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EXHIBIT 10.19
[CENSTOR LOGO]
COMPENSATION AGREEMENT
This compensation agreement between Censtor Corp. ("Censtor"), employer, and
Xxxxxx Xxxxxx, employee, is entered into this 29th day of July, 1997. Under
this agreement, Xxxxxx Xxxxxx, who will serve as Corporate Secretary, Finance
Director, and a director of the Company if elected at the September 3, 1997
Annual Shareholders Meeting, will receive, as incentive compensation (if
elected), a bonus of 1.5% of all net licensing revenue received by the Company
as long as she serves in those positions (including any proposed agreements
under negotiations as of the date of this agreement.)
As compensation for fulfilling the requirements of her positions as Finance
Director and Corporate Secretary, Xx. Xxxxxx will also receive compensation in
the gross amount of $4,000/month to be paid monthly on the 15th of every month,
commencing on September 1, 1997, as long as she serves in those positions. In
the event that the number of hours worked in a given three (3) month period
exceeds 180, she will be paid at the rate of $75/hour for the excess hours. She
will also be entitled to two (2) months severance pay in the event her
employment is terminated by Censtor without cause or if Censtor becomes
insolvent.
Agreed to by: /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
Agreed to by: /s/ Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
