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Employment Agreement

 

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Title:

Employment Agreement

Entities:

ProtoSource Corp.

Date:

2000

Size:

Preview shows 5KB of 23KB total

Price:

$41

ID:

#1233724

 

 

► Employment ► Employment Agreements
► Technology ► Computer Networks

 

 

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                          FORM OF EMPLOYMENT AGREEMENT,

DATED AS OF AUGUST 1, 2000,
BETWEEN PROTOSOURCE CORPORATION AND
MARK BLANCHARD


<PAGE>


EMPLOYMENT AGREEMENT

MARK BLANCHARD
--------------

AGREEMENT, dated as of the ___t day of July 2000, and effective as of
August 1, 2000, between Protosource Corporation, a California corporation,
having its primary place of business at 2800 28th Street, Suite 170, Santa
Monica, California 90405 (the "Company"), and Mark Blanchard, an individual
residing at 150 Dunbar, Oldsmar Florida (the "Executive").

WHEREAS, the Company is an Internet service company principally engaged in
the business of providing residential and commercial high-speed Internet
dedicated and dial-up access, Web hosting, Web site development, and electronic
commerce services; and

WHEREAS, the Company has acquired Suncoast Automation, Inc. of which the
Executive was co-owner; and

WHEREAS, the Company desires to employ the Executive as its Vice President
and General Manager of the Suncoast division; and

WHEREAS, Executive is willing to accept such employment by the Company, all
in accordance with provisions hereinafter set forth; and

NOW, THEREFORE, in consideration of the promises and mutual
representations, covenants, and agreements set forth herein, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree effective upon the Acquisition as
follows:

1. Term: The term of this Agreement shall be for a period of twenty-seven
(27) months commencing on the effective date of the Acquisition (the "Effective
Date"). The term of this agreement shall also be subject to earlier termination
as provided herein or unless extended by mutual consent of the parties.

2. Employment:

(A) Subject to the terms and conditions and for the compensation
hereinafter set forth, the Company hereby agrees to employ Executive for and
during the term of this Agreement. Executive is hereby employed by the Company
as its Vice President and General Manager. The Executive's powers and duties
shall be those of an executive nature which are appropriate for a Vice President
in accordance with the Company's By-Laws; and Executive does hereby accept such
employment or greater employment as may be mutually agreed upon by the parties
hereto and agrees to devote only as much time to the affairs of the Company as
Executive deems necessary to discharge his duties to the Company during the term
of this Agreement, to the performance of his duties upon the conditions
hereinafter set forth. Executive shall report to the Chief Executive Officer of
the Company.

1
<PAGE>


(B) During the term of this Agreement, Executive shall be furnished with
office space and facilities in the greater Tampa area, commensurate with his
position and adequate for the performance of his duties; he shall be provided
with the perquisites customarily associated with the position of Vice President.

3. Compensation:

(A) Salary: During the term of this Agreement, the Company agrees to pay
Executive, and Executive agrees to accept, an annual salary of not less than One
Hundred and Four thousand dollars ($104,000) per year, payable in accordance
with the Company's policies, for services rendered by Executive hereunder.

(B) Stock Options: As additional compensation, at the discretion of the
CEO, the Company may issue Executive stock options after three (3) months of
employment.

(C) Increases: The annual salary is subject to periodic increases at the
discretion of the Chief Executive Officer.

4. Expenses: The Company shall reimburse Executive for all reasonable and
actual business expenses incurred by him in connection with his service to the
Company, upon submission by him of appropriate vouchers and expense account
reports.

5. Benefits:

(A) Employee Benefits: In addition to the salary and bonus to be paid to
Executive hereunder, Executive and his dependents shall be entitled to
participate in such other benefits as are extended to active executive employees
of the Company and their dependents including but not limited to pension,
retirement, profit-sharing, 401(k), stock option, bonus and incentive plans,
group insurance, hospitalization, medical or other benefits made available by
the Company to its employees generally.

 

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