Exhibit 4.13
EMPLOYMENT AGREEMENT
AGREEMENT dated 18 September, 2002.
BETWEEN METAL STORM Inc
(`Company')
AND G. XXXXXXX XXXX
(`Employee')
On behalf of the Board of Directors of Metal Storm, I am pleased to extend to
you an offer of employment with Metal Storm as the Senior Vice President of
Business Development. The terms of employment are as follows:
Salary: $165,000 base with 50% prioritised targeted annual bonus based on
defined KPI's. (key performance indicators)
The KPI's are to be settled by 14 October 2002. The Chief Corporate Officer
(CCO) will review performance KPI's and provide feedback at least each 6 months.
Stock options: 200,000 options will be made available at the rate of 12,500
options per quarter, issued quarterly in arrears over 4 years. The issue price
is to be fixed at the average closing price on the ASX for the 5 trading days
prior to the first date of employment. Options may be exercised with Board
approval. Options expire in three years from date of issue.
Other options may be issued by the board for outstanding performance.
If there is a change of control of Metal Storm all options yet to issue up to
200,000 will vest on the date that the change of control occurs at the set issue
price.
Senior Vice President of Business Development will report to the CCO.
You may continue to serve on the board of the World Trade Center Institute in
Baltimore.
Parking and computer support will be provided to you by the company.
Required international travel is to be business class.
You may participate in the company medical, dental, insurance and 401(k) program
as each of these programs is added to the benefits package for the company.
Recreational leave is 4 weeks per annum accrued as earned. Leave taken is to be
taken to fit company objectives.
Housing allowance or relocation provisions are not provided.
Start date: Monday, September 30, 2002
We are extremely pleased to have you join Metal Storm. The capabilities and
experience you will add to our company will be significant in moving us forward
in meeting our strategic and operational goals.
If you should have any additional questions, please contact me at 000 000-0000.
We look forward to your concurrence of this offer at your earliest convenience.
Sincerely,
/s/ Xxxxxxx X Xxxxxx
Xxxxxxx X Xxxxxx
Chief Corporate Officer
CONCUR
/s/ G. Xxxxxxx Xxxx
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G. Xxxxxxx Xxxx
