Exhibit 10.35
Memorandum
To: Xxxxxx Xxxxx
CC: Xxxxxxx Xxxxx
Xxxxxx Xxxxx
From: Xxxxxxx Xxxxx
Date: 02/23/00
Re: Employment Contract
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The following is an Outline of the Terms of an Employment Contract which I am
Offering on behalf of MPA to You as Senior Vice President Of Operations.
1) Guaranteed Salary Of $250000.00
2) A Bonus Program which pays Additional Salary (approx. $50000.00 to
$100000.00) The Terms of which are to be mutually Agreed upon by MPA and
Yourself.
3) One (1) Year Severance Agreement which Guarantees $300000.00 to be paid
within 60 days of Termination, during the Term of the Employment
Contract.(The terms of which are to mutually agreed upon by MPA and
Yourself.)
4) Three (3) Weeks Vacation Annually
5) Existing PPO or Comparable Health Plan
6) Existing Stock Options (aprox. 63000) To be revalued or New Options
issued at a value to be agreed upon by both MPA and yourself and at a
time which is mutually agreeable to both parties.
7) Exclusive use of Your existing Company Car and Gas Credit Card or Car
Allowance of Equal value.
8) A Signing Bonus (Payable by April 15the 2000) in an Amount Equal to the
total Amount of Funds remaining in Your Deferred Compensation Plan
including all Previous Penalties Paid, Company Matching Funds and any
Future Penalties. Or all funds remaining in your Deferred Compensation
Plan Equal to previous Penalties Paid, Company Matching Funds and any
Future Penalties.
9) Indemnification Specified in the Employment Contract which Explicitly
Reaffirms Your Indemnification by MPA and provides for certain Specific
Indemnity as agreed by You.
10) The Option on Your part to Unilaterally Terminate the Contract with 60
days Written Notice or Remain Employed with the Contract in Full Force
and Effect until the End of the Term of the Contract.
11) The Term of the Contract Shall be Three (3) years
Accepted By:________________________________ Xxxxxxx Xxxxx CEO
Accepted By:________________________________ Xxxxx Xxxxx SVP Ops
