Exhibit 10.26
US HELICOPTER
XXXXXX X. XXXX, XX.
o EMPLOYMENT AGREEMENT - DATED JULY 14, 2004; EFFECTIVE UPON CLOSING
OF $1,000,000 SECURED CONVERTIBLE DEBENTURE WITH CORNELL CAPITAL
PARTNERS L.P.
o POSITION
- SENIOR VICE PRESIDENT and CHIEF FINANCIAL OFFICER
o RESPONSIBILITIES (Broad Overview)
- FINANCE
- TREASURY
- ACCOUNTING
- BUDGETS & COST CONTROLS
- ADMINISTRATION
- PEOPLE RESOURCE
- CONTRACTS
- TECHNOLOGY CORPORATE/MIS
- MATERIAL/FUEL/LEASES
- LEGAL AFFAIRS
o SALARY
- $130,000 BASE PER ANNUM
- PRE-STARTUP SALARY WILL BE 80% OF BASE
- EFFECTIVE WITH STARTUP REVERT TO BASE SALARY
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XXXXXX X. XXXX, XX. (Continued)
o START DATE
- TO BE FINALIZED BETWEEN BOTH PARTIES
o CONTRACT
- THREE (3) YEARS
o STOCK PLAN
- SIGN ON INCENTIVE - 200,000 SHARES (1%)
- SUCCESSFUL SEC REGISTRATION APPROVAL INCENTIVE - 400,000
SHARES (2%)
- STOCK OPTIONS - (AT PRE-ESTABLISHED VALUATION RATE) - 200,000
SHARES (1%)
- PARTICIPATION IN FUTURE STOCK PLANS (TO BE ESTABLISHED BY THE
COMPANY)
o INCENTIVE PLAN
- TO BE DETERMINED/FINALIZED
o BENEFITS
- TO BE DETERMINED/FINALIZED
o FORMAL AGREEMENT TO BE PREPARED BY G, B & B
AGREED TO:
/s/ Xxxxx Xxxxxx /s/ Xxxxxx Xxxx
----------------------------------- -----------------------------------
Xxxxx Xxxxxx Xxxxxx Xxxx
Chief Executive Officer
US Helicopter
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