Exhibit 10.63
SKYLINE MULTIMEDIA
ENTERTAINMENT, INC
EMPIRE STATE BUILDING
000 XXXXX XXXXXX, XXXXX 000
XXX XXXX, XX 00000
(000) 000-0000 FAX (000) 000-0000
April 10, 2001
Xx. Xxxxxxx Xxxx
0 Xxxxxxx Xxxx
Xxxxxxxx, XX 00000
Dear Xxxxxxx:
The purpose of this letter is to memorialize the terms of your employment
contract, which we have agreed upon:
1. This Agreement is between Skyline Multimedia Entertainment Inc.
("Skyline") and Xxxxxxx Xxxx ("Xxxx") an individual.
2. Leeb agrees to work full-time and exclusively for Skyline as its Chief
Operating Officer. In such capacity, Xxxxxxx Xxxx shall be covered
and indemnified by Skyline to the full extent of the Company's
Directors' and Officers' liability insurance.
3. This Agreement is for a period of 2 years, beginning January 1, 2001.
4. Either party may cancel this Agreement upon 90 days written notice.
5. Beginning January 1, 2001 Skyline will pay Leeb a base rate of $150,000
per year.
6. In each subsequent year, beginning with the year 2002, Leeb will
receive an increase in the base rate of at least 5%.
7. In addition to base pay Leeb will receive a guaranteed bonus of
$25,000.
8. The minimum annual bonus of $25,000 will be divided into four
quarterly payments, payable within one month after the end of each
calendar quarter(April, July, October, January).
9. In the event that Skyline exercises its right to cancel this
Agreement, and Leeb continues to work for the full 90 day notice
period, the minimum annual bonus set forth in this Agreement will
continue in effect during the notice period. Otherwise, the
minimum annual bonus will terminate as of the date the company
cancels this Agreement.
10. In the event Leeb cancels this Agreement, the minimum annual bonus will
end on the day Leeb cancels this Agreement.
11. Annually, the Board of Directors will review Leeb's performance
and based on their evaluation, Leeb will receive a performance
bonus at the Board's discretion.
12. Skyline will match any funds Leeb contributes to an XXX account,
to the legal limit in effect as of the date of this Agreement.
Skyline's matching payment, if any, each year, will be paid by
March 31 each year, provided however, that Leeb gives the company
satisfactory documentation of his contribution no later than March
1. Otherwise, Skyline will make payment to Leeb within 30 days
providing such documentation.
13. Skyline will provide family health care insurance to Leeb without any
financial contribution on his part.
14. In addition, Leeb will receive options pursuant to an option plan to
purchase 1% of the shares of Skyline Multimedia Entertainment Inc.
subject to the vesting schedule set forth in such agreement.
15. In the event that Skyline excersize its right to cancel this
Agreement, or this Agreement is not renewed, or the company is
sold and Leeb's employment is terminated as a result, and provided
that Leeb works for the entire 90 day notice period, at the end of
the 90 day notice period Leeb will be entitled to receive six
months of severance pay at his base rate of pay.
16. The employment contract between Skyline and Leeb dated January 13,
2001 shall remain in effect until January 1, 2001, that date upon
which this contract becomes effective.
Signed this 12 day of April, 2001 /s/ Xxxxxxx Xxxx
-----------------
Xxxxxxx Xxxx
Acknowledge and agreed upon:
/s/ Xxxx X. Xxxxxx Date: 4/10/01
Xxxx X. Xxxxxx, Member of the Board of Directors
(Prospect Street Ventures)
Date: _________
Xxxxxx Xxxxxx, Chairman of the Board
/s/ Xxxx Xxxxx Date: _________
Xxxx Xxxxx, Member of the Board of Directors
(Prospect Street Ventures)
