Exhibit 10.29
January 6, 2005
Mr. Alan L. Austin, Jr.
2719 Bankhurst Court
Sparks, NV 89436
Dear Mr. Austin:
On behalf of SulphCo, Inc., a Nevada corporation (the "
Company "), I am pleased to offer you the position of Vice
President of Finance and Chief Financial Officer of the Company. We
are very much looking forward to having you on the SulphCo
team.
The terms of your
position with the Company are as set forth below:
1.
Position .
a.
You will be Vice President of Finance
and Chief Financial Officer of the Company, working out of the
Company’s offices in Sparks, Nevada. You will report to the
CEO of the Company.
b.
You agree to the best of your ability
and experience that you will at all times loyally and
conscientiously perform all of the duties and obligations required
to the reasonable satisfaction of the Company. During the term of
your employment, you further agree that you will devote all of your
business time and attention to the business of the Company. You
will not render commercial or professional services of any nature
to any person or organization, whether or not for compensation,
without the prior written consent of the Company’s Board of
Directors. However, nothing in this letter precludes you from the
development and dissemination of ideas, principles and concepts
associated with your professional development and role as a senior
executive and manager, so long as such efforts and endeavors do not
detract from or diminish your ability to perform the duties and
obligations associated with your role in the Company. You will not
directly or indirectly engage or participate in any business that
is competitive in any manner with the business of the Company.
Nothing in this letter is designed to prevent you from accepting
speaking or presentation engagements consistent with the
Company’s business plan in exchange for honoraria or from
serving on boards of charitable organizations, or from owning no
more than one percent (1%) of the outstanding equity securities of
a corporation whose stock is registered under the Securities
Exchange Act of 1934.
2.
Start Date . Subject to
fulfillment of any conditions imposed by this letter agreement,
your employment will commence on Friday, January 7, 2005.
3.
Compensation .
a.
Base Salary . You will be
paid a monthly salary of $15,000.00, which is equivalent to
$180,000.00 on an annualized basis. Your salary will be payable
pursuant to the Company’s regular payroll policy in the same
manner as other employees of the Company.
b.
Bonus .
You will not be eligible to receive
any bonus except on terms and conditions as may be established from
time to time in the future by the Company’s Board of
Directors. As of the Start Da
