Exhibit 10d
Cyberlux Corporation, 00 Xxxxxx Xxxx. XX Xxx 0000, Xxxxxxxxx,
Xxxxx Xxxxxxxx, XXX 00000-0000
Cyberlux
A new brilliance in light
Executive Employment Agreement
This agreement of employment is effective as of September 1,
2000, by and between Cyberlux Corporation ("Employer") and Xxxx
X. Xxxxx ("Executive Employee").
For good and valuable consideration, receipt of which is hereby
acknowledged, the Employer (hereinafter "the Company" or
"Cyberlux") employs the Executive Employee in accordance with the
following terms and conditions.
1. The Executive Employee shal1 perform the following duties and
fulfill the following responsibilities: (a) the Executive Title
shall be Secretary and Corporate Counsel (hereinafter
"Sec/Counsel"); (b) duties shall extend to governance of all
policies, procedures, operations and commitments of the Company;
and (c) responsibility is full management accountability to the
Board of Directors.
2. The Sec/Counsel's employment under this agreement shall
commence on September 1, 2000 and shall terminate on August 31,
2005. The Sec/Counsel's contract of employment may otherwise
terminate upon occurrence of any of the following events: (a)
death or disabi1ity of the Sec/Counsel; (b) failure of the
Sec/Counsel to perform his duties satisfactorily due to ill
health; or (c) voluntary withdrawal from office after nomination
of a duly qualified successor. In the event of (a) death or
disability, the Company will have provided for insurance or other
funding source to pay to the spouse or the Sec/Counsel a minimum
of $200,000 or an amount equal to twice the Sec/Counsel's annual
salary, including allowances and/or bonuses; (b) failure to
perform due to ill health, the Company will have provided for
disability insurance or other funding sources to pay the disabled
Sec/Counsel 65% of his salary, including allowances and/or
bonuses, that were in effect at the time of his disability
through the remaining term of this contract; and (c) voluntary
withdrawal, the Company will have provided a retirement benefit
equal to 55% of the Sec/Counsel's cumulative salary, including
allowances and/or bonuses, which shall be payable upon withdrawal
from office.
3. Compensation of the Sec/Counsel shall be by salary payable
biweekly, by bonuses consistent with certain thresholds of
performance and through a stock option plan to be established by
the Board of Directors. For the period September 1, 2000 through
November 30, 2000 the Sec/Counsel is to be paid a base salary of
$3,000 per month. In consideration of the minimal salary
agreement the Sec/Counsel will receive a bonus compensation
payment of $5,000 upon conclusion of the second offering of
Cyberlux securities during the Fall of 2000. For the period
November 1, 2000 through December 31, 2000, the Sec/Counsel is to
be paid a base salary of $3,500 per month. Upon the installation
of the Director of Operations in Sarasota, FL and the successful
conclusion of the second offering of Cyberlux securities, the
Sec/Counsel will receive a bonus compensation payment of $4,000
payable on or after January 1, 2001. For the period January 1,
2001 through June 30, 2001, the Sec/Counsel will be paid a
salary of $5,000 per
Telephone (000) 000-0000 Email xxxxxxxx@xxxxxx.xxx Facsimile (000) 000-0000
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Cyberlux Corporation, 00 Xxxxxx Xxxx. XX Xxx 0000, Xxxxxxxxx,
Xxxxx Xxxxxxxx, XXX 00000-0000
month. Bonus compensation, based upon the performance of Cyberlux
Corporation, and salary adjustments to be reviewed during the
third quarter of each year. The Sec/Counsel is to receive full
health plan coverage which extends to his spouse, an automobile
allowance of $500 per month; term life and disability insurance.
4. The Sec/Counsel, Xxxx X. Xxxxx, will not at any time during
the tenure of this agreement, or for a period of three years
subsequent to the termination of this agreement, engage in any
business competitive to that of Cyberlux Corporation unless such
engagement may be on behalf of or inure to the benefit of the
Company.
5. Any dispute that may arise concerning fulfillment of the terms
and conditions of this contract will be resolved by binding
arbitration of the parties hereto. Each party shall select one
arbitrator and both such arbitrators shall select a third. The
arbitration wil1 be governed by the rules of the American
Arbitration Association then in force.
6. The terms and conditions of this contract will continue to any
successor ownership of Cyberlux Corporation that may occur
through reorganization, merger with or acquisition by another
entity or entities. This agreement constitutes the complete
understanding between the Company and Xxxx X. Xxxxx unless
amended by a subsequent written instrument signed by both
parties.
Cyberlux Corporation Executive Employee
By /s/ Xxx Xxxxx /s/ Xxxx X. Xxxxx
--------------------------- ----------------------------------
Its Chief Executive Officer Title: Secretary/Corporate Counsel
Attest:
By /s/ Xx Xxxxxxxx
---------------------------
Its SRVP
Telephone (000) 000-0000 Email xxxxxxxx@xxxxxx.xxx Facsimile (000) 000-0000
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