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EXHIBIT 10.14
EMPLOYMENT AGREEMENT
This Employment Agreement (this "Agreement") is made effective as of
October 1, 1997 by and between ZEROS USA, Inc., ("the Employer"), of 000 Xxxxx
Xxxx Xxxx, Xxxxx 000, Xxxxxxx, Xxxxx, and Xxxx Xxxxxxxx, ("the Employee").
The parties agree as follows:
1. EMPLOYMENT. Employee shall provide to Employer the services described
as follows:
Chief Financial Officer
Employee shall report to the President
2. TERM. The term of the Engagement shall be for a five-year period.
3. BEST EFFORTS OF EMPLOYEE. Employee agrees to perform faithfully,
industriously, and to the best of Employee's ability, experience, and talents,
all of the duties that may be required by the express and implicit terms of
this Agreement, to the reasonable satisfaction of Employer. Such duties shall
be provided at such place(s) as the needs, business, or opportunities of the
Employer may require from time to time.
4. COMPENSATION OF EMPLOYEE. As compensation for the services provided by
Employee under this Agreement, Employer will pay Employee a salary of
$78,000.00 per year. Increases are subject to quarterly performance reviews.
This amount shall be paid semi-monthly on the first day and the fifteenth day
of the month. Upon termination of this Agreement, payments under this paragraph
shall cease; provided, however, that the Employee shall be entitled to payments
for periods or partial periods that occurred prior to the date of termination
and for which the Employee has not yet been paid. Accrued vacation will be paid
in accordance with state law and the Employer's customary procedures.
Employee shall also be entitled to have his medical benefit plan paid by
Employer, to include medical, dental, vision and group life insurance.
5. BONUS COMPENSATION. Bonus compensation shall be provided as follows:
Bonus compensation shall be determined by the Board of Directors.
6. REIMBURSEMENT FOR EXPENSES IN ACCORDANCE WITH EMPLOYER POLICY. The
Employer will reimburse Employee for "out- of-pocket" expenses in accordance
with Employer policies in effect from time to time.
7. RECOMMENDATIONS FOR IMPROVING OPERATIONS. Employee shall provide
Employer with all information, suggestions, and recommendations regarding
Employer's business, of which Employee has knowledge that will be of benefit to
Employer.
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8. CONFIDENTIALITY. Employee recognizes that Employer has and will have
information regarding the following:
- machinery
- products
- prices
- apparatus
- costs
- discounts
- future plans
- business affairs
- customer lists
- license forms
and other vital information (collectively, "Information") which are valuable,
special and unique assets of Employer. Employee agrees that the Employee will
not at any time or in any manner, either directly or indirectly, divulge,
disclose, or communicate in any manner any Information to any third party
without the prior written consent of the Employer. Employee will protect the
Information and treat it as strictly confidential. A violation by Employee of
this paragraph shall be a material violation of this Agreement and will justify
legal and/or equitable relief.
9. UNAUTHORIZED DISCLOSURE OF INFORMATION. If it appears that Employee
has disclosed (or has threatened to disclose) Information in violation of this
Agreement, Employer shall be entitled to an injunction to restrain Employee
from disclosing, in whole or in part, such Information, or from providing any
services to any party to whom such Information has been disclosed or may be
disclosed. Employer shall not be prohibited by this provision from pursuing
other remedies, including a claim for losses and damages.
10. CONFIDENTIALITY AFTER TERMINATION OF EMPLOYMENT. The confidentiality
provisions of this Agreement shall remain in full force and effect for a period
of one year after the termination of Employee's employment. During such one
year period, neither party shall make or permit the making of any public
announcement or statement of any kind that Employee was formerly employed by or
connected with Employer.
11. NON-COMPETE AGREEMENT. Recognizing that the various items of
Information are special and unique assets of the company, Employee agrees and
covenants that for a period of one year following the termination of this
Agreement, whether such termination is voluntary or involuntary, Employee will
not directly or indirectly engage in any business competitive with Employer.
This covenant shall apply to the geographical area encompassing all of the
Continental United States. Directly or indirectly engaging in any competitive
business includes, but is not limited to,
(i) engaging in a competing business as owner, partner, or agent,
(ii) becoming an employee of any third party that is engaged in
such business,
(iii) becoming interested directly or indirectly in
any such business, or
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(iv) soliciting any customer of Employer for the benefit of a third
party that is engaged in such business.
Employee agrees that this non-compete provision will not adversely affect the
Employee's livelihood.
13. VACATION. Employee shall be entitled to four weeks of paid vacation
for each year of employment beginning on the first day of Employee's
employment. Such vacation must be taken at a time mutually convenient to
Employer and Employee, and must be approved by Employer.
14. SICK LEAVE/PERSONAL BUSINESS. After completion of six months of
employment, Employee shall be entitled to ten day(s) paid time due to illness
or personal business, each year of employment beginning on the first date of
Employee's employment.
If Employee is unable to work for more than five days because of sickness or
total disability, and if Employee's unused sick leave is insufficient for such
period, Employee's unused vacation time in excess of twenty days shall be
applied to such absence.
All requests for sick days and personal days off shall be made by Employee in
accordance with Employer policies in effect from time to time.
15. HOLIDAYS. Employee shall be entitled to the following holidays with
pay during each calendar year:
- New Year's Day
- Memorial Day
- Independence Day
- Labor Day
- Thanksgiving Day
- Christmas Day
16. TERMINATION. This Agreement may be terminated by either party upon
sixty days written notice. If Employer shall so terminate this Agreement,
Employee shall be entitled to compensation for six months, plus full vested
time in deferred compensation, unless the Employee is in violation of this
Agreement. If Employee is in violation of this Agreement, Employer may
terminate employment without notice and with compensation to Employee only to
the date of such termination. The compensation paid under this Agreement shall
be the Employee's exclusive remedy.
17. TERMINATION FOR DISABILITY. Employer shall have the option to
terminate this Agreement, if Employee becomes permanently disabled and is no
longer able to perform the essential functions of the position with reasonable
accommodation. Employer shall exercise this option by giving thirty days'
written notice to Employee.
18. COMPLIANCE WITH EMPLOYER'S RULES. Employee agrees to comply with all
of the rules and regulations of Employer.
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19. RETURN OF PROPERTY. Upon termination of this Agreement, the Employee
shall deliver all property (including keys, records, notes, data, memoranda,
models, and equipment) that is in the Employee's possession or under the
Employee's control which is Employer's property or related to Employer's
business. Such obligation shall be governed by any separate confidentiality or
proprietary rights agreement signed by the Employee.
20. NOTICES. All notices required or permitted under this Agreement shall
be in writing and shall be deemed delivered when delivered in person or
deposited in the United States mail, postage paid, addressed as follows:
Employer:
ZEROS USA, Inc.
Board of Directors
000 Xxxxx Xxxx Xxxx
Xxxxx 000
Xxxxxxx, Xxxxx 00000
Employee:
Xxxx Xxxxxxxx
0000 Xxxx Xxxxx
Xxxxxxx, Xxxxx 00000
Such addresses may be changed from time to time by either party by providing
written notice the manner set forth above.
20. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the
parties and there are no other promises or conditions in any other agreement
whether oral or written. This Agreement supersedes any prior written or oral
agreements between the parties.
21. AMENDMENT. This Agreement may be modified or amended, if the amendment
is made in writing and is signed by both parties.
22. SEVERABILITY. If any provisions of this Agreement shall be held to be
invalid or unenforceable for any reason, the remaining provisions shall
continue to be valid and enforceable. If a court finds that any provision of
this Agreement is invalid or unenforceable, but that by limiting such provision
it would become valid or enforceable, then such provision shall be deemed to be
written, construed, and enforced as so limited.
23. WAIVER OF CONTRACTUAL RIGHT. The failure of either party to enforce
any provision of this Agreement shall not be construed as a waiver or
limitation of that party's right to subsequently enforce and compel strict
compliance with every provision of this Agreement.
24. APPLICABLE LAW. This Agreement shall be governed by the laws of the
State of Texas.
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Employer:
ZEROS USA, Inc.
By:
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Xxxxx Xxxxx, President
AGREED TO AND ACCEPTED.
Employee:
By:
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Xxxxx Xxxxxx
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