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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Broadcast International Inc.

Date:

2004

Size:

Preview shows 4KB of 17KB total

Price:

$41

ID:

#1129553

 

 


► Technology ► Semiconductors

 

 

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                       EMPLOYMENT AGREEMENT


THIS AGREEMENT (the "Agreement") is being made as of the 28th day of
April 2004 between BROADCAST INTERNATIONAL, INC., a Utah corporation (the
"Company"), having its principal offices at 7050 Union Park Center, Suite 600,
Midvale, Utah, 84047 and Reed L. Benson, Secretary and General Counsel,
residing at 8361 Ridge Point Road, Sandy, Utah 84093.

WITNESSETH:

WHEREAS, the Company desires to continue the employment of the Executive
and the Executive desires to be employed by the Company as Secretary and
General Counsel upon the terms and conditions contained herein.

NOW, THEREFORE, in consideration of the mutual premises and agreements
contained herein, and intending to be legally bound hereby, the parties hereto
agree as follows:

1. Nature of Employment; Term Agreement. The Company hereby employs the
Executive and the Executive agrees to serve the Company as its Secretary and
General Counsel upon the terms and conditions contained herein, for a term
commencing as of the date hereof and continuing until December 31, 2006 (the
"Employment Term"); provided, however, that unless either the Company or the
Executive gives notice that it or he desires to terminate this Agreement at
least sixty (60) days prior to the date of its termination, this Agreement
(including this Section 1) shall automatically be renewed for additional
successive periods of one (1) year.

2. Duties and Powers as Employee.

(a) During the Employment Term, the Executive shall be employed by
the Company as its Secretary and General Counsel. The Executive agrees to
devote such time and efforts to the performance of his duties under this
Agreement as shall be reasonably necessary. In the performance of his duties,
the Executive shall be subject to the direction of the Board of Directors of
the Company. The Executive shall be available to travel as the needs of the
business require.

(b) During the Employment Term, the Executive shall be nominated to
be a director of the Company.

3. Compensation

(a) As compensation for his services hereunder, the Company shall pay
the Executive, during the Employment term, a base salary (the "Base Salary")
payable in equal bi-weekly installments at the annual rate of $84,000 for the
year ended December 31, 2004, subject to such increases as the Board of
Directors may approve. Additionally, the Executive shall participate in the
present and future employee benefit plans of the Company provided that he
meets the eligibility requirements thereof.

(b) In addition to the Base Salary provided herein, the Executive
shall receive as a performance bonus payment (a "Bonus"), on an annual basis,
a sum equal to up to 100% of the Executive's Base Salary for the fiscal year
then ended. The exact percentage shall be determined in the absolute sole
discretion of the Compensation Committee of the Board of Directors of the
Company based upon an evaluation of the performance of the Executive and the
Company during the previous fiscal year. The Bonus shall be paid to the
Executive within ninety (90) days after the end of the Company's fiscal year
notwithstanding that such date may be after the expiration of the Employment
Term.


(c) In addition, the Company shall request that the Stock Option
Committee of the Board of Directors of the Company issue the Executive
incentive stock options ("Options") to acquire 100,000 shares of common stock

 

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