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EXHIBIT 10.14
May 19, 0000
Xxx X. Xxxx
00 Xxxx Xxxxxx
Xxxxxxxxx, XX 00000
EMPLOYMENT AGREEMENT
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Dear Xx. Xxxx:
The purpose of this letter is to summarize the terms of our agreement for your
employment as President and CEO of Linkon Corporation. This full time position
reports to me as Chairman and to the Board of Directors. It is located in our
Fairfield, CT office. Following are the terms of employment:
1.) RESPONSIBILITY
You will have primary executive responsibility for the company. You will
specifically be responsible for the overall strategic direction, financial
results, daily operations and personnel decisions for Linkon Corporation as a
publicly traded company. Attachment I to this letter provides a more detailed
definition of duties.
2.) COMPENSATION
1. A monthly base salary of $12,500 which will be reviewed annually.
2. A performance bonus of $25,000 paid annually based upon achievement of
goals as defined in Attachment 2 of this letter.
3.) OPTIONS
1. You will participate in the Linkon stock option plan.
2. You will receive in any event, 150,000 fully vested options as a
signing bonus with this contract.
4.) BENEFITS
1. Linkon has health and life insurance programs for which you are
eligible.
2. Linkon has a 401K program for which you are eligible.
3. You will be entitled to one month vacation.
4. You will receive an auto allowance of $700 per month.
5.) TERM
The term of this employment agreement shall commence on the day of the signing
of this employment agreement and shall continue for three years or until
otherwise terminated in this agreement.
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Xxx X. Xxxx Employment Agreement
May 19, 1998
Page Two
6.) Termination
1. In the event you are terminated for cause, you will receive no
compensation. "Cause" is defined as: (i) Violation of any rule or
regulation of any regulatory organization or Governmental agency which
is injurious to Linkon. (ii) Your conviction of a felony. (iii) Your
conviction of any crime involving moral turpitude. (iv) A finding that
you sexually harassed or discriminated against any company employee.
(v) A material breach of the terms of this offer.
2. Should Linkon terminate you, you will receive a severance payment
equal to one year salary plus any bonus earned and benefits.
3. In the event, Linkon undergoes a sales, merger or acquisition to a 3rd
Party resulting in your termination, you will receive a severance
payment equal to two years of base salary plus any bonus earned and
benefits.
7.) INDEMNIFICATION
Linkon will indemnify you for any and all claims, suits, proceedings, damages,
losses or liabilities incurred by you and arising out of any acts or decisions
done or made by Linkon from the signing of this agreement. Linkon agrees to pay
your reasonable expenses, including reasonable attorney's fees, actually
incurred by you in connection with the defense of any such action, suit or
proceedings and in connection with any appeal thereon including the cost of
court settlements if such settlement is agreed to by Linkon. Nothing contained
herein shall entitle you to indemnification by Linkon in excess of that
permitted by applicable law.
8.) NON-COMPETITION
You agree that in consideration for Linkon's agreement contained in this offer,
you will not directly operate any business which is in competition with the
business of Linkon.
Please sign this letter as an indication of your acceptance of these terms of
employment.
Sincerely,
Xxxxxxx Xxxxxxxx
Chairman and CTO
enclosure (2) I accept the terms of this employment agreement,
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Xxx X. Xxxx Date
