70
EMPLOYMENT AGREEMENT
This Employment Agreement is made and entered into this day of May,
1998, by and between Nova Pharmaceutical, Inc., an Nevada corporation,
(the Company), and Xxxxxx X. Xxxxxxxx, an individual ("Executive").
RECITALS
A. The Company desires to be assured of the association and
services of Executive for the Company.
B. Executive is willing and desires to be employed by the Company,
and the Company is willing to employ Executive, upon the terms,
covenants and conditions hereinafter se forth.
ARTICLE 1. AGREEMENT
NOW, THEREFORE, in consideration of the mutual terms, covenants, and
conditions hereinafter set forth, the parties hereto do hereby agree as
follows:
1.1 EMPLOYMENT. The Company hereby employs Executive as its
Controller, subject to the supervision and direction of the Company's
Board of Directors.
1.2 TERM. The term of this Agreement shall be for a period of one
(1) year communicant on May 4, 1998 unless terminated earlier pursuant
to Article 5 below.
ARTICLE 2. COMPENSATION; REIMBURSEMENT
2.1 BASE SALARY. For all services rendered by the Executive under
this Agreement, the Company shall pay Executive a base salary of Ninety
thousand Dollars ($90,000) per annum, payable monthly in equal
installments (the "Base Salary"). Base Salary shall be $93,600 per
annum until such time as the Company furnishes health benefits to
Executive.
2.2 ADDITIONAL BENEFITS. In addition to the Base Salary, Executive
shall be entitled to $3,750 per quarter, and all other benefits
of employment provided to other executives as may be granted from
time to time by the Board of Directors.
2.3 REIMBURSEMENT. Executive shall be entitled to a one-time
relocation expense reimbursement in an amount not to exceed eight
thousand dollars ($8,000).
ARTICLE 3. SCOPE OF DUTIES
3.1 ASSIGNMENT OF DUTIES. Executive shall have such duties as may be
ES. Executive shall have such duties as may be
