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Title: |
Employment Agreement |
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Date: |
2005 |
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Preview shows 4KB of 28KB total |
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Price: |
$37 |
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ID: |
#1632105 |
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EMPLOYMENT AGREEMENT
This Employment Agreement (the "Agreement") is entered into as of
September 1, 2005 by and between Lee Kasper (the "Executive") and NuTech
Digital, Inc., a California corporation (the "Company").
WHEREAS, the Company believes that Executive's service, experience, and
knowledge are valuable to the Company in connection with its business; and
WHEREAS, the Company desires to employ Executive, and Executive desires
to be employed by the Company, as the Chief Executive Officer and President of
the Company.
NOW, THEREFORE, in consideration of the mutual promises and covenants
herein contained, the parties hereto agree as follows:
1. Employment. The Company hereby employs Executive as its Chief
Executive Officer and President and Executive accepts such employment upon the
terms and conditions hereinafter set forth.
2. Term of Employment.
(a) Term. Subject to the provisions of Section 6, the term of
Executive's employment pursuant to this Agreement shall commence on and as of
the date hereof and shall terminate on July 31, 2012 (the "Term").
(b) Automatic Renewal. Subject to the provisions of Section 6,
this Agreement will be automatically renewed for successive periods of one year
(each a "Renewal Period") after the expiration of the Term, unless either party
gives notice to the other, at least 180 days prior to the expiration of any
Renewal Period, that the party desires to terminate this Agreement.
3. Duties; Extent of Service. During Executive's employment under this
Agreement, Executive (i) shall serve as an employee of the Company with the
titles and positions of Chief Executive Officer and President, reporting to the
Board of Directors of the Company, shall have such executive responsibilities as
the Board of Directors of the Company shall from time to time designate,
provided that, in all cases Executive shall be subject to the oversight and
supervision of the Board of Directors of the Company in the performance of his
duties, and (ii) shall render all services reasonably incident to the foregoing.
Executive hereby accepts such employment, agrees to serve the Company in the
capacities indicated, and agrees to use Executive's best efforts in, and shall
devote Executive's full working time, attention, skill and energies to, the
advancement of the interests of the Company and its subsidiaries and the
performance of Executive's duties and responsibilities hereunder.
<PAGE>
4. Salary, Bonus and Stock Option.
(a) Salary. During Executive's employment under this
Agreement, the Company shall pay Executive a salary at the rate of $600,000 per
annum (the "Base Salary"). The Base Salary shall be subject to withholding under
applicable law, shall be prorated for partial years and shall be payable in
periodic installments not less frequently than monthly in accordance with the
Company's usual practice for its executive officers as in effect from time to
time.
(b) Bonus. Executive shall receive a performance bonus if the
financial targets set established by the Board of Directors are satisfied (the
"Performance Bonus"). Executive and the Board shall meet no later than 90 days
from the start of each of the Company's fiscal years to establish performance
standards and goals to be met by Executive, which standards and goals shall be
based upon earnings, cash flows, and other objectives that are mutually agreed
to by Executive and the Board. These financial targets or performance goals
shall be set forth in a memorandum from the Board of Directors to Executive.
During the Term and each Renewal Period, the Company shall pay to Executive, no
later than 30 days after the completion of each fiscal year, a bonus that shall
be computed as follows:
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