Exhibit 10.4
EMPLOYMENT AGREEMENT BETWEEN XXXX-XXXXX XXXXXXXX AND
SMARTVIDEO TECHNOLOGIES, Inc.
Date: February 19, 2004
To: Xxxx-Xxxxx Xxxxxxxx
Subject: Employment Proposal
This letter will confirm your desire for employment with SmartVideo
Technologies, Inc. (Company) and define your terms and conditions of employment.
1. Your job title will be Chief Financial Officer, which may be changed at
some future point to more accurately reflect your duties.
2. You will report directly to Xxxxxxx X. Xxxxxxx, Xx., or designee.
3. You will be expected to perform the duties and responsibilities of your
job in a professional manner consistent with your job to ensure the
successful operation and profitability of the Company.
4. Your daily base salary will be $500.00, which if annualized will equal
$130,000.00. Any future increases will be made annually and will be
based upon your performance and Company policy.
5. You will be eligible to receive performance bonuses, which will be
calculated and distributed in accordance with Company policy.
6. You will be issued stock options in the amount of 75,000 shares of
SmartVideo Technologies, Inc. Common stock, which is subject to the
terms and conditions of the Employee Stock Option Agreement. Additional
stock options, in the amount of 75,000 shares, will be issued after you
initial 90-day introductory period.
7. Company shall reimburse you for all reasonable expenses you incur in
furtherance of, or in connection with, the business of Company,
including, but not limited to, travel expenses, business communication
expenses, and all reasonable entertainment expenses (whether incurred
at your residence, while traveling or otherwise), subject to the
policies of Company in effect from time to time.
8. Company's payroll is issued on the 10th and the 25th of each month, for
the previous half-month period.
9. You will be eligible for participation in all benefit plans generally
available to Company employees. This includes health plan, dental,
life, vision, and disability. Your eligibility for all benefits will be
the first of the month following ninety-day (90) days of employment. At
your option, the Company will reimburse you for your current medical
insurance policy in lieu of the Company's health plan, for the
remainder of 2004 and for a not-to-exceed amount of $1200 monthly.
10. You will accrue vacation in accordance with the established vacation
policy.
11. Your start date will be February 23, 2004.
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12. For every new employee, there will be a ninety-day introductory period
of employment. This is a trial period for both you and the Company.
During this time, you will be able to learn about the Company, your
job, and your new surroundings and the Company will be able to evaluate
your performance.
This letter does not create a contract of employment or a contract for benefits.
Your employment relationship with Company is at-will. At either your option or
Company's option, your employment may be terminated at any time, with or without
cause.
Please indicate that these conditions are acceptable by signing and dating
below:
Signature /s/ Xxxx-Xxxxx Xxxxxxxx
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Also, please indicate your acceptance of the attached Employment Agreement by
signing where indicated. Please return the original of each document to me and I
will provide you a signed copy.
SmartVideo Technologies, Inc. is very pleased to extend this offer of
employment and we look forward to a mutually beneficial relationship.
Sincerely,
/s/Xxxxxxx X. Xxxxxxx, Xx.
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Xxxxxxx X. Xxxxxxx, Xx. President
