EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT ("Agreement") is effective as of this day of 1996
(the "Effective Date"), by and between SGI International, a Utah Corporation
("SGI"), and an individual ("Employee").
In consideration of the mutual agreements and the promises herein contained,
the parties hereto agree as follows:
1. Employment. SGI hereby employs Employee and Employee hereby accepts
employment with SGI on the terms and conditions set forth in this Agreement.
2. Term of Employment. The term of this Agreement shall commence on the
Effective Date and continue until terminated, which may be done by either
party at any time on fourteen (14) days written notice to the other party.
3. Duties. Employee shall devote his full productive time to the duties
assigned to him. "Full productive time" is hereby defined as that time
reasonably necessary to perform his required duties in a timely manner,
but not less than forty (40) hours per week, for fifty-two (52) weeks per
year, less holidays, sick leave, and vacation time in accordance with the
then-prevailing policies of SGI.
4. Compensation. In consideration of Employee's performing the duties
described herein, SGI agrees to compensate employee as set forth in Exhibit
A, attached hereto and incorporated herein, payable on the fifteenth and
the last day of each month. Employee shall also be covered by SGI's Group
Medical Insurance, and such other group benefits granted to employees
pursuant to the then prevailing policies of SGI.
Employee shall also receive:
(a) As incentive compensation, such bonuses and benefits as SGI's Board
of Directors, in its sole discretion, shall determine.
(b) As further incentive compensation, SGI Warrants in an amount to be
decided in the sole discretion of SGI's Board of Directors.
(c) Reimbursement of reasonable business expenses incurred by Employee in
accordance with SGI's policies.
(d) Compensation shall be reviewed by SGI and Employee at least annually.
5. Integration. This Agreement shall not be modified or amended, except by
a writing signed by both parties.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed at La Jolla, California.
SGI International, 0000 Xxxxxxxx Xxxxxx, Xxx. 000, Xx Xxxxx, XX 00000
By: /s/ By: /s/
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Xxxxxx X. Xxxxxx, Chairman/CEO Employee
Exhibit 4.21
