Exhibit 10.134
Employment Agreement
XXXXXX X. XXXXXXXXXXX
SEPTEMBER 7, 2001
1. TERM: 2 years, automatically renewing for an additional 3 years if sales
exceed expenses before the conclusion of second year
2. EMPLOYMENT: Chief Operating Officer
3. DUTIES: manage all tasks and resources of the Company
4. COMPENSATION: $160,000 - per year plus a car allowance with annual
increases at the discretion of the board
5. INCENTIVE BONUS' CASH: for 2001, $5,000 per $100,000 of sales awarded in
$5,000 increments annually (incremental including acquisitions) up to
$500,000
6. INCENTIVE STOCK OPTIONS:
a. 500,000 shares of Biomune/Company "144" stock vested equally over 5
years for year 2001 at the current value of $.20 per share
b. For subsequent years: at discretion of the board;
7. INCENTIVE BONUS STOCK OPTIONS: entitled to 500,000 shares of immediately
vested options of Biomune/Company registered stock at the current value of
$.20 share if:
a. The Company achieves $2 million in sales in 2001, and
b. The Company's sales exceed expenses by the last day of 2001
8. TERMINATION FOR CAUSE: as defined in original LPK agreement
9. INVOLUNTARY TERMINATION: as defined in original LPK agreement
10. DISABILITY OR DEATH: Entitle to
a. Base compensation plus allowances and bonuses will continue for 12
months following death or disability
b. All options vesting and exercisable and, remain exercisable as
though still employed by the Company
c. The company will reimburse the employee for the cost of $500,000
term life insurance and a disability insurance policy covering total
remaining value of this agreement.
11. SEVERANCE BENEFITS FOR INVOLUNTARY TERMINATION: entitle to full/remaining
value (including stock and stock options) of this agreement based on sales
exceeding expenses any time preceding Termination. Options exercisable as
though still employed by the Company.
12. SALE OF BUSINESS/CHANGE OF CONTROL: see existing agreement
Signed__________________ - date ________ Signed _______________ - date_____