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Title: |
Employment Agreement |
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Date: |
2004 |
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Size: |
Preview shows 9KB of 25KB total |
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Price: |
$42 |
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ID: |
#327769 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (Agreement) is made effective as of February 1, 2000, between Synthetic Blood International, Inc., a New Jersey corporation, (hereinafter sometimes referred to as SBI or the Corporation) and Richard Kiral (Employee).
| 1. | TERM OF EMPLOYMENT |
SBI HEREBY EMPLOYS Employee and Employee hereby accepts employment with SBI for the period beginning on February 1, 2000 and terminating on January 31, 2001; thereafter, this Agreement and Employees employment hereunder shall be automatically renewed on a one-year basis unless canceled or renegotiated. As used herein, the phrase employment term refers to the entire period of employment of Employee by SBI hereunder, whether for the period provided above, or whether terminated earlier as hereinafter provided, or extended by mutual,agreement of SBI and Employee.
| 2. | DUTIES OF EMPLOYEE |
| 2.01 | General Duties. Employee shall serve as Vice President of R&D at SBI. Notwithstanding the foregoing, the precise services of Employee may be specified or changed from time to time at the discretion of the President & CEO of SBI, to whom Employee reports. |
| 2.02 | Specific Duties. Employee is responsible for researching and developing all current and future products at SBI. To accomplish this, employee directly or indirectly supervises all laboratory and lab support personnel at SBIs Costa Mesa and Kettering facilities. Employee is also expected to use his position as head of R&D and chief scientific officer to build value into the Company and increase shareholder value. |
| 2.03 | Devotion of Time to SBIs Business. Employee shall devote whatever time, ability and attention to the business of SBI during the term of this Agreement as is reasonably required to fulfill his responsibilities, provided however, he shall be required to devote his full-time. |
| 2.04 | Uniqueness of Employees Services. Employee hereby agrees the services to be performed by him under the terms of this Agreement are of special, unique, unusual, extraordinary, and intellectual character which gives them a peculiar value, the loss of which cannot be reasonably or adequately compensated by monetary damages in an action at law. Employee therefore expressly agrees that SBI, in addition to any other rights or remedies which SBI may possess, shall be entitled to injunctive and other equitable relief to prevent a breach of this Agreement by Employee. |
| 2.05 | Loyal and Conscientious Performance of Duties. Employee agrees, to the best of his ability and experience, he will at all times loyally and conscientiously perform all of the duties and obligations either expressly or implicitly required of him by the terms of this Agreement. |
| 3. | COMPENSATION OF EMPLOYEE |
| 3.01 | Base Salary. As compensation for services hereunder, SBI shall pay Employee a base annual salary of One Hundred and Thirty Thousand Dollars ($130,000.00), payable monthly during the term hereof. Annual adjustments, if any, shall be negotiated by the CEO and the Board based on individual performance. |
| 3.02 | Signing Bonus. Employee will be granted a stock option at the signing of this agreement. |
| 3.03 | Performance Bonus. In addition to the base compensation set forth above, Employee may be entitled to participate in an Executive Bonus Program to be negotiated in a separate agreement. |
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