EXHIBIT 10.6
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 Xxxxx Xxxxxxxxx residing at 0000 Xxxxx
Xxxxx Xxxxxx, Xxxxxx Xxxxxxx, Xxxxxxxxx 00000, (the "employee").
WITNESSETH
WHEREAS, the Employee plans and directs all aspects of the organization's
financial operations and is being hired as the Company's Chief Financial
Officer. Xxxxxxxxx accepts and agrees to such employment at will.
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 Xx. Xxxxxxxxx
for a period of three years.
A. The Company agrees to pay Xx. Xxxxxxxxx an annual salary of
$117,000 during the first year of this agreement.
B. The Company agrees to increase the monthly salary in years
two and three by 10%.
C. The Company agrees to provide Medical, and Dental insurance
for Xx. Xxxxxxxxx and his family.
D. Company agrees to provide Xx. Xxxxxxxxx a monthly
automobile allowance of $500.
E. The Company will reimburse Xx. Xxxxxxxxx for reasonable
out-of-pocket expenses. The Company will also pay for Xx.
Xxxxxxxxx'x involvement in professional associations.
2. The term of this agreement shall be three years commencing on
January 1, 2004. The laws of the State of Minnesota shall govern
this agreement.
3. If Xx. Xxxxxxxxx'x employment is terminated without cause, he will
be entitled to receive his base salary earned to date plus
Xxxxxxxxx shall be entitled to cash
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severance pay in an amount equal to seventy-five (75%) of the
pay which would otherwise have been earned and received had
Xxxxxxxxx continued at his then current Base Salary for
twenty-four month's. Cash severance pay shall be payable in
monthly installments equal to seventy-five (75%) of the Base
Salary monthly payments at termination until such amount has been
paid so as to satisfy this provision.
4. Xxxxxxxxx shall be granted, as of the Effective Date hereof, an
option to purchase 75,000 shares ("Option") of the Company's
common stock at $2.00 per share for a period of three years, and
Xxxxxxxxx shall agree to lock up all shares owned by Xxxxxxxxx in
the lockup agreement for Directors, Officers, and key Shareholders
as required by Viper's underwriter for its initial public
offering.
5. Accrued vacation will be paid in accordance with state law and
Viper's customary procedures. Employee will receive three weeks of
paid vacation, per year.
6. Xxxxxxxxx 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 of Viper may require from time to time.
7. Xx. Xxxxxxxxx can terminate this agreement at any time and by the
company with cause.
8. Xx. Xxxxxxxxx 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/ Xxxx Xxx
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Its: Vice President/Director 1/8/04
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Viper Motorcycle Company
By: /s/ Xxxxx X. Xxxxxxxxx 1/8/04
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Employee
