Exhibit 10.68
MATERIAL TERMS OF EMPLOYMENT AGREEMENT
XXXXX XXXXXXX
Term: 5 years
Position: President and COO
Reporting: To CEO and Board of Directors
Termination: (a) On death, disability
(b)By Company if "cause" or material uncured breach of Agreement by employee.
Cause means willful misconduct or criminal acts.
(c)By employee if "justifiable". Justifiable means reduction
in duties or position; or change in control and resulting unacceptable change
in duties or position; or material uncured breach by Company.
Termination
Payment:If (a) or (b) termination, payment of amounts owing at time of
termination. If (c) termination, then payment of all amounts under Agreement,
acceleration of Options and the termination of the lock-up agreements between
the Company and Employee and between the Company and Xxxxx Xxxxxxxxxx.
Compensation:(a) $150,000 annual salary
(b) 100,000 options which vest over 3 years
(c)All bonuses and other fringe benefits available to CEO,
including without limitation bonuses, sick leave, automobile allowance,
insurance and 4 weeks vacation.
Confidentiality:Usual and customary provision.
