Exhibit 10.4
EMPLOYMENT AGREEMENT BETWEEN
MIKRON INFRARED, INC.
AND
XXXXXXXXXX XXXXX
Agreement dated January 1, 2004 by and between MIKRON INFRARED, INC. (The
"Employer") and XXXXXXXXXX XXXXX (The "Employee").
1. Employment. The Employer employs the Employee and the Employee accepts
employment upon the terms and conditions of this Agreement.
2. Terms. The term of this Agreement shall commence on January 1, 2004 and
shall terminate on December 31, 2004.
3. Compensation. Compensation for the period January 1, 2004 through December
31, 2004 shall be fixed at $155,000.
The aforementioned salary shall be payable in equal bi-weekly
installments. Such payments shall be subject to withholding and other
applicable taxes.
4. Duties. The Employee shall perform such duties as may be prescribed by the
Employer from time to time.
5. Extent of Services. The Employee shall devote his entire time, attention
and energies to the Employer's business and shall not during the term of
this Agreement be engaged in any other business activity whether or not
pursued for gain, profit or pecuniary advantage, without approval from
Mikron's Board of Directors.
6. Vacations. The Employee shall be entitled each year to a vacation of no
less than twenty (20) working days during which his compensation shall be
paid in full. The precise duration and timing of said vacation shall be
determined by the Employer and the Employee by mutual agreement.
7. Disability. If the Employee is unable to perform his usual and customary
duties by reason of illness or incapacity for a continuous period of up to
180 days, Employer shall continue to pay to Employee his regular salary as
herein defined. Thereafter, Employer shall have no additional obligation
to pay Employee any salary and may terminate the obligation to pay salary
pursuant to this Employment Agreement.
8. Insurance. Employer shall furnish to the Employee at no additional cost, a
prime contract of disability insurance with 180 days waiting period, to
provide disability income benefits to Employee to age 70 in the amount of
no less than $5000/month for twenty-four (24) months.
Employer shall provide Employee with a life insurance policy or policies
having a total death benefit of One Million Dollars if Employee is not
medically rated. Employee shall have the right to designate and change the
beneficiary thereof from time to time.
9. Vehicles. During the term of this Agreement the Employer shall provide the
Employee a $500/month automobile allowance, not including additional
expenses such as repairs, insurance and gasoline expenses.
10. Performance Review. Employer shall review Employee's performance annually
at the end of each calendar year with a view to authorizing increased
compensation, benefits or bonus to Employee based on the Company and
Employee's performance.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals
on this _____ day of ____________________.
Attest:
/s/ XXXXXXXXXX XXXXX /S/ XXXXXX X. XXXXXX
-------------------------------- -----------------------------
XXXXXXXXXX XXXXX, XXXXXX X. XXXXXX,
CHIEF TECHNICAL OFFICER CHIEF EXECUTIVE OFFICER
