Exhibit 10b
Cyberlux
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").
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 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 terminate on June 30,
2005. The CEO's contract of employment may otherwise
terminate upon occurrence of any of the following events: (a)
death or disabi1ity 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 or the CEO a minimum of $200,000
or an amount equal to twice the CEO'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 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
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 July 1, 2000
through September 30, 2000 the CEO is to be paid a base
salary of $3,000 per month. In consideration of the minimal
salary agreement, the CEO will receive a bonus compensation
payment of $9,000 upon conclusion of the second offering of
Cyberlux securities during the Fall of 2000. For the period
October 1, 2000 through December 31, 2000, the CEO is to be
paid a base salary of $6,500 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 CEO 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 CEO will be paid a salary of $8,000 per month.
Bonus compensation, based upon the performance of Cyberlux
Corporation, and salary adjustments to be reviewed during the
third quarter of each year. 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.
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Cyberlux Corporation
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.
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 Xxxxxx X. Xxxxx unless amended by a subsequent written
instrument signed by both parties.
Cyberlux Corporation Executive Employee
By /s/ Xx Xxxxxxxx /s/ Xxx Xxxxx
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Its Senior Vice President & Director Title: Chief Executive Officer
Attest:
By
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Its Secretary
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