EXHIBIT 10.2
EMPLOYMENT AGREEMENT
Agreement made this 1st day of January 2004 by and between Viper Motorcycle
Company with principal offices located at 0000 Xxxxxxxxxxxxx Xxxxxxx, Xxx Xxxx,
Xxxxxxxxx 00000 XXX, (the "company") and Xxxx X. Xxxxxxxxxx residing at 0000
Xxxxxxxxx Xxxx, Xxxxxxxxx, Xxxxxxxxx 00000 XXX, the Chairman and CEO (the
"employee").
WITNESSETH
WHEREAS, the Employee reviews all manufacturing and development plans and
directs all aspects of the organization's objectives, and initiatives.
WHEREAS, the company desires to utilize the services of the Employee in
connection with its business.
WHEREAS, this agreement supercedes any previous understanding between the
two parties, written or oral.
NOW, THEREFORE, in consideration of the premises and the mutual covenants
hereinafter set forth, the parties hereto agree as follows:
1. The Company agrees to an employment agreement with Employee for a
period of two (2) years.
A. The Company agrees to pay Employee an annual salary of
$99,000 with a 10% increase effective January 1, 2005.
B. The Company agrees to provide comprehensive medical
insurance for Employee and his family.
C. The Company will reimburse Employee for reasonable
out-of-pocket expenses.
D. The Company agrees to provide employee an automobile
allowance of $500 monthly and will reimburse employee for
reasonable automobile expenses.
2. The term of this agreement shall be two years commencing on
January 1, 2004. The laws of the State of Minnesota shall govern
this agreement.
3. If Employee's agreement is terminated without cause, Employee will
be entitled to receive all fees earned to date plus Employee shall
be entitled to cash severance fees in an amount equal to
seventy-five (75%) of the fees which would otherwise have been
earned and received had Employee continued at for twenty-four
month's. Cash severance fee shall be payable in monthly
installments equal to
seventy-five (75%) of the Base monthly fee payments at termination
until such amount has been paid so as to satisfy this provision.
4. Employee shall agree to lock up all shares owned by Employee in
the lockup agreement for Directors, Officers, and key Shareholders
as required by Viper's underwriter of its initial public offering.
5. Employee agrees to perform faithfully, industriously, and to the
best of his ability, experience, and talents, all of the duties
that may be required by the express and implicit terms of this
Agreement, to the reasonable satisfaction of Viper. Such duties
shall be provided at such place(s) as the needs, business, or
opportunities at Viper may require from time to time.
6. Employee can terminate this agreement at any time and by the
company with cause.
7. Employee shall keep all company information, trade secrets, vendor
contacts, and any other information material to the company
strictly confidential at all times.
IN WITNESS WHEREOF, the parties hereto have duly executed this agreement on the
day and year first above written.
By: /s/ Xxxxx Xxxxxxxxx
-----------------------------------
Its: Chief Financial Officer
-----------------------------------
Viper Motorcycle Company
By: /s/ Xxxx X. Xxxxxxxxxx
-----------------------------------
Employee
2
