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Title: |
Employment Agreement |
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Date: |
2004 |
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Preview shows 5KB of 19KB total |
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Price: |
$38 |
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ID: |
#1535888 |
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EMPLOYMENT AGREEMENT
This Employment Agreement ("Agreement"] made as of the "Effective Date" (defined
below), by and between Corporate Sports Incentives, Inc. d/b/u UTIX Corporation,
Inc. (" UTIX" or the "Company"), and Anthony G. Roth (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
The Executive's title will be President & Chief Executive 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 four (4)
years commencing on the Effective Date.
III RESPONSIBILITIES OF THE EXECUTIVE
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 Chairman of the Board.
Executive shall devote his full time and best efforts to the Company.
Company agrees to appoint Executive to the Board as of the Effective
Date and nominate Executive as a Board candidate on the management
proposed slate throughout the tenure of his employment hereunder. Should
Executive elect to resign from Board, such resignation shall not, of
itself, effect a termination or breach of this Agreement.
IV EXPENSE REIMBURSEMENT
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.
V ANNUAL BASE SALARY
The Executive shall receive an annual base salary of $150,000. This
salary will be reviewed at least annually 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
A. Executive shall receive a one time Signing Bonus of $25,000
payable upon the Effective Date of this Agreement.
<PAGE>
B. Executive shall also participate in the Executive Bonus Program
with an Annual Bonus not to exceed 75% 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.
VII STOCK OPTIONS
Executive is granted options pursuant to the Company's Stock Options
Plan ("Plan") to purchase the greater of (i) 750,000 shares or (ii) 25%
of the stock option pool of Company common stock allocated for the Board
and Company employees. The exercise price shall be equal to the initial
price established it. the private offering of Company common stock made
as of the Effective Date, Such options shall vest expire ten year's from
the date of issue, The options shall vest at the rate of 25% per year on
each of the first four anniversary dates of the Effective Date of this
Agreement, subject Articles IX and XI below.
Executive agrees to enter into a stock option agreement with Company
containing the above terms and provision of the options together with
such other terms and conditions as counsel for the Company may
reasonably require to assure compliance with applicable state and
federal law and stock` exchange requirements in connection with the
issuance of Company common stock upon exercise of option to be granted
as provided herein, or as may be required to comply with the Plan.
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