EXHIBIT 10.11
REVISED EMPLOYMENT AGREEMENT
BETWEEN
NET/TECH INTERNATIONAL, INC. AND XXXXX X. XXXXX
WHEREAS Net/Tech International, Inc. (hereafter NTTI) is desirous of employing
Xxxxx X. Xxxxx (hereafter Xxxxx) as President and Chief Operating Officer.
WHEREAS Xxxxx X. Xxxxx is desirous of being employed by NTTI as President and
Chief Operating Officer.
ACKNOWLEDGEMENTS
It is hereby acknowledge that Xxxxx is currently serving as President and Chief
Operating Officer of NTTI and has been since the beginning of calendar year
1996. 1996 salary for Xxxxx is $25,000 (twenty-five thousand dollars). In
addition, it is acknowledged that on January 3, 1996, Xxxxx received a NTTI
stock option for 100,000 (one hundred thousand) shares of NTTI authorized but
unissued shares at $.50 (fifty cents) per share. It is also hereby acknowledged
that Xxxxx has been elected to the NTTI Board of Directors. This agreement shall
cover the time period beginning January 1997.
It is hereby agreed for good and valuable consideration:
1. TERM
This employment agreement shall be for a term of 4 (four) years beginning
January 1997 and continuing to January 2001.
2. SALARY
Xxxxx'x base salary for the 4 (four) year period shall be $100,000 (one hundred
thousand dollars) per year, payable bi-weekly.
a. BONUS Xxxxx shall have the potential to receive bonus income as
follows:
Xxxxx shall receive 5% (five percent) of pretax profits generated from
the Hygiene Guard, sterilization unit (Sterm-Eze) and Battery-less Remote
Control Technology, currently owned by NTTI. Also, if NTTI acquires a company or
technology with no marketing capabilities or insignificant revenues, any
increase as a result of Xxxxx'x activities in marketing will be credited toward
the 5% (five percent) determining factor in computing Xxxxx'x bonus income.
Maximum compensation under this agreement (salary & bonus) shall not exceed
$250,000 (two hundred and fifty thousand dollars) annually.
3. STOCK OPTIONS
In addition to options already received, on January 1, 1997, Xxxxx shall receive
a stock option to purchase an additional 100,000 (one hundred thousand) shares
of NTTI's authorized but unissued, common stock. Exercise price shall be
one-half the average between the Bid and Ask price of NTTI stock on January 15,
1997, or $1.00 (one dollar) per share, whichever is greater. Exercise subject to
SEC Rule 14 holding period.
4. REGISTRATION
If Xxxxx exercises and pays NTTI for existing stock options or options
contemplated in this agreement, NTTI agrees to register Xxxxx'x shares from
these options if and when NTTI completes a stock registration.
5. TIME
It is understood and agreed that Xxxxx shall devote such time as deemed
necessary for performance of his duties as President and Chief Operating
Officer. It is further understood that Xxxxx is involved in other business
activities that would not interfere with his ability to perform his duties as
President and Chief Operating Officer.
6. HEALTH INSURANCE
NTTI shall provide Xxxxx with a mutually acceptable health insurance plan.
Dated Nov. 6, 1996
Agreed To:
NET/TECH INTERNATIONAL, INC.
/s/ XXXXX X. XXXXX 11/7/96 /s/ XXXXXXXXX X. XXXXXXX, XX. 11/17/96
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Date Xxxxxxxxx X. Xxxxxx, Xx. Date
/s/ XXXXXX X. XXXXXXX
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Xxxxxx X. Xxxxxxx
/s/ XXXXXX XXXXXXXXX
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Xxxxxx Xxxxxxxxx
