Fill and Sign the Employment Contract Form

- 1 - GUARANTY (EMPLOYMENT CONTRACT) In consideration of and in order to induce ________________ to enter into that certain Employment Contract, a copy of which is attached hereto and made a part hereof for all purposes, (the "Contract"), of even date herewith executed by and between _______________________________ (the "Employer"), and _______________ (the "Employee"), the undersigned (the "Guarantor") hereby: 1. Unconditionally and absolutely guarantees to Employee, the full and prompt payment and performance by the Employer of all of its obligations under and pursuant to t he Contract, together with the full and prompt payment of any and all costs and expenses of a nd incidental to the enforcement of this Guaranty, including, without limitation, reasonabl e attorneys' fees. 2. Agrees that Employee, may from time to time, without notice to Guarantor, which notice is hereby waived by Guarantor, extend, waive, renew or compromise the Contract, in whole or in part, without releasing, extinguishing or affecting in any manner whatsoever the liability of Guarantor hereunder, the foregoing acts being hereby consented to by Guarantor. 3. Agrees that this Guaranty shall remain in full force and effect and be binding upon Guarantor until the Contract is performed by Employer in full. 4. Agrees that so long as any portion of the compensation due and owing or to become due and owing by the Employer to Employee, the Guarantor shall not, without the prior written consent of Employee, collect or seek to collect from the Employer the c laim, if any, by subrogation or otherwise, acquired by the Guarantor or through payment of any of the Contract. 5. Agrees that the possession of this instrument of guaranty by Employee shall be conclusive evidence of due execution and delivery hereof by Guarantor. - 2 - 6. Agrees that this Guaranty shall be binding upon the legal representatives, successors and assigns of Guarantor, and shall inure to the benefit of Employee and his successors, assigns and legal representatives. 7. Agrees that Guarantor may be joined in any action or proceeding commenced against the Employer in connection with or based upon the Contract and recovery may be had against Guarantor in any such action or proceeding or in any independent action or proce eding against Guarantor should the Employer fail to duly and punctually pay and perform any of t he obligations of the Contract without any requirement that Employee first assert, prosecute or exhaust any remedy or claim against the Employer. 8. Agrees that this Guaranty shall be deemed a contract made under and pursuant to the laws of the State of _________________________ and shall be governed by and construed under the laws of such state; and that, wherever possible, each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of the Guaranty. 9. Agrees that no failure on the part of Employee to exercise, and no delay in exercising, any right or remedy hereunder shall operate as or constitute a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right or remedy granted hereby or by any rela ted document or by law. 10. The Guarantor agrees that (i) the Guarantor has received legal and adequate consideration for the execution of this Guaranty and has executed and delivered this Guara nty to - 3 - Employee in good faith in exchange for reasonably equivalent value; (ii) the Guarantor is not presently insolvent and will not be rendered insolvent by virtue of the execution and deli very of this Guaranty; (iii) the Guarantor has not executed or delivered this Guaranty with ac tual intent to hinder, delay or defraud the Guarantor's creditors; and (iv) that Employee has entered into the Contract in reliance upon this Guaranty. Dated as of this ___ day of _______________, 20______. GUARANTOR ____________________________ STATE OF _________________________ COUNTY OF _______________________ The foregoing instrument was acknowledged before me, this the ___ day of ________________, 20______, by ______________________. _______________________________ NOTARY PUBLIC MY COMMISSION EXPIRES:______________________