Exhibit 10.2
Employment agreement between RTS Wireless (the "Company") and Xxxxxxx X.
Xxxxxxxx (the "Employee") dated as of December 23, 1999:
Effective date: December 23, 1999
Title: Vice President, Finance and Chief Financial Officer
Term: 3 years
Salary: $150,000 to start, increasing to $200,000 upon effectiveness of
Company's proposed Initial Public Offering. Thereafter annual salary increases
and bonuses at the discretion of the Board of Directors.
Benefits: Medical, disability and other benefits generally available to other
senior officers of the Company. Automobile reimbursement - $750 per month
towards payment of car lease, $2,000 per year insurance and repairs and
maintenance.
Severance: 6 months unless terminated for cause, in which case severance to be
zero.
Vacation: 4 weeks with carryforward of any unused time. In the event of
termination, all unused vacation time to be paid in cash.
Stock options: 75,000 at option price of $.50 per share with all options
immediately exercisable (such number of options to be adjusted for all
subsequent stock splits and similar changes to capitalization). In the event of
IRS audit of Employee resulting in taxable income to Employee and corresponding
tax deduction for the Company, Company will remit such benefit derived from tax
deduction to Employee necessary to compensate Employee for any incremental taxes
owed.
T&E: Reimbursement of all properly documented reasonable and customary T&E,
including cell phone and other expenses incurred at home necessary for carrying
out Employee's duties.
Agreed to by:
/s/ Xxxxxxx X. Xxxxxxxx /s/ Xxxxx X. Ring
----------------------------------- ----------------------------------------
Xxxxxxx X. Xxxxxxxx Xxxxx X. Ring
Employee President & CEO
RTS Wireless
