EMPLOYMENT AGREEMENT (Level 12 Officer)
Exhibit
10.1
(Level
12 Officer)
THIS
EMPLOYMENT AGREEMENT (this
“Agreement”) is entered into as of November 13, 2007, by and among
Altairnano, Inc., a Nevada corporation (the “Company”), Altair Nanotechnologies
Inc., a Canadian corporation (“Parent”; together with the Company and all direct
or indirect majority-owned subsidiaries of the Parent, the “Consolidated
Companies”; each, a “Consolidated Company”), and Xxxxx Xxxxxxxx, an individual
(“Employee”).
RECITALS
A. The
Company is a wholly-owned indirect subsidiary of Parent and holds a substantial
portion of the operating assets of the Consolidated Companies.
B. Parent
and the Company desire to retain Employee as an employee of a Consolidated
Company subject to the terms and conditions of this Agreement.
C. Employee
desires to be retained as an employee of a Consolidated Company subject to
the
terms and conditions of this Agreement.
NOW,
THEREFORE, in consideration of
this Agreement and of the covenants and conditions contained in this Agreement,
the parties hereto agree as follows:
1. Employment;
Location. The Company hereby employs Employee during the Term, and Employee
hereby accepts such employment. The initial “Place of Employment” for
Employee shall be in Washoe County in the State of Nevada. If the
Company requests that Employee relocate and Employee agrees to such request,
the
relocated place of employment shall thereafter be the “Place of
Employment.”
2. Term. The
term of this Agreement (the “Term”) shall commence on the date first set forth
above (the “Effective Date”). The Term shall terminate upon the earlier to occur
of (i) the Expiration Date, and (ii) the termination of Employee’s employment
with all of the Consolidated Companies. The initial Expiration Date
shall be the two-year anniversary of the Effective Date. Unless the
Company or Employee provides the other with at least ninety (90) days advance
written notice prior to the initial Expiration Date (and each Expiration Date
thereafter) of its intention not to renew this term of Agreement following
the
then-current Expiration Date, the Expiration Date shall automatically be changed
to the two-year anniversary of the then-current Expiration Date. Notwithstanding
anything in this Agreement to the contrary, Sections 7 and 8 shall survive
termination of this Agreement and expiration of the Term for the time periods
set forth therein, and this sentence and all provisions related to the
interpretation or enforcement of, and disputes under, this Agreement shall
survive until the expiration of the last applicable statute of
limitations.
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3. Duties. Employee’s
title shall be Vice President Operations, Power & Energy
Group. Employee's duties shall include such duties as are
specifically assigned or delegated to Employee by the Board of Directors of
any
Consolidated Company (any such Board of Directors, the “Board”) and such other
duties as are typically performed by an employee with the same position as
Employee. Employee acknowledges that, subject to Section 6.3(c), the
Board may change, increase or decrease Employee’s title, position and/or duties
from time to time its discretion and may appoint Employee as an employee of
another Consolidated Company, which employment is governed by this
Agreement. Employee shall diligently execute his or her duties and
shall devote his or her full time, skills and efforts to such duties during
ordinary working hours. Employee
shall faithfully adhere to, execute and fulfill all lawful policies established
from time to time by the Consolidated Companies.
4. Compensation
and Benefits. The Company shall pay Employee, and Employee
accepts as full compensation for all services to be rendered to all Consolidated
Companies, the following compensation and benefits:
4.1 Base
Salary. During the Term, the Company shall pay Employee an annual
base salary per year in an amount not less than $225,000. Such
annual base salary shall be payable in accordance with the Company's customary
pay schedule. During the Term, the base salary of Employee shall not
be reduced below the minimum required by this Section.
4.2 Stock
Options. During the period of Employee’s employment with a
Consolidated Company, Parent has granted, and in the future may from time to
time grant, to Employee options to purchase common shares of Parent and/or
issue
to Employee common shares that are subject to rights of forfeiture or repurchase
under certain terms and conditions (such options or shares, “Equity
Awards”). Parent agrees that agreements governing any past Equity
Awards shall be amended to provide that all otherwise
unvested Equity Awards shall, unless otherwise requested by Employee in writing,
immediately vest as of the effective date of a Change of Control
Event. A “Change of Control Event” means (a) any capital
reorganization, reclassification of the capital stock of Parent, consolidation
or merger of Parent with another corporation in which Parent is not the survivor
(other than a transaction effective solely for the purpose of changing the
jurisdiction of incorporation of Parent), (b) the sale, transfer or other
disposition of all or substantially all of the Consolidated
Companies’ assets to another entity, (c) the acquisition by a single person (or
two or more persons acting as a group, as a group is defined for purposes of
Section 13(d)(3) under the Securities Exchange Act of 1934, as amended) of
more
than 40% of the outstanding common shares of Parent.
4.3 Bonus. Employee
shall be eligible to receive an annual performance bonus conditioned upon the
achievement of performance measures established by the Board after consultation
with Employee. The potential amount of the performance bonus for each
fiscal year if all performance measures are met, shall be at least up to sixty
percent (60%) of Employee’s base salary paid for the calendar year to which such
bonus relates. Employee and the Board shall, prior to the end of the
first month of each calendar year, negotiate in good faith with the objective
of
agreeing upon performance objectives and related bonus amounts for the upcoming
fiscal year. If Employee and the Board are not able to reach a mutual
agreement as to performance objectives, the objectives and amount of any bonus
shall be in the discretion of the Board.
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4.4 Additional
Benefits. Employee shall be eligible to participate in, and be
subject to, the Consolidated Companies’ employee benefit plans for, and policies
governing, employees, if and when any such plans and policies may be adopted,
including, without limitation, bonus plans, pension or profit sharing plans,
incentive stock plans, and those plans and policies covering life, disability,
health, and dental insurance in accordance with the rules established in the
discretion of the Board for individual participation in any such plans and
policies as may be in effect from time to time.
4.5 Vacation,
Sick Leave, and Holidays. Beginning on the date hereof, Employee
shall be entitled to vacation, sick leave and holidays at full pay in accordance
with the Consolidated Companies’ policies with the exception that vacation will
commence at three weeks annually.
4.6 Deductions. The
Company shall have the right to deduct from the compensation due to Employee
hereunder and all sums required for social security and withholding taxes and
for any other federal, state or local tax or charge which may be hereafter
enacted or required by law as a charge on any cash or non-cash compensation
of
Employee.
5. Business
Expenses. The Company shall promptly reimburse Employee for all
reasonable out-of-pocket entertainment and business expenses Employee incurs
in
fulfilling Employee’s duties hereunder subject to, and in accordance with, the
general reimbursement policy of the Consolidated Companies in effect from time
to time.
6. Termination
of Employee's Employment.
6.1 Termination
of Employment by the Company for Cause. Employee's employment may
be terminated by the Consolidated Companies at any time for
“Cause.” A determination of whether Employee’s actions justify
termination for Cause and the date on which such termination is effective shall
be made in good faith by the Board of Parent. A termination of
Employee's employment pursuant to this Section 6.1 shall be effective as of
the
effective date of the notice by the Board of Parent to Employee that it has
made
the required determination, or as of such subsequent date, if any, as is
specified in such notice. For purposes of this Agreement, “Cause”
shall include (a) Employee’s material breach of this Agreement, which breach
cannot be cured or, if capable of being cured, is not cured within fifteen
(15)
days after receipt of written notice of the need to cure, (b) any act of theft,
embezzlement, conversion or other taking or misuse of the property or
opportunities of and Consolidated Company, (c) any fraudulent or criminal
activities, (d) any grossly negligent or unethical activity, (e) any activity
that causes substantial harm to any Consolidated Companies, its reputation,
or
to its officers, directors or employees (including, without
limitation, the illegal possession or consumption of drugs for which Employee
does not have a valid prescription on property controlled by any Consolidated
Company or in the course of performing services for any Consolidated Company),
or (f) habitual neglect of or deliberate or intentional refusal to perform
mutually agreed upon Employee’s duties and obligations under this
Agreement which breach cannot be cured or, if capable of being cured, is
not cured within fifteen (15) days after receipt of written notice of the need
to cure.
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6.2 Termination
by the Company Without Cause. Employee’s employment with each
Consolidated Company is “at will,” any Employee’s employment with any and all
Consolidated Companies is terminable at any time without Cause or any reason
of
any kind. A termination of Employee's employment pursuant to this
Section 6.2 shall be effective as of the date specified in the notice of
termination.
6.3 Termination
By Employee For Good Reason. Employee may terminate his
employment with any and all Consolidated Companies at any time for Good Reason
(as defined below), provided Employee has delivered a written notice to the
Board of Parent that briefly describes the facts underlying Employee's belief
that Good Reason exists and the Company has failed to cure such situation within
15 days of its receipt of such notice.
For
purposes of this Agreement, “Good
Reason” shall mean and consist of: (a) a material breach by the Company of any
of its obligations, duties, agreements, representations or warranties under
this
Agreement; (b) without Employee's prior written consent, the Consolidated
Company requires the Employee to relocate Employee's place of employment to
any
place other than the Place of Employment as a condition to continued employment
or maintenance of the same or a comparable position with the Consolidated
Companies (provided that reasonable business travel shall not constitute a
relocation of Employee’s place of employment and required relocation shall
constitute Good Reason only following the Consolidated Companies’ notification
of Employee of its requirement that Employee relocate and prior to Employee’s
agreement to relocate his or her place of employment), or (c) during the period
ninety (90) days prior to and one year after a Change of Control Event, a
material adverse change in Employee’s title, position and/or duties within the
Consolidated Companies as a whole.
6.4 Termination
by Employee Without Good Reason. Upon not less than 15 day's
prior written notice (which notice shall specify the effective date of the
termination), Employee may terminate his employment with any and all
Consolidated Companies by such notice without Good Reason or any reason of
any
kind.
6.5 Termination
of Employment by Death. If Employee dies during the term of
employment, Employee's employment with all Consolidated Companies shall be
terminated effective as of the date of Employee’s death.
6.6 Disability. The
Company or Employee may terminate Employee's employment with all Consolidated
Companies if Employee shall become unable to fulfill his duties under this
Agreement, as measured by the Consolidated Companies’ usual business
activities, for the eligibility period set forth in the long-term
disability policy under which Employee is potentially eligible to receive
disability benefits (the “Eligibility Period”) by reason of any medically
determinable physical and/or mental disability determined in accordance with
the
procedure in this Section 6.6. If in the opinion of the Company or
Employee, Employee is disabled, then the following shall occur:
(a) the
Company or Employee shall promptly so notify (by dated written notice) the
insurance company or carrier that, at that time, insures the employees of the
Company against long-term disability (the “Company’s Insurance Carrier”) and
request a determination as to whether Employee is disabled pursuant to the
terms
of the Company's long-term disability plan or policy; and
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(b) the
matter of Employee's disability shall be resolved, and Employee and the Company
shall abide by the decision of, the Company’s Insurance Carrier.
A
termination of Employee's employment pursuant to this Section 6.6 shall be
effective at the expiration of the Eligibility Period, as determined in
accordance with this Section 6.6. If Employee is not covered by a
Company-sponsored long-term disability policy on the date that the Company
and/or Employee believe that Employee may have a medically determinable physical
and/or mental disability, the Board of Parent shall make the determination
of
whether Employee has a medically determinable physical and/or mental disability
using the definition of disability, including applicable court interpretations,
used for purposes of the Americans With Disabilities Act of 1990, as amended,
and the “Eligibility Period” shall be 90 days from the date as of which it is
determined that the Employee commenced having a medically determinable
disability.
7. Effect
of Termination of Employee’s Employment.
7.1 Provisions
Applicable to All Terminations. If Employee’s employment with all
Consolidated Companies is terminated at any time for any reason, (a) all cash
compensation from the Company described in this Agreement that was due through
the effective date of the termination, but unpaid, shall be computed and paid
to
Employee by the Company within any payment deadline set forth in Nevada law
(or
is none is applicable, within 30 days), provided that any disability payments
to
be made by the Company’s Insurance Carrier shall be made when, as and if made by
the Company’s Insurance Carrier; and (b) Employee, or his heirs, or
estate, as the case may be, shall receive all compensation and employee benefits
accrued through the effective date of the termination, and all benefits provided
through the Company's insurance plans pursuant to the terms and conditions
of
such insurance plans or that the Company is required to provide by governing
law.
7.2 Termination
Absent a Change of Control and Absent Cause/Good Reason. If
Employee's employment with all of the Consolidated Companies is terminated
under
any circumstances other than the circumstances described in Section 7.3 or
Section 7.4 below, whether by the Consolidated Companies or Employee, Employee
shall not be entitled to any compensation in addition to that set forth in
Section 7.1.
7.3 Termination
by Employee for Good Reason. If Employee's employment is
terminated by Employee for Good Reason during the Term (but not as of an
Expiration Date), then, in addition to complying with the requirements of
Section 7.1, the Company shall, subject to the terms and conditions of this
Agreement and conditioned upon the Company’s receipt of a written waiver,
release and non-litigation agreement from Employee in form and substance
reasonably satisfactory to the Consolidated Companies with respect to all
liabilities of any Consolidated Company of any kind arising prior to and in
connection with such termination (other than under Options and Section 7)(a
“Release”), continue to pay, when due in accordance with Section 4.1, to or for
the benefit of Employee or, if applicable, Employee’s heirs or
estate: (a) Employee’s base salary through the period ending on the
12-month anniversary of the effective date of the termination of Employee's
service; and (b) Company health benefits coverage then in effect (with Company
/Employee contributions remaining the same as during the period immediately
prior to termination) through the period ending on the 12-month anniversary
of
the effective date of the termination of Employee's
service. Notwithstanding the foregoing, if (y) Employee relocated was
required to relocate from a location more than 50 miles from the Place of
Employment in order to commence employment with the Consolidated
Companies and Employee’s employment is subsequently terminated by Employee
for Good Reason on or before the two-year anniversary of the Effective Date,
or
(z) Employee’ accepts a change in Employee’s place of employment (and relocates
without terminating his or her Employment for Good Reason based upon such
change) during the Term and then Employee’s employment is terminated by Employee
for Good Reason on or before the two-year anniversary of such change in
Employee’s place of employment, then in case of either (y) or (z) the period
referred to in subsection (a) above shall be 16 months.
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7.4 Termination
by Company without Cause. If Employee's employment is terminated
by the Company without Cause during the Term (but not as of an Expiration Date),
then, in addition to complying with the requirements of Section 7.1, the Company
shall, subject to the terms and conditions of this Agreement and conditioned
upon the Company’s receipt of a Release, continue to pay, when due in accordance
with Section 4.1, to or for the benefit of Employee or, if applicable, his
heirs
or estate: (a) Employee’s base salary through the period ending on
the 12-month anniversary of the effective date of the termination of Employee’s
services; (b) Company health benefits coverage then in effect (with Company
/Employee contributions remaining the same as during the period immediately
prior to termination) through the period ending on the 18-month anniversary
of
the effective date of the termination of Employee’s services; and (iii) a bonus
equal to sixty percent (60%) of Employee’s base salary paid for the calendar
year in which termination of Employee’s services occurs, payable in one lump sum
within 30 days of the end of such year. Notwithstanding the foregoing, if
(y) Employee relocated was required to relocate from a location more than 50
miles from the Place of Employment in order to commence employment with the
Consolidated Companies and Employee’s employment is subsequently terminated
by Employee for Good Reason on or before the two-year anniversary of the
Effective Date, or (z) Employee’ accepts a change in Employee’s place of
employment (and relocates without terminating his or her Employment for Good
Reason based upon such change) during the Term and then Employee’s employment is
terminated by the Company without Cause on or before the two-year anniversary
of
such change in Employee’s place of employment, then in case of either (y) or (z)
the period referred to in subsection (a) above shall be 16 months.
7.5 Return
of Company Property. Upon the termination or end of the
employment of Employee with the Consolidated Companies or at any time upon
the
request of Parent, Employee shall provide to the Consolidated Companies all
property belonging to any Consolidated Company, including, but not limited
to,
keys, card passes, credit cards, electronic equipment including computers and
personal digital devices, cellular telephones, Consolidated Company automobiles,
and all data and any Consolidated Company intellectual property whether located
on Consolidated Company property or otherwise.
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7.6 Breach
of Protective Covenants. Notwithstanding anything in this Section
7 to the contrary, Employee shall not be entitled to any payments or benefits
under any of Sections 7.3 or 7.4 of this Agreement with respect to any period
(a) prior to Employee’s delivery to the Company of a Release if such Release is
not executed within seven (7) days of Employee’s receipt of a form of Release,
(b) during which Employee is in breach of Section 7.5 or any portion of Section
8 of this Agreement, (c) during which Employee is in breach of
any portion of the Proprietary Information Agreement (any of (a), (b)
or (c), a “Covenant Breach”). Upon the Company’s determination that a
Covenant Breach has occurred, it shall notify Employee of its belief that a
Covenant Breach has occurred and may withhold, without penalty or interest,
any
payments or benefits otherwise due to Employee pursuant to any of Section 7.3
or
7.4 until the question of whether a Covenant Breach has occurred is definitely
resolved without right to appeal or similar recourse (and if it is determined
that the Company withheld the payments and benefits in error, the Company’s sole
obligation shall be prompt payment of all withheld payments and the cash value
to the Company of any withheld benefits).
8. Covenant
Not to Compete
8.1 Covenant. Employee
hereby agrees that, while Employee is employed by any Consolidated Company
and
during a period of 12
months following the termination of Employee’s employment
with all Consolidated Companies, Employee will not directly or indirectly
compete (as defined in Section 8.2 below) with any the Consolidated Company
or
any affiliates anywhere in the United States. It is the intention of
Parent, the Company and Employee that this provision be interpreted to only
prevent actual competitive harm to any Consolidated Company and not otherwise
hinder or restrict Employee in his efforts to find continued employment in
Employee’s field of training and expertise.
8.2 Direct
and Indirect Competition. As used herein, the phrase
“directly or indirectly compete” shall include owning, managing, operating or
controlling, or participating in the ownership, management, operation or control
of, or being connected with or having any interest in, as a stockholder,
director, officer, employee, agent, consultant, assistant, advisor, sole
proprietor, partner or otherwise, any Competing Business (as defined
below). For purposes of this Agreement, a “Competing Business” shall
be any business or enterprise other than any Consolidated Company that is
engaged in the development, marketing, provision or sale of any technology,
process, product or service that is being developed, marketed, provided or
sold
by any Consolidated Company during the period Employee is employed with any
Consolidated Company. This prohibition, however, shall not apply to
ownership of less than five percent (5%) of the voting stock in companies whose
stock is traded on a national securities exchange or in the over-the-counter
market.
8.3 Nonsolicitation. Employee
hereby agrees that, while he is employed by any Consolidated Company pursuant
to
this Agreement, and, during a period of 12 months
following the termination of Employee’s employment with all Consolidated
Companies, Employee will not, directly or indirectly, through an affiliate
or
otherwise, for his account or the account of any other person, (a) solicit
business for a Competing Business from any person or entity that at the time
of
termination is or was a customer of any Consolidated Company, whether or not
Employee had personal contact with such person during and by reason of
employment with a Consolidated Company; (ii) in any manner induce or attempt
to
induce any employee of a Consolidated Company to terminate his or her employment
with a Consolidated Company; or (iii) materially and adversely interfere with
the relationship between a Consolidated Company and any employee, contractor,
supplier, customer or shareholder of a Consolidated Company.
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8.4 Enforceability. If
any of the provisions of this Section 8 is held unenforceable, the remaining
provisions shall nevertheless remain enforceable, and the court making such
determination shall modify, among other things, the scope, duration, or
geographic area of this Section to preserve the enforceability hereof to the
maximum extent then permitted by law. In addition, the enforceability
of this Section is also subject to the injunctive and other equitable powers
of
a court as described in Section 11 below.
8.5 Jurisdiction. For
the sole purpose of enforcement of the Consolidated Companies’ rights under this
Section 8, Parent, the Company and Employee intend to and hereby confer
jurisdiction to enforce the restrictions set forth in this Section 8 (the
"Restrictions") upon the courts of any jurisdiction within the geographical
scope of the Restrictions. If the courts of any one or more of such
jurisdictions hold the Restrictions unenforceable by reason of the breadth
of
such scope or otherwise, it is the intention of Parent, the Company and Employee
that such determination not bar or in any way affect any Consolidated Company's
rights to the relief provided above in the courts of any other jurisdiction
within the geographical scope of the Restrictions, as to breaches of such
covenants in such other respective jurisdictions, such covenants as they relate
to each jurisdiction being, for this purpose, severable into diverse and
independent covenants. In the event of any litigation between the
parties under this Section 8, the court shall award reasonable attorneys fees
to
the prevailing party.
9. Confidential
Information, Invention Assignment, Etc. Employee represents and
covenants that Employee has signed and delivered to Parent (or will sign and
deliver upon request) an Employment, Confidential Information, Invention
Assignment, Nonsolicitation and Arbitration Agreement (the “Proprietary
Information Agreement”) in the form set forth in the Consolidated Companies’
Policy Manual. Employee’s execution of such a Proprietary Information
Agreement is a condition precedent to Employee’s eligibility for any rights and
benefits under this Agreement. The Proprietary Information Agreement
and this Agreement shall be interpreted, to the extent possible, as being
mutually consistent with each other, supplementary and both fully enforceable;
provided, however, in the event of an irreconcilable conflict between specific
provisions of each of the two agreements, the specific provisions of this
Agreement shall prevail.
10. No
Conflicts. Employee hereby represents and covenants that Employee’s
performance of all the terms of this Agreement and his work as an employee
of a
Consolidated Company does not and will not breach any oral or written agreement
to which Employee is a party or by which Employee is bound.
11. Equitable
Remedies. Employee acknowledges and agrees that the breach or
threatened breach by him of certain provisions of this Agreement, including
without limitation Sections 8 above, would cause irreparable harm to the
Consolidated Company for which damages at law would be an inadequate
remedy. Accordingly, Employee hereby agrees that in any such instance
Parent or the Company shall be entitled to seek (without prior mediation or
arbitration) injunctive or other equitable relief in any state or federal court
within or without the State of Nevada in addition to any other remedy to which
it may be entitled. Employee hereby submits to the jurisdiction of
any courts within the City of Reno in the State of Nevada and agrees not to
assert such venue is inconvenient.
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12. Assignment.
This Agreement is for the unique personal services of Employee and is not
assignable or delegable in whole or in part by Employee without the consent
of
the Board of Parent. This Agreement may not be assigned or delegated
in whole or in part by the Parent or the Company without the written consent
of
Employee; provided, however, this Agreement may be assigned by the Parent or
the
Company without Employee’s prior written consent if such assignment is made to
an entity that is a Consolidated Company or is acquiring substantially all
of
the business or assets of any Consolidated Company, whether by merger, asset
sale or otherwise.
13. Waiver
or Modification. Any waiver, modification, or amendment of any provision of
this Agreement shall be effective only if in writing in a document that
specifically refers to this Agreement and such document is signed by the parties
hereto.
14.
Entire Agreement. This Agreement, together with the Proprietary Information
Agreement and other agreements required under the Consolidated Companies’
policies, constitute the full and complete understanding and agreement of any
of
the Consolidated Companies and Employee with respect to the subject matter
covered herein and supersedes all prior oral or written understandings and
agreements with respect thereto (including any offer letter associated with
the
commencement of your employment).
15. Severability.
If any provision of this Agreement is found to be unenforceable by a court
of
competent jurisdiction, the remaining provisions shall nevertheless remain
in
full force and effect.
16. Attorneys’
Fees. Should any Company, Parent or Employee default in any of
the covenants contained in this Agreement, or in the event a dispute shall
arise
as to the meaning of any term of this Agreement, the defaulting or nonprevailing
party shall pay all costs and expenses, including reasonable attorneys’ fees,
that may arise or accrue from enforcing this Agreement, securing an
interpretation of any provision of this Agreement, or in pursuing any remedy
provided by applicable law whether such remedy is pursued or interpretation
is
sought by the filing of a lawsuit, an appeal, or otherwise.
17. Confidentiality. Each
of the parties acknowledges that the common shares of Parent are
registered under the Securities Exchange Act of 1934, as amended, and a result,
Parent may be required to, and hereby has authorization to, file this Agreement
or any amendment hereto with the Securities and Exchange Commission without
requesting confidential treatment for any portion hereof.
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18. Notices. Any
notice required hereunder to be given by either party shall be in writing and
shall be delivered personally or sent by certified or registered mail, postage
prepaid, or by private courier, with written verification of delivery, or by
facsimile or other electronic transmission to the other party to the address
or
facsimile number set forth below or to such other address or facsimile number
as
either party may designate from time to time according to this
provision. A notice delivered personally or by facsimile or
electronic transmission shall be effective upon receipt. A notice
delivered by mail or by private courier shall be effective on the third day
after the day of mailing:
(a) To
Employee
at: 0000
Xxxxxxxxxx Xxxxx
Xxxxxx
Xxxxxx, XX 00000
(b) To
Parent/Company
at: Altair
Nanotechnologies Inc.
000
Xxxxxx Xxx
Xxxx,
Xxxxxx 00000
Facsimile
No: (000)
000-0000
19. Disputes;
Governing Law; Arbitration.
(a) Except
as provided in Section 11 and Section 8.5, any dispute concerning the
interpretation or construction of this Agreement or his employment or service
with Company, shall be resolved by confidential mediation or binding arbitration
in Reno, Nevada. The parties shall first attempt mediation with a
neutral mediator agreed upon by the parties. If mediation is
unsuccessful or if the parties are unable to agree upon a mediator within thirty
(30) days of a request for mediation by any party, the dispute shall be
submitted to arbitration pursuant to the procedures of the American Arbitration
Association (“AAA”) or other procedures agreed to by the parties. All
arbitration proceedings shall be conducted by a neutral arbitrator mutually
agreed upon by the parties from a list provided by AAA. The decision
of the arbitrator shall be final and binding on all parties. The
costs of mediation and arbitration shall be borne equally by the
parties.
(b) This
Agreement shall be construed in accordance with and governed by the statutes
and
common law of the State of Nevada (other than any provisions that would cause
the provisions of any other laws to apply). To the extent this
Agreement expressly permits any dispute to be resolved other than through
arbitration or mediation, except as set forth in Section 8.5, the exclusive
venue for any such action shall be the state and federal courts located in
Reno,
Nevada, and the parties each hereby submit to the jurisdiction of such courts
for purposes of this Agreement.
20. Counterparts;
Facsimile. This Agreement may be executed in multiple
counterparts, all of which taken together shall form a single
Agreement. A facsimile copy of this Agreement or any counterpart
thereto shall be valid as an original.
[intentionally
left blank; signature page follows]
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IN
WITNESS WHEREOF, Employee has
signed this Employment Agreement (Level 12 Officer) personally and the Company
and Parent have caused this Agreement to be executed by their duly authorized
representatives.
COMPANY:
ALTAIRNANO,
INC.
a
Nevada corporation
By:
/s/
Xxxx
Xxxxxxx
Name:
Xxxx
Xxxxxxx
Title: President
and
CEO
PARENT:
a
Canadian corporation
By:
/s/
Xxxx
Xxxxxxx
Name:
Xxxx
Xxxxxxx
Title: President
and
CEO
EMPLOYEE:
/s/
Xxxxx Xxxxxxxx
Xxxxx
Xxxxxxxx, an
individual
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