EMPLOYMENT CONTRACT
Wasatch Pharmaceutical, Inc., a Utah Corporation, hereby confirms that Wasatch
has offered this Employment Contract to XXXXX X. XXXXX and that XXXXX X. XXXXX
has accepted this Employment Contract under the following terms and conditions:
1. For a five year period beginning September 1, 2000 and ending August 31,
2005, Xxxxx Xxxxx will be the Vice President of Wasatch Pharmaceutical, Inc.and
Corporate Secretary with all appropriate duties and responsibilities associated
with that office as defined by the Board of Directors. Additional duties may be
assigned by the Board of Directors of Wasatch Pharmaceutical, Inc.
2. Xxxxx Xxxxx will receive a base salary of $150,000 per year, with a 10%
annual increase. Additional salary increases will be based on performance
criteria to be determined by the Board of Directors. Anytime during the period
of this contract, if it is determined by the Board of Directors that this salary
puts Xxxxxxx in jeopardy, such salary will be reduced, with the difference to
accrue and be paid at such time Wasatch is profitable. Acquisition, expansion,
research and other such endeavors shall not be justification to withhold the
salary in question or the accrued difference.
3. This Employment Contract is binding upon the company for the above term and
cannot be altered or changed by the Board unless there is evidence of
significant malfeasance in office or evidence of intentional criminal
wrongdoing. If any changes are made by new officers or directors in opposition
to this agreement, Xxxxx Xxxxx has the right to accelerate this agreement and
have all conditions for the full remainder of the agreement due and payable on
demand.
4. A full compensation package is being developed by the Compensation Committee
of the Board which will include this base salary plus loans, stock, stock
options, health insurance, retirement, bonuses, and pay increases, and will be
finalized by December 31, 2000. Xxxxx Xxxxx shall receive the same consideration
as all other officers in the compensation package that shall be put in place by
the Compensation Committee of the Board of Directors.
Dated and signed this 1st day of September, 2000.
WASATCH PHARMACEUTICAL, INC.
/s/ Xxxx X. Xxxxxx /s/ Xxxxx X. Xxxxx
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Xxxx X. Xxxxxx, Chairman of the Board Xxxxx X. Xxxxx
Passed by a resolution of the Board of Directors on September 18, 2000.
/s/ Xxxxx X. Xxxxx /s/ Xxxxxx Xxxxx
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Corporate Secretary Xxxxxx Xxxxx
