EXHIBIT 10.1
XXXXXXXXXXXX.XXX (LOGO)
Employment Agreement
September 1, 0000
Xxxx Xxxxxxxxxxx
Xxxxxxxxx, XX
"Personal & Confidential"
Dear Xxxx:
This letter will confirm your terms of employment with XxxxxXxxxxxx.xxx
Technologies Inc. ("XxxxxXxxxxxx.xxx"). Please note that the functions listed
below are not all inclusive and may at the sole discretion of XxxxxXxxxxxx.xxx
be changed to fit the business needs of XxxxxXxxxxxx.xxx. At present, the
details are as follows:
Position
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Your position with XxxxxXxxxxxx.xxx will be that of Executive Vice President.
You will report to Xxxxxx Xxxxx, Chairman, President and CEO.
Introductory Period
-------------------
This contract acknowledges that your employment with XxxxxXxxxxxx.xxx starts on
September 1, 2000 and that XxxxXxxxxxx.xxx has foregone the requirement of a
performance evaluation period.
Wages or Salary
---------------
Your salary will be $20,583.34 per month to be paid in semi-monthly
installments (the "Base Salary").
Expenses
--------
In accordance with policies formulated by XxxxxXxxxxxx.xxx from time to time,
you will be reimbursed for all reasonable travelling and other business
expenses actually and properly incurred by you in connection with the
performance of your duties and functions. For all such expenses, you will be
required to keep proper accounts and to furnish statements and receipts to
XxxxxXxxxxxx.xxx within 30 days after the date the expenses are incurred.
Benefits
--------
Benefits are currently provided through The Great-West Life Assurance Company.
The type of benefits provided to you, or the carrier providing those benefits,
may change from time to time depending on the terms negotiated by
XxxxxXxxxxxx.xxx with its benefits carrier. The following list of benefits are
currently available:
X Extended medical plan.
X Dental plan.
X Long-term disability insurance
X Life insurance
Please complete the enclosed applications for benefits. You are responsible
for your own Provincial Medical Plan premiums.
Vacation
--------
You are entitled to 3 weeks of annual vacation pear each year of employment
with XxxxxXxxxxxx.xxx to be taken at such time as may be arranged with your
immediate supervisor. XxxxxXxxxxxx.xxx's policy is to have all employees take
their vacation time in the year earned.
Confidentiality & Assignment of Inventions
------------------------------------------
The terms of the Employee Confidentiality & Assignment of Inventions Agreement
(attached hereto) shall form part of this Employment Agreement, and any breach
of the Employee Confidentiality & Assignment of Inventions Agreement shall be
deemed a breach of this Agreement.
Termination of Employment
-------------------------
It is agreed that any termination of your employment shall occur on the
following basis:
$ without notice by XxxxxXxxxxxx.xxx if just cause for termination
exists, or
$ you may resign on giving XxxxxXxxxxxx.xxx 3 months written notice of
the effective date of your resignation. On receipt of your notice of
resignation, XxxxxXxxxxxx.xxx may elect to pay you 3 months Base
Salary in lieu of notice, in which case your employment will
terminate immediately upon receipt of such payment;
$ at any time by either party, if there is a material breach of the
terms of this agreement, or
$ If your employment is terminated other than for cause by
XxxxxXxxxxxx.xxx, you shall be entitled to a severance payment based
on your Base Salary at the time of your termination, equivalent to
six months base salary.
$ The severance payments set out in the above paragraphs are inclusive
of and not in addition to any compensation for length of service to
which you may be entitled under any applicable employment standards
legislation. All severance payments shall be subject to usual and
customary employee payroll practices and all applicable withholding
requirements. Except for the severance payments set out in the above
paragraphs you shall not be entitled to any further compensation,
bonus, damages, restitution, relocation benefits, or other severance
benefits upon termination of your employment and any amounts in
excess of the statutory compensation due to you shall not be payable
by XxxxxXxxxxxx.xxx until you provide to XxxxxXxxxxxx.xxx a signed
Release of All Claims in a form prescribed by XxxxxXxxxxxx.xxx.
$ you acknowledge and agree that in the event of the termination of
your employment, you will not be entitled to any claim against
XxxxxXxxxxxx.xxx for loss, damages or any other remedy with respect
to the loss of any right to exercise stock options which would have
vested and become exercisable at any time after your last day of work
for XxxxxXxxxxxx.xxx. Your right to exercise any stock options
vested as of your last day of work for XxxxxXxxxxxx.xxx shall be
strictly limited by the terms set out in the stock option plan or
agreement. In consideration of these limited rights you hereby
expressly release XxxxxXxxxxxx.xxx from all claims, demands, damages,
actions or causes of action of any sort which you may have with
respect to the loss of any right to exercise your stock options (or
any part thereof) which would or might have vested or become
exercisable at any time after your last day of work for
XxxxxXxxxxxx.xxx including without limitation the whole or any part
of any stock options which would or might have become vested or
exercisable during any period of reasonable notice deemed due to you
on termination of your employment.
Rules & Employment Policies
---------------------------
You agree to be bound by XxxxxXxxxxxx.xxx's rules and employment policies as
per the Employee Manual. Any failure to follow these rules or policies may
lead to discipline or dismissal for cause. It is further understood that
XxxxxXxxxxxx.xxx may change such rules or policies from time to time by posting
such changes and providing you with a copy of any such new rules or policies.
General
-------
Should your position, compensation or benefits change over time, it is agreed
that this Agreement shall be deemed to have been amended to incorporate such
changes. For greater certainty it is however confirmed that any changes to
your position, salary or benefits during your employment with XxxxxXxxxxxx.xxx
shall not affect in any way the continued validity of the Confidentiality and
Termination provisions of this Agreement.
Please indicate your agreement with the terms and conditions of your employment
with XxxxxXxxxxxx.xxx as outlined in this Agreement by signing and returning a
copy of this Agreement.
We hope you find that the above Agreement is to your satisfaction and we look
forward to your contribution to our team.
Yours truly,
XxxxxXxxxxxx.xxx Technologies Inc.
__________________________________
ACCEPTED AND AGREED TO THIS _____ DAY OF _____, 2000. I HAVE READ AND
UNDERSTAND THE TERMS AND CONDITIONS OF EMPLOYMENT SET OUT IN THIS LETTER
AGREEMENT.
__________________________________
Signature of Employee
