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Title: |
Executive Employment Agreement |
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Entities: |
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Date: |
2000 |
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Preview shows 5KB of 27KB total |
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Price: |
$39 |
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ID: |
#1380518 |
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<SEQUENCE>15
<FILENAME>0015.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT - TOM ELDREDGE
<TEXT>
COMPANY CONFIDENTIAL
EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT (the "Agreement") is made and
entered into this June 9, 2000 (the "Effective Date"), by and between
WordCruncher Internet Technologies, Inc. (dba Logio, Inc.), a Nevada
corporation, with a principal office at 405 East 12450 South, Suite B, Draper,
Utah 84020 ("Company"), and Thomas R. Eldredge ("Employee").
RECITALS
1. Company is engaged in the process of developing, manufacturing and
marketing internet technologies and other products and services.
2. Employee's title will be Senior Vice President and Chief Financial
Officer. Employee will also act as Corporate Secretary.
3. In consideration of the benefits of new or continued employment by
Company, as well as other good and valuable consideration set forth herein,
Employee agrees to enter into this Agreement.
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants herein contained and for good and valuable consideration, the receipt
of which is hereby acknowledged, the parties hereto intending to be legally
bound, hereby agree as follows:
1. DEFINITIONS. The following terms shall have the definitions stated
below:
a. Cause - shall mean Employee's termination only upon:
i. Employee's continued violations of Employee's obligations
which are demonstrably willful or deliberate on Employee's part after there has
been delivered to Employee a written demand for performance from Company which
describes the basis for Company's belief that Employee has not substantially
performed his or her duties;
ii. Employee's engaging in willful misconduct which is
injurious to Company or its affiliates;
iii. Employee's committing a felony, an act of fraud against
or the misappropriation of property belonging to Company or its affiliates;
iv. Employee's breaching, in any material respect, the terms
of this Agreement or any confidentiality or proprietary information agreement
between Employee and Company; or
v. A determination by Company, acting in good faith upon
information then available to Company, that Employee has committed a material
violation of the standards of employee conduct, which standards may be altered
from time to time by Company, as defined in the most current version of
Company's Employee Handbook.
b. Change of Control shall be deemed to have occurred if:
-----------------
i. Company sells or otherwise disposes of all or substantially
all of its assets;
ii. There is a merger or consolidation of Company with any
other corporation or corporations, provided that the shareholders of Company, as
a group, do not hold, immediately after such event, at least 50% of the voting
power of the surviving or successor corporation;
iii. Any person or entity, including any "person" as such term
is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), becomes the "beneficial owner" (as defined in the Exchange
Act) of Common Stock of Company representing 50% or more of the combined voting
power of the voting securities of Company (exclusive of persons who are now
officers or directors of Company).
c. Code shall mean the Internal Revenue Code of 1986, as amended.
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d. Restricted Business - shall mean:
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i. The design, development, manufacture, marketing or support
of internet search technology, related services, or any other software products
of the type designed, developed, manufactured, sold or supported by Company or
as proposed to be designed, developed, manufactured, sold or supported by
Company pursuant to a development project which is actually being pursued during
the Term of this Agreement; and
ii. Any business which competes directly or indirectly with
the products or services of Company.
e. Restricted Territory shall mean the geographies within the
United States, European Community, and Canada.
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