Exhibit 10.58
POLAR MOLECULAR CORPORATION
EMPLOYMENT AGREEMENT
AGREEMENT, made as of the 1st of August, 2002, by and between POLAR MOLECULAR
CORPORATION (PMC), 0000 Xxxxx Xxxxxx Xxxxxx, Xxxxxx, Xxxxxxxx 00000, and Xxxxxxx
X. Xxxxxxxxxx (Xxxxx) at 0000-X Xxxxx Xxxxxx Xxxx, Xxxxxx Xxxxx, Xxxxxxxxxx
00000.
Position:
Xxxxx Xxxxxxxxxx will work as an employee, reporting directly to Xxxx X. Xxxxxx,
Chairman, President and CEO of PMC. Xx. Xxxxxxxxxx'x title will be Executive
Vice President, Director of Global Operations.
Responsibilities:
Xx. Xxxxxxxxxx will be responsible to establish and secure the manufacture and
delivery of Polar Molecular Corporation products from sources and to customers
on a global basis. Additional duties will include general operating
responsibilities and regular assignments from Mr. Xxxx Xxxxxx.
Work Location:
The primary work location will be his home.
Salary:
Compensation of $120,000 per annum, will be paid beginning when the demands of
the position require a full time work schedule. Initially, Xx. Xxxxxxxxxx will
be paid on a per diem basis equal to $1,000 per day. Xx. Xxxxxxxxxx will be paid
monthly. PMC will pay typical salary related benefits, such as FICA, however,
PMC will not provide for health or life insurance or any retirement benefits. A
paid vacation time of four weeks per year and sick leave of two weeks per year
will be provided by PMC.
Stock Subscription:
Xxxxx Xxxxxxxxxx will be allowed to subscribe, upon execution of this contract
to 111,112 shares of PMC common stock valued at $.0001 per share (fair market
value).
Duration:
The duration of this contract will be two years, beginning on or about August 1,
2002, and ending on or about July 31, 2004, renewable for successive one-year
periods by the mutual consent of the parties.
Work Schedule:
The work schedule is expected to be flexible and involve a minimum of 40 hours
per week. Sometimes, longer than 40 hours per week may be required, however, the
additional time will not result in overtime salary. Significant travel is
anticipated and time off to recuperate will be made available by PMC as the
occasion warrants.
Office Equipment:
If necessary for the home office, PMC will provide necessary funds for
establishing an office, including telephone and fax costs, secretarial services
if needed, a state of the art computer, printer, and necessary software.
Business Expenses:
Where appropriate, all regular recurring monthly costs incurred will be billed
directly to PMC for payment. In addition, Xx. Xxxxxxxxxx will xxxx PMC monthly
for out of pocket expenses incurred, and PMC will reimburse him within not more
than 30 days.
Travel and Related Expenses:
Xxxxxxx X. Xxxxxxxxxx will be provided with a corporate credit card and will
charge all expenses for travel, including air travel costs, lodging costs,
meals, taxi, etc. to this card for payment. Airline travel will typically be
coach fairs, if coach travel is unavailable, then an upgrade will be allowed. On
international flights, an upgrade to business fare will be allowed.
Accepted and acknowledged as of the date first above written.
POLAR MOLECULAR CORPORATION
By: /s/ Xxxx X. Xxxxxx /s/ Xxxxxxx X. Xxxxxxxxxx
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Xxxx X. Xxxxxx Xxxxxxx X. Xxxxxxxxxx
Chairman, President & CEO
