Exhibit 10.3
EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”), dated as of December 15, 2021 (the “Effective Date”), is entered into by and between CleanSpark, Inc., a Nevada corporation (the “Company”), and Gary Vecchiarelli (the “Employee”). This Agreement supersedes and replaces any previous agreements, express or implied, between the parties concerning employment terms.
RECITALS
WHEREAS, the Employee desires to enter into this Agreement, to be effective as of the Effective Date, which sets forth the terms and conditions of the Employee’s employment with the Company from and after the Effective Date;
NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
AGREEMENT
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plans (“Employee Benefits”); (ii) the perquisites and other fringe benefits that are from time to time made available by the Company generally to its employees; and (iii) such perquisites and fringe benefits that are from time to time made available by the Company to the Employee in particular, subject to any applicable terms and conditions of any specific perquisite or other fringe benefit; provided, however, that nothing contained herein shall be deemed to require the Company to adopt, maintain or provide any particular plan, program, arrangement, policy, perquisite or fringe benefit. The Employee shall be required to comply with the conditions attendant to coverage by such plans and shall comply with and be entitled to benefits only in accordance with the terms and conditions of such plans as they may be amended from time to time. The Employee agrees to cooperate and participate in any medical or physical examinations as may be required in connection with the applications for such life and/or disability insurance policies.
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In addition to any other compensation outlined herein, the following compensation shall be paid upon termination of employment under the following circumstances:
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regardless of the vesting or termination provisions of such Unvested Securities. For purposes of clarity, to the extent the vesting or other provisions of any Unvested Securities conflict with the terms of this Paragraph 7(a), the terms of this Paragraph 7(a) shall govern.
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If to the Company, at:
CleanSpark, Inc.
Attn: General Counsel
2370 Corporate Circle, Suite 160, Henderson, NV 89074 E-mail: legal@cleanspark.com
If to the Employee, at: the Employee’s then-current home address on file with the Company.
Notice so given shall, in the case of overnight courier, be deemed to be given and received on the date of actual delivery and, in the case of personal delivery, on the date of delivery.
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legal representatives, successors, and assigns. The Employee shall not have any right to pledge, hypothecate, anticipate, or in any way create a lien upon any payments or other benefits provided under this Agreement; and no benefits payable under this Agreement shall be assignable in anticipation of payment either by voluntary or involuntary acts, or by operation of law, except by will or pursuant to the laws of descent and distribution. Nothing in this Agreement, express or implied, is intended to or shall confer upon any person other than the parties, and their respective heirs, legal representatives, successors, and permitted assigns, any rights, benefits, or remedies of any nature whatsoever under or by reason of this Agreement.
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[Signatures on following page.]
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IN WITNESS WHEREOF, the Company and the Employee have executed this Agreement effective as of the Effective Date.
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| Company: |
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| CLEANSPARK, INC., |
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| A Nevada Corporation |
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Dated: Dec 14, 2021 | By: | /s/ Zachary Bradford |
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| Zachary Bradford, CEO |
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| EMPLOYEE: |
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Dated: Dec 14, 2021 | By: | /s/ Gary A. Vecchiarelli |
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| Gary A. Vecchiarelli |
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| ADDRESS: |
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| 11093 Gammila Drive |
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| Las Vegas, NV 89141 |
[Signature Page to Employment Agreement]