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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Nutracea

Date:

2003

Size:

Preview shows 4KB of 42KB total

Price:

$36

ID:

#1577318

 

 

► Employment ► Employment Agreements

 

 

Start of Preview


                              EMPLOYMENT AGREEMENT


THIS AGREEMENT, dated as of April 15, 2003, is by and between NutraStar
Incorporated, a California corporation ("Employer"), and John Howell
("Executive").

WITNESSETH:

WHEREAS, Executive desires to enter into the employment of Employer, and
Employer desires to employ Executive provided that, in so doing, it can protect
its confidential information, business, accounts, patronage and goodwill.

NOW, THEREFORE, in consideration of the foregoing recitals and of the
mutual agreements contained herein, the parties hereto agree as follows:

Section 1. Position; Duties. Executive will serve as an officer of Employer
in the position of President and Chief Operating Officer. Executive will report
to the Chief Executive Officer and the Board of Directors of the Employer and
its designees. Executive will perform the duties that the Chief Executive
Officer and the Board of Directors of the Employer may from time to time
reasonably direct, and such duties as may be specified for his office in the
Bylaws of the Employer. Executive will devote his best efforts and substantially
all of his business time, ability and attention to the business of Employer
during the Original Term and any Renewal Term of this Agreement. Executive shall
comply with all policies, rules and regulations of Employer.

Section 2. Term. Without limiting the express rights of Executive to
certain payments upon an early termination of this Agreement as provided under
Section 4, Executive's employment is at-will and may be terminated by the
Employer at any time with or without cause. Subject to the foregoing, this
Agreement shall commence on April 15, 2003 (the "Effective Date") and, subject
to earlier termination pursuant to this Section 2 or Section 4, end three (3)
years after the Effective Date of this Agreement (hereafter the "Original
Term"), unless terminated earlier pursuant to Section 4 of this Agreement. After
the Original Term, this Agreement shall be automatically renewed for successive
terms of one (1) year each (each a "Renewal Term"), unless terminated earlier
pursuant to Section 4 of this Agreement or unless either party gives the other
party sixty (60) days' written notice, prior to the expiration of the Original
Term or any Renewal Term, as the case may be, of that party's intent to
terminate this Agreement at the end of the Original Term or any Renewal Term.

Section 3. Compensation. Subject to Section 4, as compensation for
Executive's services, and as compensation for Executive's covenants set forth in
this Agreement, including without limitation Section 5, the Employer agrees as
follows:

(a) Base Salary. During the Original Term and any Renewal Term, the
Employer will pay Executive a base salary ("Base Salary") at the rate of
ten thousand dollars ($10,000.00) per month, prorated for any partial pay
period. The Base Salary will be paid in accordance with the Employer's
regular payroll practices and subject to increase by the Compensation
Committee of the Board of Directors in its sole discretion. During the


1


period beginning with the effective date of this agreement and for the
first four months of this agreement, the Executive's base salary shall be
deferred except for:

i. Ten percent (10%) of any deferred salary for any preceding month
shall be paid for every twenty thousand dollars ($20,000)
reduction in monthly operating overhead, plus,

ii. Ten percent (10%) of any deferred salary for any preceding month
shall be paid for every fifty thousand ($50,000) of payables,

 

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