Heathrow Nat. Food and Bev Inc. (fka HRNF)

[darman73]

Mike Pagnano works for nothing?

This is what is stated in the latest WGL Sec Filing:

EMPLOYMENT AGREEMENT

Effective August 1, 2006, we entered into a thirty-six (36) month, renewable, Executive Employment Agreement with Michael S. Pagnano, to serve as our Chief Executive Officer, President, Secretary, Treasurer and Chief Financial Officer (the "Employment Agreement"). Pursuant to the Employment Agreement, Mr. Pagnano is to receive a salary of $20,000 per month for the first year he is employed

pursuant to the Employment Agreement (August 1, 2006 to July 31, 2007); $23,000 per month for the second year he is employed (August 1, 2007 to July 31, 2008); and $28,150 per month for the third year he is employed (August 1, 2008 to July 31, 2009).

The Employment Agreement also provides that Mr. Pagnano be reimbursed for his healthcare expenses and that he be provided a car allowance in the amount of $1,000 per month for the 1st year of the Employment Agreement, $1,200 a month for the second year, and $1,500 a month for the third year he is employed by us pursuant to the Employment Agreement. Mr. Pagnano is also entitled to participate in any employee benefit plan which the Company may adopt and any incentive program or discretionary bonus program of the Company which may be implemented by the Company's board of directors. Mr. Pagnano may renew the employment agreement for successive one (1) year terms, by providing the Company with written notice at least thirty (30) days, but not more than sixty (60) days, before the end of the thirty-six (36) month term. Mr. Pagnano may terminate his employment for "good reason" by giving the Company ten (10) days written notice if: (i) he is assigned, without his express written consent, any duties materially inconsistent with his positions, duties, responsibilities, or status with the Company; (ii) his compensation is reduced; or (iii) the Company does not pay any material amount of compensation due under the employment agreement and then fails either to pay such amount within the ten (10) day notice period required for termination or to contest in good faith such notice.

The Company may terminate the employment agreement without cause. In the event of termination for good reason by Mr. Pagnano or without cause by the Company, the Company is obligated to pay Mr. Pagnano a severance payment equal to . . .