Employment Agreement between CMT and Thomas Honey as President of EVE TEC/VEE TEC (April 1, 2008)
This agreement appoints Thomas Honey as President of EVE TEC (Electronic Value Exchange Technologies) or VEE TEC (Value Exchange & E-Commerce Technologies), reporting to the CMT Board of Directors. The term is two years with annual renewal. Compensation includes a base salary, signing bonus, stock options, insurance, relocation support, and other benefits. The position is based in the UK, with relocation and repatriation expenses covered. Termination terms require 90 days' notice and severance for certain scenarios. The agreement is signed by CMT's Chairman and Thomas Honey.
Exhibit 10.1
THOMAS HONEY AGREEMENT
APRIL 1, 2008
AGREEMENT TERM: Two years with annual renewal on anniversary date thereafter.
TITLE: President
ENTITY NAME: “EVE TEC” (Electronic Value Exchange Technologies) or “VEE TEC” (Value Exchange & E-Commerce Technologies)
DUTIES & AUTHORITY:
REPORTS TO: The CMT Board of Directors
LIABILITY INDEMNIFICATION: D & O Insurance of Board of Directors
LOCATION: United Kingdom by 1 June 2008
RELOCATION & REPATRIATION:
| • | Packing, storage & moving expenses |
| • | Lease temporary residence in UK for two-year (2) term |
| • | Repatriation to USA upon termination of employment including packing, storage and moving expenses. |
| • | Animal quarantine (UK and US) |
COMPENSATION:
| • | 10,000 Pound Sterling Base Compensation (5,000 Payable on 1st and 16th of each month via wire or ACH transfer)* |
| • | 5,000 Pound Sterling Signing Bonus (to get started) |
| • | Incentive Compensation: To Be Determined (Consistent with European Industry Norms) |
| • | CMT Stock & Options: Preferred Shares Convertible into 250,000 common shares of CMKT |
| • | USD 1,000 monthly for Medical, Dental, & Travel Insurance (payable of 1st of month |
| • | UK Automobile Lease & Insurance |
| • | Ex-patriot Residency & Income Tax Equalization—To Be Determined |
| • | Corporate Expense Card |
TERMINATION:
| • | Employer Induced (Company dissolution, acquisition, redundancy, etc.)—90-day written notice with (a) lump sum payment equivalent to last six months base and benefit compensation and (b) repatriation packing and moving expenses. |
| • | Employee Induced—90-day written notice by employee with repatriation packing and moving expenses. |
| • | Employer induced for Cause—Immediate with repatriation packing and moving expenses. |
SIGNED BY:
| /s/ Jack Bouroudjian |
| Jack Bouroudjian |
| Chairman CMT |
| /s/ Tony Honey |
| Tony Honey |
