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EXHIBIT 10.6
EMPLOYMENT AGREEMENT
This Employment Agreement ("Agreement") effective as of April 24, 1997
("Effective Date") by and between Golden Pharmaceuticals, Inc. (the "Company"),
a Colorado corporation, with its business at 000-00xx Xxxxxx, Xxxxxx, Xxxxxxxx
00000 and Xxxx X. Xxxxx ("Employee"), an individual, with his principal address
at 0000 Xxxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxxx 00000.
ARTICLE I
ENGAGEMENT
1. TERM. The term of the Agreement shall be five (5) years ("Employment
Term") commencing not later than July 27, 1997, and terminating July 26,
2002 (the "Initial Term").
2. DUTIES. The individual agrees to serve in a management capacity with the
Company, including initial work as Vice Chairman of the Board.
3. COMMUNICATION. The Employee will report to the Chairman of the Board,
Xxxxxxx X. Xxxxxxxx or his successor as may be elected.
ARTICLE II
COMPENSATION
1. SALARY. Compensation for the Employee's service will consist of a minimum
payment of $95,000 (ninety-five thousand dollars) per year, with
adjustments from time to time depending on performance and roles assigned.
2. BENEFITS. Benefits to the Employee shall consist of health insurance, life
insurance, holidays, vacation and other benefits as from time to time shall
be made available to the employees of the Company.
3. RELOCATION EXPENSES. The Employee shall be reimbursed for out-of-pocket
expenses in conjunction with his family's relocation to sites requested by
the Employer.
4. CHANGE IN CONTROL. If there should be a change in the management control
of the Company and the Employee's role should change significantly, the
remaining salary due under the Term of this Agreement will become due and
payable at the Employee's request within ten days of said transaction.
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ARTICLE III
NONCOMPETITION
1. NONCOMPETITION. The employee acknowledges the highly competitive nature of
the industry and agrees that during the term of his employment and for a
period of two years thereafter he will not work for a competitor of any
unit of the Company.
ARTICLE IV
MISCELLANEOUS
1. WAIVER. 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.
2. ARBITRATION OF ALL DISPUTES. Any claims arising out of or relating to this
Agreement or the breach thereof shall be settled by arbitration in the City
of Denver, Colorado in accordance with the laws of the State of Colorado.
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IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their respective authorized representatives as of the day and year
first above written.
GOLDEN PHARMACEUTICALS, INC.
By:
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Xxxxxxx X. Xxxxxxxx, Chairman of
the Board of Directors and CEO
By:
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Xxxx X. Xxxxx, an individual
