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EXHIBIT 10.36
EMPLOYMENT AGREEMENT WITH XXXX XXXXX
The following summarizes the agreement between SCO and Xxxx Xxxxx effective with
the appointment of a new President & CEO.
Effective with the appointment of a new President & CEO for SCO, Xxxx shall
become an advisor to the Company. The term of this agreement will be for one
year, and the board shall give him notice not later than 90 days prior to the
expiration of the term of the agreement, of their intention as to renewal for an
additional year. He shall remain as an employee while serving as an advisor and
shall be entitled to the same benefits as enjoyed by other officers of SCO. As
an advisor while remaining as an employee of the Company, Xxxx shall be
compensated as follows:
o Term of this agreement shall be for one year commencing on the
date the newly elected CEO takes office. Such agreement may be
extended beyond this one year term at the request of the CEO and
acceptability of the Board.
o Base Salary to be $200,000 per year with an annual bonus
opportunity of $152,000 at target. His bonus shall be based on
the Corporate Incentive Plan for Fiscal Year 1998 and any
subsequent years.
o Alok shall be expected to give SCO in his new role as an
advisor, between 25% and 50% of his available work time during
the term of this agreement.
o He will continue to vest in the stock options he has been
granted during the term of his tenure as an advisor to the
Company.
o This agreement shall cover customary travel and entertainment
normally accorded to someone in this position, including travel
between Dayton and Santa Xxxx.
o His focus in this role will be:
o Assist in the transition of General Management
responsibilities to the new CEO.
o Provide ongoing advice and counsel, as requested and
needed by the new CEO.
o Assist the CEO with Board matters and other issues of
importance to the Corporation.
o Identify and develop potential incubators which are
critical to and capable of providing a "third pillar"
for SCO's product strategy.
o Assist SCO management in identifying and working with
potential acquisitions.
It has been suggested by Xxxx, and that suggestion is supported by Xxxx as the
new CEO, that he serve as Chairman of the Board. If he is so elected, such
election does not alter the terms and conditions of this agreement and no
additional compensation shall be provided.
