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EXHIBIT 10.48
S.L.I., INC.
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into as of this
11 day of September, 1998, by and between S.L.I, Inc. a Massachusetts
corporation with its principal place of business at 000 Xxxxxxx Xxxxxx, Xxxxxx,
Xxxxxxxxxxxxx (hereinafter referred to as the "Company"), and XXXX XXXXXX, of
00 Xxxxxx Xxxx, Xxxxxxx, Xxxxxxxxxxxxx, (hereinafter referred to as the
"Employee").
WHEREAS, the Company is engaged in the business of manufacturing and selling
miniature and regular lighting fixtures worldwide;
WHEREAS, the Company wishes to employ the Employee as its Executive Vice
President for a term of two (2) years commencing on October 1, 1998 and
terminating on October 1, 2000, and the Employee desires to act as the
Executive Vice President for the Company fix a term of two (2) years commencing
on October 1, 1998 and terminating on October 1, 2000, and upon the further
terms and conditions set forth in this Agreement.
NOW, THEREFORE, In consideration of the foregoing premises and the covenants
set for below, the Company and the Employee agree as follows:
1. PURPOSES
The purpose of this Agreement is to set forth the intentions of the parties
during the two (2) year employment term running from October 1, 1998 to
October 1, 2000.
2. TERM
The term of this Agreement shall be for two (2) years beginning on
October 1, 1998 and ending on October 1, 2000.
3. SALARY
The Company covenants and agrees to pay to the Employee, as salary, the
lump-sum of one hundred seventy five thousand and XX/100 ($175,000.00) dollars
per year payable to the Employee as follows:
o the sum of one hundred seventy-five thousand and XX/100
($175,000.00) dollars payable in four payments of $43,750.00,
starting on October 1, 1998 and continuing in each subsequent
three month period totaling $175,000 for the twelve months.
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o the sum of one hundred seventy-five thousand and XX/100
($175,000.00) dollars payable in four payments of $43,750.00,
starting on October 1, 1999 and continuing in each subsequent
three month period totaling $175,000 for the twelve months.
In the event of the Employee's death or termination from employment with the
Company, this Agreement shall terminate without recourse to either the Company
(or its successors) or the Employee or the Employee's heirs and assigns.
4. BONUS
The employee's work performance shall be measured by objectives to be
determined by both the Company and the Employee. The Company covenants and
agrees to pay the Employee the sum of fifty thousand and XX/100 ($50,000.00)
dollars each year as a bonus upon the Employee meeting the agreed upon
objectives.
5. STOCK OPTIONS
The Company agrees to grant the Employee eighty thousand (80,000) stock options
at the closing price as determined by the New York Stock Exchange as of
September 11, 1998. Said stock options shall be exercisable as follows:
o Forty thousand (40,000) to be available to the Employee on
October 1, 1999, and
o Forty thousand (40,000) to be available to the Employee on
October 1, 2000.
In the event of the Employee's death or termination from employment with the
Company, the stock options of that year shall be prorated in favor of the
Employee or the Employee's heirs and assignee.
In the event of either a change in ownership of the Company or the death of its
President, XXXXX XXXX, all eighty thousand (80,000) stock options may be
exercised immediately or within two (2) years by the Employee at the Employee's
discretion.
At present, the employee has twenty thousand (20,000) stock options. As an
incentive to the Employee, ten thousand (10,000) stock options of these twenty
thousand (20,000) stock options shall vest to the Employee on October 1, 1998
(the commencement of this Agreement) at the September 11, 1998 price.
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6. BUSINESS EXPENSES
The Company agrees to reimburse the Employee for all normal and customary
expenses incurred by him in the course of doing business for the Company.
7. AUTOMOBILE
The company, at its own expense, agrees to provide the Employee with a Company
car during the term of the Agreement.
8. CORPORATE EXISTENCE
The Company warrants to the Employee that it is a corporation duly organized
and existing under the laws of the Commonwealth of Massachusetts.
9. LEGALITY
This Agreement constitutes a legal, valid and binding obligation by and between
the Company and the Employee and it is enforceable in accordance with its
terms.
10. GOVERNING LAW
This Agreement has been created and is executed in the Commonwealth of
Massachusetts. All questions concerning the meaning, interpretation, and
intention of the terms and provisions of this Agreement, and concerning its
validity, construction, and effect, shall be governed by , interpreted, judged
and resolved in accordance with the laws of the Commonwealth of Massachusetts.
11. COUNTERPARTS
This Agreement may be executed in any number of counterparts, which together
shall constitute one document.
12. SEVERABILITY
If any provision or provisions of this Agreement shall be held for any reason
invalid or unenforceable, the remaining provisions shall nonetheless be valid
and enforceable provisions.
13. READINGS
All Article headings set forth in this Agreement are intended for convenience
only and shall not control or affect the meaning, construction or intent of
this Agreement or, any provision thereof.
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14. ENTIRE AGREEMENT
THIS INSTRUMENT CONTAINS THE ENTIRE AND EXCLUSIVE AGREEMENT BETWEEN THE PARTIES
AND SUPERCEDES AND TERMINATES ALL PRIOR OR CONTEMPORANEOUS AGREEMENTS OR
UNDERSTANDINGS, WHETHER ORAL OR WRITTEN. THIS AGREEMENT MAY NOT BE AMENDED OR
MODIFIED, EXCEPT BY A WRITING EXECUTED BY THE COMPANY AND THE EMPLOYEE.
IN WITNESS WHEREOF, we hereunto set our hands and seals this 11 day of
September 1998.
S.L.I., INC. EMPLOYEE
BY: /s/ Xxxxx Xxxx BY: /s/ Xxxx Xxxxxx
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XXXXX XXXX, President XXXX XXXXXX
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