Cyberlux Corporation Executive Employment Agreement
EXHIBIT 10.1
Cyberlux Corporation
Executive Employment Agreement
This agreement of employment is effective as of July 1, 2000, by and between Cyberlux Corporation ("Employer") and Xxxxxx X. Xxxxx ("Executive Employee") AMENDED as of January 1, 2003.
For good and valuable consideration, receipt of which is hereby acknowledged, the Employer (hereinafter "the Company" or "Cyberlux") employs the Executive Employee in accordance with the following terms and conditions.
1. The Executive Employee shall perform the following duties and fulfill the following responsibilities: (a), the Executive Title shall be President, Chairman of the Board and Chief Executive Officer (hereinafter "CEO"); (b) duties shall extend to governance of all policies, procedures, operations and commitments of the Company; and (c) responsibility is full management accountability to the Board of Directors.
2. The CEO's employment under this agreement shall commence on July 1, 2000 and shall, AS AMENDED, terminate on June 30, 2008. The CEO's contract of employment may otherwise terminate upon occurrence of any of the following events: (a) death or disability of the CEO; (b) failure of the CEO to perform his duties satisfactorily due to ill health; or (c) voluntary withdrawal from office after nomination of a duly qualified successor. In the event of (a) death or disability, the Company will have provided for insurance or other funding source to pay to the spouse of the CEO a minimum of AS AMENDED, $360,000 or an amount equal to twice the CEO's annual salary, including allowances and/or bonuses; (b) failure to perform due to dl health, the Company will have provided for disability insurance or other funding sources to pay the disabled CEO 65% of his salary, including allowances and/or bonuses, that were in effect at the time of his disability through the remaining term of this contract; and (c) voluntary withdrawal, the Company will have provided a retirement benefit equal to 55% of the CEO's cumulative salary, including allowances and/or bonuses, which shall be payable upon withdrawal from office.
3. Compensation of the CEO shall be by salary payable semimonthly, by bonuses consistent with certain thresholds of performance and through a stock option plan to be established by the Board of Directors. For the period, AS AMENDED, January 1, 2003 through December 31, 2003 the CEO is to be paid a base salary of $15,000 per month. The CEO is to receive full health plan coverage which extends to his spouse, an automobile allowance of $600 per month; term life and disability insurance.
4. The CEO, Xxxxxx X. Xxxxx, will not at any time during the tenure of this agreement, or for a period of three years subsequent to the termination of this agreement, engage in any business competitive to that of Cyberlux Corporation unless such engagement may be on behalf of or inure to the benefit of the Company.
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Cyberlux Corporation
5. Any dispute that may arise concerning fulfillment of the terms and conditions of this contract will be resolved by binding arbitration of the parties hereto. Each party shall select one arbitrator and both such arbitrators shall select a third. The arbitration will be governed by the rules of the American Arbitration Association then in force.
6. The terms and conditions of this contract will continue to any successor ownership of Cyberlux Corporation that may occur through reorganization, merger with or acquisition by another entity or entities. This agreement constitutes the complete understanding between the Company and Xxxxxx X. Xxxxx unless amended by a subsequent written instrument signed by both parties.
Cyberlux Corporation Executive Employee
By /s/ Xxxx
H Ninnneman
/s/
Xxxxxx X. Xxxxx
Xxxx X.
Xxxxxxxx Xxxxxx
X. Xxxxx
Its Senior
Vice President & Director Title:
Chief Executive Officer
Attest:
By /s/ Xxxx
X. Xxxxx
Xxxx X. Xxxxx
Its Secretary & Director
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