EMPLOYMENT AGREEMENT
This Employment Agreement (this "Agreement") is made effective as of
March 1, 1998, by and between Odyssey Marine Exploration, Inc., ("Odyssey"),
of 0000 Xxxxxxxx Xxxx, Xxxxx 000, Xxxxx, Xxxxxxx 00000, and Xxxxx X. Xxxxxx,
("Xxxxxx"), 0000 Xxxxxx Xxxxx, Xxxxxx Xxxxx, Xxxxxxx 00000.
Whereas: Odyssey is engaged in the business of researching, developing,
financing and marketing shipwreck projects, and
Whereas: Odyssey desires to have the services of Xxxxxx, and
Whereas: Xxxxxx is willing to be employed by Odyssey,
NOW THEREFORE, the parties agree as follows:
1) EMPLOYMENT. The Company hereby employs Xxxxxx for the term (as
hereinafter defined), to render services to the Company as Secretary and
Treasurer of the Company, and, in connection therewith, to perform such
duties, as he shall reasonably be directed to perform by the Company.
a) Scope of Employment. Xxxxxx is to be employed in the capacity
of Secretary and Treasurer for the Company, with all duties attendant and
incident thereto. Further Xxxxxx agrees to faithfully render, perform, carry
out and conduct such other duties as shall be delegated to him in the sole
discretion of the President of the Company. Xxxxxx understands and agrees
that he is employed to actively pursue the business and best interest of the
Company and Xxxxxx shall devote his full time and energy to the discharge of
his duties hereunder. Xxxxxx agrees that he shall not engage in any other
employment, which shall require time or energy in the discharge of any
obligations thereunder. Notwithstanding anything herein to the contrary
contained, Xxxxxx reserves the right to make investments in other business
ventures, with the exception of those entities which might be contrary to the
interest, welfare or benefit of the Company.
2) COMPENSATION.
a) Base Salary. As compensation for the services provided by
Xxxxxx under this Agreement, Odyssey will pay Xxxxxx an annual salary of $
75,000.00 payable in bi-weekly installments on Friday of every other week.
Upon termination of this Agreement, payments under this paragraph shall cease;
provided, however, that Xxxxxx shall be entitled to payments for periods or
partial periods that occurred prior to the date of termination and for which
Xxxxxx has not yet been paid. Accrued vacation will be paid in accordance
with state law and Odyssey's customary procedures.
b) Bonus. Xxxxxx shall be entitled to receive a bonus of up to
100% of his base salary. All bonus payments shall be based upon job
proficiency and shall be approved by the board of directors.
c) Stock Options. Xxxxxx shall receive options to purchase up to
75,000 shares of Odyssey's Common Stock at a purchase price of $3.00 per
share, in accordance with Odyssey's Employee Stock Options Plan.
d) Medical Insurance. Xxxxxx shall be entitled to participate in
Odyssey's Health Insurance plan and Odyssey shall pay for all premiums related
thereto.
3) REIMBURSEMENT FOR EXPENSES IN ACCORDANCE WITH ODYSSEY POLICY. Odyssey
will reimburse Xxxxxx for all "out-of-pocket" expenses in accordance with
Odyssey policies in effect from time to time.
4) CONFIDENTIALITY. Xxxxxx recognizes that Odyssey has and will have
information regarding inventions, products, prices, costs, future plans,
business affairs, processes, trade secrets, technical matters, customer lists,
product design, copyrights and other vital information (collectively,
"Information") which are valuable, special and unique assets of Odyssey.
Xxxxxx agrees that Xxxxxx will not at any time or in any manner, directly or
indirectly, divulge, disclose, or communicate in any manner any Information to
any third party without the prior written consent of Odyssey. Xxxxxx will
protect the Information and treat it as strictly confidential. A violation by
Xxxxxx of this paragraph shall be a material violation of this Agreement and
will justify legal and/or equitable relief.
5) UNAUTHORIZED DISCLOSURE OF INFORMATION. If it appears that Xxxxxx
has disclosed (or has threatened to disclose) Information in violation of this
Agreement, Odyssey shall be entitled to an injunction to restrain Xxxxxx from
disclosing, in whole or in part, such Information, or from providing any
services to any party to whom such Information has been disclosed or may be
disclosed. Odyssey shall not be prohibited by this provision from pursuing
other remedies, including a claim for losses and damages.
6) CONFIDENTIALITY AFTER TERMINATION OF EMPLOYMENT. The confidentiality
provisions of this Agreement shall remain in full force and effect for a 2
years period after the termination of Xxxxxx'x employment. During such 2 years
period, neither party shall make or permit the making of any public
announcement or statement of any kind that Xxxxxx was formerly employed by or
connected with Odyssey.
7) NON-COMPETE AGREEMENT. Recognizing that the various items of
Information are special and unique assets of the company, Xxxxxx agrees and
covenants that for a period of 2 years following the termination of this
Agreement, whether such termination is voluntary or involuntary, Xxxxxx will
not directly or indirectly engage in any business competitive with Odyssey.
This covenant shall apply to the geographical area that includes the area
within a 100-mile radius of any project that the company is actively
considering. Directly or indirectly engaging in any competitive business
includes, but is not limited to, (i) engaging in a business as owner, partner,
or agent, (ii) becoming an employee of any third party that is engaged in such
business, (iii) becoming interested directly or indirectly in any such
business, or (iv) soliciting any customer of Odyssey for the benefit of a
third party that is engaged in such business
8) VACATION. Xxxxxx shall be entitled to three weeks of paid vacation
for each year of employment beginning on the first day of Xxxxxx'x employment.
Such vacation must be taken at a time mutually convenient to Odyssey and
Xxxxxx, and must be approved by Odyssey.
9) TERM/TERMINATION.
a) Term. Xxxxxx'x employment under this Agreement shall be for
one year, beginning on March 1, 1998, unless otherwise extended.
b) Breach of Responsibility. In the event of gross neglect by
Xxxxxx of his duties hereunder, conviction of Xxxxxx of any felony, or of any
lesser crime or offense involving the property of the Company or any of its
subsidiaries or affiliates, willful misconduct by Xxxxxx in connection with
the performances of his duties hereunder or any other conduct on the part of
Xxxxxx, which would make his continued employment by the Company prejudicial
to the best interests of the Company, the Company may at any time by written
notice with a period of five (5) business days to cure such breach, terminate
the term of Xxxxxx'x employment hereunder, with no requirement of any further
compensation under any of the provisions of this Agreement.
c) Determination by Board of Directors. In the event of a
determination by the Board of Directors of the Company that the continuation
of the employment arrangement of this Employment Agreement is not in the best
interest of the Company, the Company may, at any time, upon its sole
discretion, terminate this Employment Agreement. If such termination is more
than six (6) months from the beginning of the employment year, Xxxxxx shall
receive full equity interest for that year and the subsequent year.
Accordingly, if such termination is less than six (6) months from the
beginning of the employment year, Xxxxxx shall be entitled to receive full
compensation for the balance of the year.
10) COMPLIANCE WITH ODYSSEY'S RULES. Xxxxxx agrees to comply with all
of the rules and regulations of Odyssey.
11) RETURN OF PROPERTY. Upon termination of this Agreement, Xxxxxx
shall deliver all property (including keys, records, notes, data, memoranda,
models, and equipment) that is in Xxxxxx'x possession or under Xxxxxx'x
control which is Odyssey's property or related to Odyssey's business.
12) NOTICES. All notices required or permitted under this Agreement
shall be in writing and shall be deemed delivered when delivered in person or
deposited in the United States mail, postage paid, addressed as follows:
Odyssey:
Odyssey Marine Exploration, Inc.
Board of Directors
0000 Xxxxxxxx Xxxx, Xxxxx 000
Xxxxx, Xxxxxxx 00000
Xxxxxx:
Xxxxx X. Xxxxxx
0000 Xxxxxx Xxxxx
Xxxxxx Xxxxx, Xxxxxxx 00000.
Such addresses may be changed from time to time by either party by providing
written notice in the manner set forth above.
13) ENTIRE AGREEMENT. This Agreement contains the entire agreement of
the parties and there are no other promises or conditions in any other
agreement whether oral or written. This Agreement supersedes any prior
written or oral agreements between the parties.
14) AMENDMENT. This Agreement may be modified or amended, if the
amendment is made in writing and is signed by both parties.
15) SEVERABILITY. If any provisions of this Agreement shall be held
to be invalid or unenforceable for any reason, the remaining provisions shall
continue to be valid and enforceable. If a court finds that any provision of
this Agreement is invalid or unenforceable, but that by limiting such
provision it would become valid or enforceable, then such provision shall be
deemed to be written, construed, and enforced as so limited.
16) WAIVER OF CONTRACTUAL RIGHT. The failure of either party to
enforce any provision of this Agreement shall not be construed as a waiver or
limitation of that party's right to subsequently enforce and compel strict
compliance with every provision of this Agreement.
17) APPLICABLE LAW. The laws of the State of Florida shall govern
this Agreement.
Odyssey:
ODYSSEY MARINE EXPLORATION, INC.
By:______________________________________
Chairman of the Compensation Committee
AGREED TO AND ACCEPTED:
Xxxxxx:
By:______________________________________
Xxxxx X. Xxxxxx
