Employment Agreement (2008)Full Document 

Start of Preview


THIS AGREEMENT made as of the 1st day of January, 2008


US Geothermal Inc., a body corporate having an office at 1505 Tyrell Lane Boise, Idaho 83706
(the "Company")


Kerry Hawkley of 1505 Tyrell Lane, Boise, Idaho 83706
(the "Employee")


(A)       the Company is in the business of developing geothermal properties;

(B)       the Company wishes to engage the Employee as Chief Financial Officer; and

(C)       the parties hereto wish to enter into this Agreement for the purpose of fixing the compensation and terms applicable to the employment of the Employee during the period hereinafter set out.

            NOW THEREFORE THIS AGREEMENT WITNESSES that the parties hereto, in consideration of the respective covenants and agreements on the part of each of them herein contained, do hereby covenant and agree as follows:

1.        Employment

            The Company hereby engages the Employee as Chief Financial Officer of the Company and the Employee hereby accepts such employment, upon the terms and conditions hereinafter set out.

2.        Term

            This Agreement will be effective from January 1, 2008 and will remain in full force and effect until December 31, 2008 or until terminated as hereinafter provided.

3.        Responsibility

            The Employee will devote one hundred percent of his working time to his Employment hereunder, and while engaged in his employment will have the authority and duty to perform and carry out such duties and responsibilities as are customarily carried out by persons holding similar positions in other development companies comparable in size to the Company and such additional and related duties as may from time to time be assigned, delegated, limited or determined by the President.

4.        Other Business Activities

            It is agreed that the Employee's employment hereunder shall constitute one hundred percent of his working time which shall be devoted exclusively for the benefit of the

Company, and therefore, the Employee may not engage in any other business activities that would interfere with, or impede, in any significant manner, the performance of his duties as Chief Financial Officer of the Company.

5.        Compensation
In consideration of the performance by the Employee of his responsibilities and duties as Chief Financial Officer hereunder:

(a)        the Company will pay the Employee the sum of US$134,400 per annum, payable in monthly installments of $11,200 no later than the last working day of the month;

(b)        the Company will grant the Employee incentive stock options in such amount and on such conditions as the Board of Directors of the Company may determine from time to time;


the Company will provide the Employee and his immediate family (consisting of spouse and children) with medical, dental and related coverage as are available to the other employees of the Company;

End of Preview