SEC Contract Filing

Filing Date: 2017-07-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>llpp_ex102.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>

<html><head><title>llpp_ex102.htm</title><!--Document Created by EDGARMaster--></head><BODY style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.2</b></p>
<p style="MARGIN: 0px">&nbsp;</p>
<p style="MARGIN: 0px" align="center"><b>LOOP CANADA INC.</b><b></b></p>
<p style="MARGIN: 0px" align="center">&nbsp;</p>
<p style="MARGIN: 0px" align="center"><b>EMPLOYMENT AGREEMENT</b><b></b></p>
<p style="MARGIN: 0px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">This Employment Agreement (the &#8220;<b>Agreement</b>&#8221;) is dated as of March 17, 2017, by and between Jennifer Rhee (&#8220;<b>Executive</b>&#8221;) and Loop Canada Inc. (the &#8220;<b>Company</b>&#8221;). </p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">1. <u>Duties</u>. </p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">1.1 <u>Position</u>. Executive is employed for the purpose of Chief Financial Officer to the Company, reporting to the Company&#8217;s President and Chief Executive Officer (the &#8220;<b>CEO</b>&#8221;). The duties and responsibilities of the Executive shall be commensurate with the position of an individual providing the same type of services in a similar company. The Executive shall perform such duties as from time to time may be prescribed for her by the CEO, in all cases to be consistent with Executive&#8217;s corporate offices and positions. </p>
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<p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">1.2 <u>Obligations to the Company</u>. Executive agrees to the best of her ability and experience that she will at all times loyally and conscientiously perform all of the duties and obligations required of and from Executive pursuant to the express and implicit terms hereof, and to the reasonable satisfaction of the Company. During the term of Executive&#8217;s employment relationship with the Company, Executive further agrees that she will devote all of her business time and attention to the business of the Company, the Company will be entitled to all of the benefits and profits arising from or incident to all such work services and advice, and Executive will not render commercial or professional services of any nature to any person or organization, whether or not for compensation, without the prior written consent of the CEO, and will not directly or indirectly engage or participate in any business that is competitive in any manner with the business of the Company. Executive will comply with and be bound by the Company&#8217;s operating policies, procedures and practices from time to time in effect during the term of Executive&#8217;s employment. </p>
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<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">2. <u>Term of Employment</u>. Executive&#8217;s employment hereunder shall be for an indeterminate term and shall commence on April 3, 2017 (&#8220;<b>Commencement Date</b>&#8221;).</p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">3. <u>Compensation</u>. For the duties and services to be performed by Executive hereunder, the Company shall pay Executive, and Executive agrees to accept, the salary and other benefits described below in this Section 3. </p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">3.1 <u>Salary</u>. During the first two (2) years of employment, Executive shall receive a yearly base salary of $300,000. Executive&#8217;s salary will be payable pursuant to the Company&#8217;s normal payroll practices for payment of salary to executive employees. Following the first two (2) years of employment, Executive&#8217;s base salary will be reviewed as part of the Company&#8217;s normal salary review process, provided that the yearly base salary shall never be less than the previous year&#8217;s base salary.</p>
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<p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">3.2 <u>Bonus and Other Additional Compensation</u>. Subject to the terms and conditions that may be set out in Exhibit A attached hereto, Executive will be eligible to participate in such bonus plans as the Company may make available to its employees in its sole discretion or receive additional awards as may be set forth in Exhibit A attached hereto. The Company may cancel or modify the terms of such bonus plans from time to time. The annual bonus, if any, shall be paid between January 1 and March 15 of the calendar year that follows the bonus year. The Company and Executive shall agree upon goals and objectives to be required for Executive to meet to be eligible for payment of a bonus and such goals and objectives shall be set forth in Exhibit A attached hereto (or to be attached hereto) and incorporated herein by this reference. Exhibit A may be replaced, revised or updated from time to time by agreement of the parties. </p>
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