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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Advanced Thermal Sciences Corp

Date:

2000

Size:

Preview shows 4KB of 22KB total

Price:

$34

ID:

#1362627

 

 

► Employment ► Employment Agreements

 

 

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                              EMPLOYMENT AGREEMENT



This Employment Agreement (this "Agreement") is made as of this 12th day
of July, 2000 (the "Effective Date"), by and between Advanced Thermal
Technologies, Inc., a Delaware corporation (the "Company") and Lloyd Golobay
(the "Employee").

RECITALS

WHEREAS, the Company wishes to employ the Employee and the Employee wishes
to accept such employment on the terms and conditions hereafter set forth; and

WHEREAS, the Company wishes to make secure for itself the experience,
abilities and services of the Employee and to prevent the loss of such
experience, services and abilities;

NOW THEREFORE, for good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties hereto, each intending to
be legally bound, do hereby agree as follows:

l. Employment. The Company shall employ the Employee, and the Employee shall
perform services for and continue in the employment of the Company, for an
initial period of three (3) years commencing on the Effective Date, and ending
three (3) years thereafter, whereupon the Employee's employment hereunder shall
automatically be extended from year to year on and after such date, until either
the Company or the Employee gives the other party at least thirty (30) days
written notice prior to the then-applicable "Expiration Date" (as hereinafter
defined of its or his desire to terminate this Agreement, unless such employment
shall have been sooner terminated as hereinafter set forth. For purposes of this
Agreement (i) the term "Employment Period" shall mean the initial three (3) year
period and all extensions thereof, if any, as aforesaid, and (ii) the term
"Expiration Date" shall be the date three years from the Effective Date or the
date this Agreement is last in effect in the event that the Employment Period is
extended on and after the date three years from the Effective Date.

2. Position and Duties. The Employee shall serve the Company in the capacity of
Operations Manager of the Company and, shall be accountable to, and shall have
such other powers, duties and responsibilities, consistent with this capacity,
as may from time to time be prescribed by the President and Chief Operating
Officer (the "President") of the Company, or his designee. The Employee shall
perform and discharge, faithfully, diligently and to the best of his ability,
such duties and responsibilities. The Employee shall devote all of his working
time and efforts to the business and affairs of the Company.

3. Compensation.

(a) Salary. During the Employment Period, the Employee shall receive a
salary (the "Salary") payable at the rate of $81,000 per annum. Such rate may be
adjusted from time to time by the President; provided, however, that it shall at
no time be adjusted below $81,000 per annum. The Salary shall be payable
biweekly or in accordance with the Company's current payroll practices, less all
required deductions. The Salary shall be pro-rated for any period of service
less than a full year.

(b) Incentive Bonus. The Employee may receive a performance bonus of up to
forty (40%) percent, as determined by the President after the end of the 2001
fiscal year and is to be paid as soon as practicable after the close of the
fiscal year. Any subsequent changes to the Employee bonus plan after fiscal year
2001 shall apply to this Agreement.

<PAGE> 2

(c) Expenses. During the Employment Period, the Employee shall be entitled
to receive prompt reimbursement for all reasonable business expenses incurred by
him on behalf of the Company.

(d) Fringe Benefits. During the Employment Period, the Employee shall be
entitled to participate in or receive benefits under any life or disability

 

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