Employment Contract
Exhibit 10.26
This contract defines the terms and conditions of employment by INRAD, Inc. of
Xxxxxxx Xxxxxx.
Position Description
Vice President - Manufacturing.
The position will report to the President and CEO, and will have full
responsibility for all commercial production operations of the Company, subject
to approval by the President where appropriate.
The following terms and conditions apply to your employment:
Terms and Conditions
Duration
Two (2) years minimum commitment unless terminated earlier by mutual agreement.
In case of early termination, a severance payment of up to six (6) months salary
will be made by INRAD, Inc. to complete the two year minimum requirement.
Compensation
1999 2000
------- -------
Salary ................................... 115,000 115,000
Sign-on Bonus ............................ 10,000 -0-
Performance Bonus ........................ 8,625 23,000
(nominal 15 to 25%
against targets)
------- -------
Total .................................... 133,625 138,000
Stock options: - 7,500 ISO at start date ($1.00 Strike Price)
- Additional 7,500 if Year End Operating Margin is better
than (-$300K)
Moving Expenses
INRAD, Inc. will pay all direct expenses related to the move, including closing
costs for the sales of your present house, packing and transportation of
household goods and up to three (3) months temporary hotel/housing expenses in
the Northvale commuting area up to a maximum of $3000.00 per month.
