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Title: |
Employment Agreement |
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Date: |
2004 |
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Preview shows 4KB of 22KB total |
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$40 |
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ID: |
#1626209 |
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<SEQUENCE>2
<FILENAME>exh10.txt
<TEXT>
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT dated as of August 6, 2004, is entered into
by and between Rapid BioTest Corporation, a Nevada corporation located at 5409
Ivy Street, Springfiled, Oregon 97478 (collectively with its affiliates and
subsidiaries, the "Company"), and Michael Huchital, an individual residing at 29
Distillery Road, Warwick, New York 10990 (the "Employee").
W I T N E S S E T H:
WHEREAS, the Employee has heretofore been employed by the Company in a
non-officer role;
WHEREAS, both the Company and the Employee wish the Employee to
continue his employment pursuant to the prior contract between the parties;
WHEREAS, the Company desires to employ the Employee in the additional
role of Chief Executive Officer, and the Employee desires to become so employed
by the Company, all upon the terms and conditions set forth herein;
WHEREAS, the Employee has substantial experience and information
regarding the business of the Company, and the Company believes that the
experience the Employee has with respect to the Business is valuable and unique;
and
WHEREAS, the parties desire by this writing to set forth their
intentions with respect to the employment relationship between the Employee and
the Company;
NOW, THEREFORE, in consideration of these premises, the respective
covenants and agreements hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:
Section 1. Term of Employment. The Employee's employment pursuant to
this Agreement shall commence on August 9, 2004 (the "Commencement Date") and,
subject to earlier termination pursuant to Section 5 hereof, shall continue
until December 31, 2006 (the "Scheduled Termination Date"); provided, however,
that the initial term (the "Initial Term") of the Employee's employment
hereunder shall automatically be extended for additional and successive one (1)
year periods (each an "Additional Term") unless either party shall give the
other party notice (in the manner hereinafter provided), not later than ninety
(90) days prior to the expiration of the Initial Term or the then current
Additional Term, of the notifying party's termination of the Employee's
employment which shall be effective as of the expiration of the Initial Term or
the then current Additional Term, as the case may be. For purposes hereof, the
Initial Term and any Additional Term(s) are referred to collectively as the
"Term."
Section 2. Position and Duties. Employee shall serve as the President
and Chief Executive Officer of the Company. In his capacity as President and
CEO, Employee shall do and perform all services, acts or things necessary or
advisable to develop and implement the Company's diagnostic testing program and
the technologies and know-how which constitute that program, including but not
limited to the latex-based technology which forms the backbone of the testing
program, subject at all times to the policies set by the Board of Directors and
to the consent of the Board when required by the terms of this Agreement.
<PAGE>
Section 3. Compensation.
(a) Base Salary. As compensation for the services to be
performed hereunder, for the first year of employment, Employee shall receive a
salary at the rate of $80,000 per annum, payable on the first day of each month
during the employment term. Following the first year of employment and for the
term of this Agreement, the salary shall be negotiated annually with the board
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