Image Technology, Inc.
0000 Xxxxxxxxxx Xxxxxx - Xxxxx 000 - Xxxxxxxxx, XX 00000
(000) 000-0000 - FAX (000) 000-0000
This constitutes an Employment Agreement between Image Technology Inc.
(ITI) and Xxxx X. Xxxx.
It is Image Technology's Inc. understanding that Xxxx Xxxx is leaving his
employment at AT&T on his own volition, and there are no terms or conditions
that would prevent Xxxx Xxxx from being employed by Image Technology, Inc. Xxxx
Xxxx agrees to hold Image Technology, Inc. harmless from any actions that AT&T
would take against Image Technology, Inc.
The Terms of this Employment Agreement are as follows:
(a) Xxxx Xxxx will be paid a salary of $8,333.00 per month.
(b) All travel expenses will be reimbursed by Image Technology, Inc.
(c) Medical and Dental coverage will also be available (as all ITI
employees have now).
(d) A $25,000.00 yearly bonus will be paid thirty (30) days after the first
anniversary employment date. In the event the cash flow would not permit the
paying of the $25,000.00 bonus, it will then accrue into the second year.
Image Technology, Inc. will offer 2% of the shares in ITI for $1.00 per
share. The shares of ITI stock will be held in Trust by Xxxxxx X. Xxxxxx until
such time as the company has gone public or merged into another company. These
shares that are being held in Xxxx Xxxx'x name will be turned over before any of
the above actions were taken. Should Xxxx Xxxx leave the employment of Image
Technology, Inc. before the company has gone public or merged, the stock will be
transferred back to Image Technology, Inc.
Image Technology, Inc. will offer Xxxx Xxxx a seat on the Board of
Directors.
I believe this Includes all of our discussions. Until such time as Image
Technology, Inc. has all the legal documents of the company finalized, this will
act as a legal and binding Agreement between Image Technology, Inc. and Xxxx
Xxxx for a period of two (2) years.
By: Date: August 22, 1995
Xxxxxx M. Rousseff, Chairman
By: Date: August 22, 1995
Xxxx X. Xxxx
