EMPLOYMENT AGREEMENT
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| 1. | Parties: | XXXXXXXX CONTROLS, INC. ("XXXXXXXX") and XXXXXX X. XXXXXX ("XXXXXX") |
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2. |
Effective Date: |
February 15, 2001 |
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3. |
This Agreement provides for services requested by XXXXXXXX and agreed by XXXXXX as Chief Financial Officer. |
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4. |
XxXXXXXXX has requested and XXXXXX agreed to serve in the capacity of Chief Financial Officer of XXXXXXXX, with all of the duties and responsibilities assigned to this position within the position description agreed between XXXXXXXX and XXXXXX. |
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5. |
XXXXXX'x rate will be fixed at $21,500 per month. |
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6. |
XXXXXXXX and XXXXXX agree to a 2-month contract from the date of execution of this Agreement ("Contract Period"), whereby if XXXXXXXX, or its successor, terminates the contract during the Contract Period without Cause ("Cause" is defined herein as having similar meaning to relevant provisions of Xxxxxxxx employee policy), then Xxxxxxxx will pay to XXXXXX, an amount equal to the remaining balance due for the balance of the Contract Period. |
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7. |
Following the initial contract period, the Contract will continue on a month to month basis until terminated by either party. Any termination of the Agreement after the initial contract period shall be without penalty to Xxxxxxxx. |
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8. |
Payment of the fixed rate will be due monthly in advance, with the first payment due February 15, 2001. |
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9. |
XXXXXXXX shall indemnify XXXXXX from and against any and all claims, liabilities, loss, costs, damages or expenses (including reasonable attorneys' fees) asserted against, or incurred by XXXXXX by reason of, or arising out of this Agreement or performance of this Agreement. Excluded from this indemnification are those claims, liabilities, loss, costs, damages or expenses resulting from the willful misconduct, dishonesty, fraudulent act or omission, or gross negligence of XXXXXX. |
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XXXXXXXX CONTROLS, INC. |
XXXXXX X. XXXXXX |
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IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer under its corporate seal and dated as of April , 2000.
| XXXXXXXX CONTROLS, INC. | |||
By: |
Xxxxxx X. Xxxxxxx, Chief Financial Officer |
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EMPLOYMENT AGREEMENT
