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Title: |
Employment Agreement |
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Entities: |
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Date: |
2000 |
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Size: |
Preview shows 4KB of 26KB total |
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Price: |
$40 |
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ID: |
#1282796 |
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EMPLOYMENT AGREEMENT
This Employment Agreement ("Agreement") is made this 1st day of February,
2000, between PROSOFTTRAINING.COM, INC., a Nevada corporation (the "Company"),
and JERRELL M. BAIRD ("Employee").
WHEREAS:
A. The Company is engaged in the provision of internet and intranet
training and other computer training and services.
B. The Company and Employee are parties to an Employment Agreement dated
January 1, 1999 (the "Existing Employment Agreement"), which the parties desire
to amend pursuant to the terms of this Agreement.
NOW, THEREFORE, in consideration of the promises and mutual covenants
herein set forth, the parties do hereby agree and promise as follows:
1. Employment. The Company hereby employs Employee and Employee hereby
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accepts employment under the terms and conditions set forth below. The
Employee's title shall be Chief Executive Officer.
2. Duties.
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2.1 The Employee shall perform such managerial, supervisory,
development or executive duties in connection with the business of the Company
as the board of directors of the Company (the "Board of Directors") may from
time to time assign consistent with Employee's title of Chief Executive Officer.
2.2 Employee will report and be responsible to the Board of
Directors. 2.3 Employee agrees to devote his full business time, energy and
skills to such employment subject to absences and customary vacations and for
temporary illnesses.
2.4 Employee will not engage in other gainful occupation during the
term of this Agreement without prior written consent of the Company; provided,
however, that nothing contained herein shall be construed to prevent the
Employee from trading for his own account and benefit in stocks, bonds,
securities, real estate, commodities and other forms of investments.
3. Term. The term of this Agreement shall begin on February 1, 2000 and
shall continue until January 31, 2002, unless earlier terminated pursuant to the
provisions hereof.
<PAGE>
4. Compensation.
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4.1 Employee shall receive a base salary of $200,000 per year payable
in equal installments on the Company's regular payroll dates ("Base Salary"),
which Base Salary the Company shall continue to pay during the term of this
Agreement until the Company is no longer obligated to pay the same pursuant to
the provisions of Section 6 hereof.
4.2 In addition to Employee's Base Salary, Employee shall be entitled
to receive an annual bonus each calendar year of up to $80,000, to be determined
as follows:
(a) $12,000 shall be earned if the closing bid price for the
Company's Common Stock, as reported by NASDAQ (the "Company Closing Price"), is
equal to or greater than $20 for five consecutive business days during that
calendar year;
(b) An additional $12,000 shall be earned if the Company Closing
Price is equal to or greater than $25 for five consecutive business days during
that calendar year;
(c) An additional $8,000 per fiscal quarter in which gross
revenue of the Company equals or exceeds $4,500,000, up to a maximum of three
quarters per calendar year ($24,000 maximum per calendar year);
(d) Up to an additional $32,000 to be determined by the Board of
Directors of the Company, in its sole and absolute discretion, taking into
account whatever factors it considers appropriate, including but not limited to
the Company's success in securing an investment banker and completing a
secondary public offering.
The bonus for each calendar year shall be payable on February 1 of the
following year. The bonus shall be paid in cash or, at the option of the
Company, in shares of Common Stock of the Company valued at the Closing Price on
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