved or exceeded.  For this purpose, approved minutes of a meeting of the Committee shall be treated as written certification.  The Committee shall also determine if the criteria for any non-performance-based Potential Awards have been attained.  If applicable Performance Goals and other criteria were attained, the Committee shall determine Awards payable to each Participant in accordance with the terms of their Potential Awards.  Notwithstanding any contrary provision of the Program or the terms to any Potential Awards, the Committee, in its sole discretion, may eliminate or reduce the Award payable to any Participant below that which otherwise would be payable under the terms of the Potential Award, if a Participant terminates employment with the Company prior to the end of a Program Year for which a Potential Award has been established.  The Committee may, in its sole discretion, grant an Award proportionately based on the date of termination. 
Article IV – Payment of Awards
4.1    Right to Receive a Payment.  No Participant or other person shall have any rights with respect to the Program, or to any Potential Award prior to the completion of the Program Year with respect to such Award, and the Committee’s certification as to the attainment of any applicable Performance Goals.  Notwithstanding anything to the contrary herein, the Committee, in its sole discretion, may eliminate, reduce or increase an Award payable to any Participant below or above that which would otherwise be payable under the terms of the Participant’s Potential Award.  Furthermore, in the event of a Participant’s death, the Committee may, in its sole discretion, determine an amount payable under an Award prior to the certification to the attainment of any applicable Performance Goals.  Neither a Participant nor any Beneficiary of a Participant shall have any right to commute, sell, assign, pledge, transfer or otherwise convey the right to receive an Award until the Award is actually distributed to the Participant or his or her Beneficiary.  
4.2    Timing and Form of Payment.  Except as provided above in connection with a Participant’s death, payment of each Award shall be made no sooner than the date the Committee certifies that applicable 

2

Performance Goals for a Program Year (or series of Program Years) and/or otherwise determines the amount of each Award and no later than March 15 of the year following the Program Year during which the Award was earned, unless deferred under Section 4.3 below.  Under no circumstances may payment of any Award, including Awards described in Section 3.3 of this Program, be accelerated to an earlier date.  Each Award shall be paid in cash (or its equivalent) in a single lump sum.
4.3    Deferral of Bonus.  A Participant who is eligible to participant in the Post Holdings, Inc. Deferred Compensation Plan for Key Employees may defer all or a portion of any Award under this Program subject to the rules of that deferred compensation plan in a manner that complies with the requirements of Section 409A of the Code.  The entire Award shall be deemed benefit earnings for purposes of the Company’s employee benefit plans to the extent so provided under the terms of such employee benefit plans.
4.4    Designation of Beneficiary.  A Participant shall designate a Beneficiary on a form to be supplied by the Human Resources Department of the Company.  The Beneficiary designation may be changed by the Participant at any time, but any change shall not be effective until the Beneficiary designation form completed by the Participant is delivered to and received by the Human Resources Department.  In the event that Human Resources receives more than one Beneficiary designation form from the Participant, the form bearing the most recent date shall be controlling.  The Committee reserves the right to review and approve Beneficiary designations.
4.5    Payment upon Death.  Upon the death of a Participant, the amount of any Award payable to that Participant shall be determined by the Committee in its sole discretion considering the attainment of applicable Performance Goals and the Company shall make payment of such Award to the Participant’s designated Beneficiary not later than March 15 following the Program Year in which the Participant died.  If the Human Resources Department does not have a valid Beneficiary designation of a Participant at the time of the Participant’s death, then the Participant’s Beneficiary shall be the Participant’s estate.  
4.6    Withholding of Taxes/Offset.  The Company shall deduct from any payment, or otherwise collect from the Participant, any taxes required to be withheld by federal, state or local governments in connection with any Award.  No opinion is expressed nor warranties made as to the effect for federal, state, or local tax purposes of any Award.  If at any time prior to any payment a Participant is indebted to the Company (including any clawback policy adopted or implemented by the Board or Committee in respect of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010), the Company has the right to offset against the payment amount the amount of the Participant’s indebtedness, but only to the extent such offset is permissible under and would not trigger adverse tax consequences under Code Section 409A.
Article V – Program Administration
5.1    Powers of the Committee.  The Committee shall have exclusive authority and discretion to administer and interpret the Program and, in connection therewith, have the power to establish rules in connection with the administration of the Program and perform all other acts that they believe reasonable and proper, including the power to delegate responsibility to others to assist it in administering the Program.  In making any determinations under the Program, including certifications as to the attainment of Performance Goals, the Committee shall be entitled to rely on reports, opinions or statements of officers or employees of the Company, as well as those of counsel, public accountants and other professional or expert persons.  All determinations, interpretations and other decisions under or with respect to the Program or any Award by the Committee shall be final, conclusive and binding upon all parties, including without limitation, the Company, any employee, executive officer and any other person with rights to any Award under the Program, and no member of the Committee shall be subject to individual liability with respect to the Program or any Awards thereunder.
5.2    Delegation of the Committee.  The Committee, in its sole discretion, may delegate administrative duties under the Program to one or more directors and/or officers of the Company; provided, however, that the Committee may not delegate its responsibility to make Awards to Participants of this Program, and provided further that any delegation can only be made in accordance with applicable laws or securities listing standards.  

3

5.3    Adjustments. The Committee is authorized, in its sole discretion, to adjust or modify the calculation of a Performance Goal for a Performance Period in connection with any one or more of the following events: (a) asset write-downs; (b) litigation or claim judgments or settlements; (c) the effect of changes in tax laws, accounting standards or principles, or other laws or regulatory rules affecting reporting results; (d) any reorganization/restructuring programs; (e) significant unusual or infrequently occurring items (as determined by under Generally Accepted Accounting Principals) excluded from the determination of ordinary income or loss in the Company’s financial statements and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s periodic reports; and (f) acquisitions or divestitures.  
5.4    Expenses/Funding.  All expenses of the Committee with respect to the Program shall be paid by the Company.  The Program shall be unfunded, and the Company shall not be required to segregate any assets which may at any time be awarded under the Program.  
Article VI – Amendment or Termination of Program
6.1    Power to Amend or Terminate Program.  The Committee may amend, modify or terminate this Program at any time and for any reason.
6.2    When Amendments Take Effect.  A resolution amending or terminating the Program becomes effective as of the date specified therein.  No amendment may be made that retroactively deprives a Participant of any benefit accrued before the date of the amendment.
Article VII – Miscellaneous
7.1    Program Not a Contract of Employment.  The adoption and maintenance of the Program does not constitute a contract of employment between the Company and any Participant or consideration for the employment of any person.  Nothing herein contained gives any Participant the right to be retained in the employ of the Company or derogates the right of the Company to discharge any Participant at any time, with or without notice, without regard to the effect of such discharge upon his or her rights as a Participant in the Program. 
7.2    Severability.  If any provision of this Program is determined to be invalid or illegal, the remaining provisions shall be effective and shall be interpreted as if the invalid or illegal provision did not exist, unless the illegal or invalid provision is of such materiality that its omission defeats the purpose of the parties in entering into this Program.
7.3    Choice of Law.  This Program shall be construed in accordance with and governed by the laws of the State of Missouri determined without regard to its choice of law provisions.
7.4    Section 409A.  It is intended that neither this Program nor the terms of any Potential Award granted under this Program will result in additional tax under Code Section 409A, and to the extent necessary, this Program and any Potential Award under this Program shall be interpreted with this intent.  

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]