Exhibit 10.47
EMPLOYMENT AGREEMENT
Employment Agreement made as of the 20th day of September 2002, by and between
Ultralife Batteries, Inc. (the "Company") and Xxxxxxx X. Xxxxxxx (the
"Executive").
INTRODUCTION. The Executive is an employee of the Company as of the date
of this Employment Agreement. The Company and the Executive are desirous of
entering into this Employment Agreement.
1. EMPLOYMENT. The Company will employ the Executive as the Chief
Operating Officer of the Company, reporting to the President and Chief
Executive Officer.
2. COMPENSATION.
(a) Salary. The Executive will receive a salary of $125,000 per
annum. In no event will the Executive's salary be less than $125,000
per annum during his employment except in that case where management
or senior management has imposed upon it a temporary salary cut. The
Executive acknowledges that at the time of the making of this
agreement, Executive's salary has been reduced by 10% in a temporary
measure as set forth above.
(b) Other Benefits. The Executive will participate in all
perquisites afforded to its senior management personnel from time to
time, including participation in any bonus plans established for
management or senior management of the Company.
3. TERM.
(a) This agreement is for "at-will" employment. However, should
Executive be terminated by the Company except for "cause", as
defined below, prior to July 1, 2003, Executive shall be entitled to
receive within 30 days following such termination $125,000. As used
herein, "cause" shall be limited to gross negligence, willful
misconduct or conviction of a felony. Executive shall have one (1)
year after employment separation to exercise any vested but
unexercised stock options.
(b) On February 1, 2003, both the Company and the Executive shall
have the option of terminating this agreement effective June 30,
2003. Notice of intent to terminate shall be made in writing and
delivered to the other party by February 1. In the event neither
party opts to terminate, this agreement shall renew automatically
for another year, each year, and the parties shall continue to be
required to give notice of intent to terminate by February 1 of the
year in which the agreement is intended to be terminated effective
June 30.
4. MISCELLANEOUS. This Agreement is the entire agreement with respect to
the employment of the Executive by the Company and may be amended only by
a written agreement signed by both parties to this Agreement. This
Agreement shall be governed by the internal laws of the State of New York.
IN WITNESS WHEREOF, the parties have signed or caused this Agreement to be
signed as of the date first set forth above.
Ultralife Batteries, Inc.
/s/ Xxxxxxx X. Xxxxxxx
--------------------------
By: /s/ Xxxx X. Xxxxxxxxxxx Xxxxxxx X. Xxxxxxx
----------------------------
64
