EMPLOYMENT AGREEMENT
THIS AGREEMENT dated as of January 1, 2002 by and between Western Pathology
Consultants, Inc. (WPCI), a Nebraska corporation, (Employer) and Xxxxxx X. Xxxxx
(Employee).
1. Employment. Employer employs Employee and Employee hereby accepts such
employment under the terms and conditions set forth.
2. Term. This Agreement shall continue until terminated as provided herein.
3. Regular Compensation. In consideration of such services to be rendered by
Employee to Employer, Employer shall pay to Employee an annual base salary
of $52,500 to commence on January 1, 2002. Such salary
shall be determined annually, by the Board of Directors of Employer and be
set forth in their minutes.
4. Bonus. Employer shall pay Employee a bonus of $250 per month for each month
budgeted revenues are met, $250 per month for each month budgeted gross
margin percent is met, and $250 per month Sales and Marketing departmental
expenses are under budget. These Bonuses shall be paid out by the 25th of
the following month. In addition, Employer shall pay Employee a quarterly
bonus of $1,000 per quarter for each 5 percentage points over the quarterly
budgeted revenue, paid out by the 25th of the month following the quarter
end.
5. Fringe Benefits. Employee shall be entitled to various fringe benefits as
established by Employer.
6. Employee Covenants. Employee will give his best skill and effort at all
times for the business and benefit of Employer. All income from business
similar to or related to Employer's shall be turned over to Employer.
Employee acknowledges that Employee's employment does not confer upon
Employee any ownership interest in products of employment produced by
Employee.
7. Vacation. Employee shall be entitled to four weeks vacation time annually.
8. Severance Pay. If Employer terminates Employee without cause, Employee
shall be paid one quarter of the annual base salary as severance pay and
any outstanding options shall become fully vested.
9. Termination. Employer and Employee shall each have the right to terminate
this agreement with three months notice. In the event Employee violates any
of the terms of this agreement or through willful inattention to the
economic or ethical welfare of the Employer, Employer shall have the option
of terminating this agreement on written notice to Employee. The decision
to terminate will be made by the President of WorkPlace Compliance with
WorkPlace Compliance board approvalCI except that. If Employee is a member
of such board, he shall have no vote on the matter. In the event of
termination of this agreement, Employee will not after termination solicit
or contact any person or entity who or which was a customer of Employer
during the period of time Employee was employed by Employer for any purpose
in competition with Employer's line of products and services during the
Employee's tenure for a period of 1236 (thirty six) months following
termination of employment. In the event of termination of this agreement,
Employee agrees to pay Employer 25% of any revenues received by Employee
for any services provided by Employee to clients of Employer for a period
of 3 (three) years.
10. Miscellaneous. This agreement is and shall be personal to the parties
hereto and may not be assigned by Employee in any event and assigned by
Employer only with the express written consent of Employee. This agreement
can not be changed or terminated orally.
/s/ Xxxxxx X. Xxxxx March 3, 2002
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Xxxxxx X. Xxxxx, Employee Date
Western Pathology Consultants, Inc.
by /s/ Xxxxxxx X. Xxxxxxxxx March 3, 2002
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Xxxxxxx X. Xxxxxxxxx, President/CEO Date
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