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Title: |
Employment Agreement |
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Date: |
2006 |
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Size: |
Preview shows 6KB of 32KB total |
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Price: |
$44 |
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ID: |
#1535827 |
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EMPLOYMENT AGREEMENT
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This Employment Agreement ("Agreement") made as of the "Effective Date" (defined
below), by and between Corporate Sports Incentives, Inc. d/b/a Utix Corporation,
Inc. ("Utix" or the "Company"), and Mark L. Pover (the "Executive").
In consideration of the mutual covenants and promises contained herein, and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, the parties agree as follows:
I. Title
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The Executive's title will be Chief Financial Officer.
II. Term of Employment
------------------
The Company hereby agrees to employ the Executive and the Executive
hereby accepts employment with the Company for a period of one (1) year
commencing on the Effective Date. At the end of the initial term, or
any additional term, this Agreement shall automatically be extended for
an additional one (1) year, unless either Executive or Company gives
written notice to the other of its desire to terminate this Agreement
at least six (6) months prior to the scheduled end of the term.
III. Responsibilities of the Executive
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The Executive agrees to undertake the duties and responsibilities
inherent in the position described above, those described in the
Company's By-Laws and such other duties and responsibilities as the
Company shall from time to time reasonably assign. Executive shall
report directly to the Chief Executive Officer. Executive shall devote
his full time and best efforts to the Company. Any outside activities
must be cleared with CEO in advance. Current outside activities must be
approved and listed as part of this agreement.
IV. Expense Reimbursement
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The Company will advance and/or reimburse the Executive for all
reasonable travel and other business expenses incurred in furthering
the business of the Company and in accordance with the Company's travel
and business expense policy. This will include reimbursement of cell
phone expenses per company policy and professional fees and licenses,
subject to CEO approval.
V. Annual Base Salary
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The Executive shall receive an annual base salary of $192,000. This
salary shall be reviewed periodically by the Compensation Committee of
the Board; and the Board in its sole discretion, may increase the
Annual Base Salary for part or all of the remaining term.
VI. Bonuses
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Page 1 of 9
Company Initial: AGR
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Executive Initial: MLP
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<PAGE>
Executive shall receive a fast start bonus of $8,000 for business
planning, modeling and efficient transition of the finance function six
months from the anniversary date of this agreement, per review and
approval by CEO.
Executive shall also participate in the Executive Bonus Program with a
targeted Annual Bonus of 30% of the then Annual Base Salary. The Annual
Bonus for Executive shall be payable in cash and will be due the month
following the delivery of the Company's annual operating results to the
Board of Directors.
Such bonus is subject to performance evaluation and achievement of the
following:
o Budget variance and general operating performance.
o Cost savings measures implemented.
o P&L performance versus plan with capitalization assumptions
fulfilled.
o Public company filings for accuracy, timeliness and
assistance with elevating the Company's listing.
o Execution of merger and/or acquisition transactions as
directed by the Board.
VII. Stock Options
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Executive is granted options pursuant to the Company's Stock Options
Plan ("Plan") to purchase 1.5% issued and outstanding shares
outstanding at time of employment. The exercise price shall be equal to
the initial price established in the private offering of Company common
stock made as of the Effective Date. Such options shall expire ten
years from the date of issue. The options shall vest at the rate of 25%
on the first anniversary of the grant and at a rate of 2.10% per month
for the next 36 months thereafter, subject to Articles IX and XI below.
Executive agrees to enter into a stock option agreement with Company
containing the above terms and provisions of the options together with
such other terms and conditions as counsel for the Company may
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