Exhibit 10(x)
EMPLOYMENT AGREEMENT
Tracer Design, Inc., an Arizona corporation ("Employer"), hereby employs Xxxx X.
Xxxxxx ("Employee") on the following terms and conditions:
Term of Employment: Employee is an "At Will" employee of Employer, and
termination is permitted at any time by either party on 30 days prior written
notice. Employee's employment commences March 1, 1992.
Scope of Services; Vacation; Leave: Employee shall perform such tasks as
reasonably assigned by Employer, given Employee's background and experience.
Employee's initial tasks shall include serving as President and Chief Executive
Officer of Employer.
Employee agrees to devote substantially all of his working time to the business
of employer. Employee agrees not to undertake any other work or activity which
would materially interfere or conflict with Employee's work for Employer or with
the business of Employer. Employee represents that he is under no obligations
which would adversely affect Employee's ability to perform Employee's duties as
an employee of Employer.
All vacation and leaves shall be agreed in good faith between Employee and
Employer.
Salary and Payment: Employer shall pay Employee a salary equal to $50,000 on an
annualized basis. Such salary shall accrue at such rate on a weekly basis but
shall be payable as follows:
During the first six months of employment, all salary shall accrue but
shall not be payable. Commencing September 1, 1992, Employee, if still
employed, will commence receiving regular weekly paychecks. The accrued
but unpaid salary for the first six months (or shorter period if
termination occurs earlier) shall be payable: (i) in 12 equal monthly
installments commencing September 1, 1992, or (ii) in a lump sum if
Employee's employment is involuntarily terminated at any time. No
interest shall be due on any accrued salary. In the event Employee
voluntarily terminates employment with Employer during the 12 months
from the start of employment under this Agreement, Employee shall have
no right to any accrued but unpaid compensation at the time of
termination.
Nothing in the foregoing gives Employee the right to remain as an employee of
Employer for any fixed term of employment.
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Other Terms:
Employer shall provide reasonable work space and materials necessary for the
performance of Employee's tasks. Employer has no obligation to provide any
benefits to Employee but may provide such benefits as it deems appropriate from
time to time. No benefits are provided initially.
This Agreement shall be governed by the laws of the State of Arizona.
EXECUTED: February 19, 1992
/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
TRACER DESIGN, INC.
By: /s/ Xxxxx X Xxxxx
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Authorized Officer
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