Exhibit 00x
Xxxxxxxx Xxxxxxxxxxx, 00 Xxxxxx Xxxx. XX Xxx 0000, Xxxxxxxxx,
Xxxxx Xxxxxxxx, XXX 00000-0000
Cyberlux
A new brilliance in light
Executive Employment Agreement
This agreement of employment is effective as of September 1,
2000, by and between Cyberlux Corporation ("Employer") and Xxxx
X. Xxxxxxxx ("Executive Employee").
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 shal1 perform the following duties and
fulfill the following responsibilities: (a) the Executive Title
shall be Senior Vice President (hereinafter "SRVP"); (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 SRVP's employment under this agreement shall commence on
September 1, 2000 and shall terminate on August 31, 2005. The
SRVP's contract of employment may otherwise terminate upon
occurrence of any of the following events: (a) death or
disabi1ity of the SRVP; (b) failure of the SRVP 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 or the SRVP a minimum of $200,000 or an amount
equal to twice the SRVP's annual salary, including allowances
and/or bonuses; (b) failure to perform due to ill health, the
Company will have provided for disability insurance or other
funding sources to pay the disabled SRVP 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 SRVP's
cumulative salary, including allowances and/or bonuses, which
shall be payable upon withdrawal from office.
3. Compensation of the SRVP shall be by salary payable biweekly,
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 September 1, 2000 through November 30,
2000 the SRVP is to be paid a base salary of $3,000 per month. In
consideration of the minimal salary agreement the SRVP will
receive a bonus compensation payment of $6,000 upon conclusion of
the second offering of Cyberlux securities during the Fall of
2000. For the period November 1, 2000 through December 31, 2000,
the SRVP is to be paid a base salary of $4,500 per month. Upon
the installation of the Director of Operations in Sarasota, FL
and the successful conclusion of the second offering of Cyberlux
securities, the SRVP will receive a bonus compensation payment of
$4,500 payable on or after January 1, 2001. For the period
January 1, 2001 through June 30, 2001, the SRVP will be paid a
salary of $6,500 per month. Bonus compensation, based upon the
performance of Cyberlux Corporation, and salary adjustments to
be reviewed during the third
Telephone (000) 000-0000 Email xxxxxxxx@xxxxxx.xxx Facsimile (000) 000-0000
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Cyberlux Corporation, 00 Xxxxxx Xxxx. XX Xxx 0000, Xxxxxxxxx,
Xxxxx Xxxxxxxx, XXX 00000-0000
quarter of each year. The SRVP is to receive full health plan
coverage which extends to his spouse, an automobile allowance of
$500 per month; term life and disability insurance.
4. The SRVP, Xxxx X. Xxxxxxxx, 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.
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 wil1 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 Xxxx X. Xxxxxxxx unless
amended by a subsequent written instrument signed by both
parties.
Cyberlux Corporation Executive Employee
By /s/ Xxx Xxxxx /s/ Xx Xxxxxxxx
------------------------- ----------------------------
Its Chief Executive Officer Title: Senior Vice President
Attest:
By /s/ Xxxx X. Xxxxx
-------------------------
Its Secretary
Telephone (000) 000-0000 Email xxxxxxxx@xxxxxx.xxx Facsimile (000) 000-0000
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