Exhibit 10.1
[A Development Stage
Company]
Employment Agreement with Xx. Xxxxx
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1. |
Duties. In your position as CFO, your duties and responsibilities shall
include overseeing of the financial accounting operations of the Company and its
affiliates, as well as such other duties and responsibilities for the Company
and its affiliates as may be assigned to you by the President and/or CEO of the
Company (the “CEO/President”) or by the Board of Directors of the
Company (the “Board”) from time to time. |
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2. |
Compensation. Salary shall be $100,000 per annum, subject to such
increases as may be determined by the Board, President or CEO in its sole
discretion, payable in accordance with the normal payroll policy of the Company
as the same exists from time to time. |
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3. |
Term. Your employment hereunder shall commence as of November 3, 2003.
While your employment with the Company is for an indefinite term, the Company
shall be entitled to terminate your employment “for cause” (as
hereinafter defined) or without cause in the event such action is deemed to be
in the best interest of the Company as determined by the Board. You shall build
an entitlement to severance compensation in the event the Company terminates
your employment without cause at the rate of one (1) week of base salary payable
hereunder for each month you work your employment with the Company, up to a
maximum severance allowance in the event your employment is terminated by the
Company without cause of twelve (12) months base salary and benefits with a
minimum payout of six (6) months of salary and benefits. |
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4. |
Benefits. You shall be provided during the term of your employment with
the benefits and insurance packages commensurate with those provided to
executive management both now and in the future (subject to policy terms,
waiting periods, etc.), and further subject to such changes in the generally
applicable terms and conditions of any plan or policy as may be determined by
the Board in its sole discretion from time to time. |
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5. |
Stock Option. The Company further agrees to provide non-qualified stock
options to Employee to enable Employee to acquire common stock of the Company in
an amount equal to his first year salary, which option shall vest over a period
of three (3) years with an option price of $0.16, which was the share price on
November 3, 2003, first day of employment. Thus, one-third (1/3) of such shares
shall vest on November 3, 2004, one-third (1/3) on November 3, 2005, and
one-third (1/3) on November 3, 2006, all provided the Employee is employed by
the Company on such respective dates. |
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6. |
Relocation. It is contemplated that any relocation benefits paid to
Employee shall be repaid to the Company in the event Employee terminates his
employment with the Company prior to the end of one year of employment, November
3, 2004. An itemized cost listing will be provided for reimbursement, but in no
case will the costs to be reimbursed exceed $30,000, net of taxes. |
