QED Connect Inc (QEDN)

[Greed Kills]

I pulled up the Raymond Purdon Employment Agreement again. This Employment Agreement just doesn't make any sense to me.

QEDN and Purdon signed it on February 1, 2017. Purdon is referred to as an "Executive" throughout the agreement and specifically was hired as the "Business Development Executive".

The agreement requires QEDN to pay Purdon $72,000 per year in bi-weekly payments. That guarantees Purdon regular bi-weekly payments of almost $3,000.00.

How was QEDN on Feb. 1, 2017 able to guarantee Purdon bi-weekly payments of $3,000.00? Why would Kate think QEDN had the financial wherewithal to make these payments to Purdon?

If Purdon is terminated without cause the Employment Agreement entitles Purdon to 36 months of base salary ($216,000.00) as severance.

In filing 651 in the Lattuca litigation you can review the Employment Contract and you can also review a letter written by Kate to Purdon.

This letter is dated April 3, 2017 (just two months after signing the Employment Contract). In the letter she acknowledges QEDN paid Purdon for February but not for March or April.

What the heck...QEDN only paid the first month of the employment contract? How did Kate ever think QEDN could pay Purdon given the financial circumstances of QEDN in February 2017? Where did the $6,000.00 QEDN paid Purdon even come from...it doesn't look like from the financials QEDN ever had $6,000.00 to pay.

This Employment Agreement just doesn't make any sense. If QEDN defaulted on the agreement in the second month when can we expect Purdon to sue for non-payment of the 36 months of severance QEDN never paid? I just can't understand why Kate would obligate QEDN to this contract with Purdon when it seems pretty clear QEDN would never be able to perform under the Employment Agreement.

View for yourself at Docket Entry 651 on 6/6/2017

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