Exhibit 10.25
MEMORANDUM
TO: Xxxx Xxxxxxx
Rue Xxxxxxxx
FROM: Xxxxx Xxxxxx
DATE: April 16, 2004
SUBJECT: EMPLOYMENT AGREEMENT
Gabe/Rue:
This employment agreement covers the major points between US Helicopter and Xxxx
X. Xxxxxx (Xxxxx) and replaces all prior agreements.
- POSITION - Chief Executive Officer/President/Board of Directors
Member
- SALARY - $225,000 Per annum with an annual salary review and a
minimum cost of living adjustment of 5%
- EQUITY - 23.5% of US Helicopter Stock that will be issued at the
same time as the other founding participants
(Xxxx/Xxxxx/Xxxxx/Xxxx/Xxx/Xxxxx) outlined in my 4/14/2004 E-mail
"Coming Together Agreement"
- PERFORMANCE INCENTIVE PLAN - TIED TO EBITDA PERFORMANCE
PERFORMANCE TARGET = PERFORMANCE INCENTIVE
------------------ - ---------------------
95% of EBITDA = 50% of Salary
100% of EBITDA = 75% of Salary
105% of EBITDA = 100% of Salary
110% of EBITDA = 125% of Salary
115% of EBITDA = 150% of Salary
120% of EBITDA = 175% of Salary
125% of EBITDA = 200% of Salary
Formula shall continue for each 5% over EBITDA Performance...
Performance Target will increase by increments of 25%
Page Two: Xxxx X. Xxxxxx (Xxxxx)
Employment Agreement
- CONTRACT PERIOD - Five (5) Years
- BENEFITS - CEO/President Benefits Plan will be established and
agreed to by both parties
US Helicopter's lawyer will prepare a formal employment agreement as soon as
possible. The signatures below represent the acceptance of these terms for US
Helicopter by Co-founders Xxxx Xxxxxxx/Xxx Xxxxxxxx and Xxxx X. Xxxxxx (Xxxxx).
/s/ Xxxxxxx Xxxxxxx Date_____ /s/ Xxxx X. Xxxxxx Date_____
------------------------------------ ----------------------
Xxxxxxx Xxxxxxx Xxxx X. Xxxxxx (Xxxxx)
Co-founder
/s/ Xxx Xxxxxxxx Date_____
------------------------------------
Xxx Xxxxxxxx
Co-founder
