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Employment Agreement

 

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Title:

Employment Agreement

Entities:

MTM Technologies, Inc.

Date:

2004

Size:

Preview shows 5KB of 44KB total

Price:

$50

ID:

#1153015

 

 


► Technology ► Computer Peripherals

 

 

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<SEQUENCE>3

<FILENAME>exh10_2.txt
<DESCRIPTION>EXH 10.2 - EMPLOYMENT AGREEMENT
<TEXT>
MTM TECHNOLOGIES, INC.
----------------------

EMPLOYMENT AGREEMENT
--------------------

This EMPLOYMENT AGREEMENT (this "Agreement") is made this 1st day of
October , 2004 by and between MTM Technologies, Inc., a New York corporation
(the "Company"), and Steven Stringer (the "Executive").

WHEREAS, the parties hereto wish to enter into a employment agreement to
employ the Executive as an Executive Vice president and the Chief Operating
Officer of the Company and to set forth the terms and conditions of such
employment.

NOW, THEREFORE, in consideration of the mutual covenants and
representations contained herein, and for other good and valuable consideration
the receipt and adequacy of which is hereby acknowledged, the parties hereto
agree as follows:

1. Employment Period.
-----------------

The Company hereby employs the Executive, and the Executive agrees to serve
the Company, under the terms of this Agreement for a term of two (2) years (the
"Initial Term") commencing as of the date of this Agreement (the "Commencement
Date"). Notwithstanding the foregoing, the Executive's employment hereunder may
be earlier terminated, subject to Section 4 hereof. On each anniversary of the
Commencement Date following the Initial Term, the term of this Agreement shall
automatically be extended for an additional period of twelve (12) months;
provided, however, that either party hereto may elect not to extend this
Agreement by giving written notice of non-renewal to the other party at least
twelve (12) months prior to any such anniversary date. The Initial Term and any
renewal periods thereafter, until the termination of the Executive's employment
hereunder, shall be referred to herein as the "Employment Period."

2. Duties and Status.
------------------

The Company hereby engages the Executive as an Executive Vice President and
Chief Operating Officer of the Company on the terms and conditions set forth in
this Agreement. During the Employment Period, the Executive shall report
directly to the Company's Chief Executive Officer and exercise such authority,
perform such executive duties and functions and discharge such executive
responsibilities as are reasonably associated with the Executive's position,
consistent with the responsibilities assigned to officers of companies
comparable to the Company, commensurate with the authority vested in the
Executive pursuant to this Agreement and consistent with the By-laws of the
Company. The Executive will render such business and professional services in
the performance of his duties, consistent with the Executive's position within
the Company, as shall reasonably be assigned to him by the Company's Chief
Executive Officer. During the Employment Period, the Executive shall devote
substantially all of his business time and his full skill and efforts to the
business of the Company.


<PAGE>


3. Compensation; Benefits and Expenses.
------------------------------------

(a) Salary. During the period commencing on the date hereof through
December 31, 2004 the Company shall pay to the Executive, as compensation for
the performance of his duties and obligations under this Agreement, a base
salary at the rate of $12,500 per month, payable in arrears not less frequently
than monthly in accordance with the normal payroll practices of the Company.
Thereafter, during the remainder of the Employment Period, the Company shall pay
to the Executive, as compensation for the performance of his duties and
obligations under this Agreement, a base salary at the rate of $300,000 per
annum, payable in arrears not less frequently than monthly in accordance with
the normal payroll practices of the Company. The Executive's base salary shall
be subject to review each year for possible increase by the Company's Board of
Directors ("Board") in its sole discretion, but in no event shall such base

 

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