Exhibit 10.1
EMPLOYMENT AGREEMENT
This is an Employment Agreement
(“Agreement”) dated this 1st of April, 2009, by and
between MedPro Safety Products, Inc., a Nevada corporation,
(“Company”), and Marc T. Ray, presently residing in
Lexington, Kentucky (“Executive”).
RECITALS
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Whereas,
Company presently employs Executive and Executive and Company now
desire to enter into this Agreement to reflect the terms and
conditions of Executive’s continued employment with Company
as its Chief Financial Officer; and
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Whereas,
Executive desires to accept such continued employment on the terms
and conditions herein set forth.
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NOW, THEREFORE, in consideration of the
foregoing and of the covenants and conditions herein contained, the
parties hereto agree as follows:
1.
Employment . Company hereby agrees to continue to
employ Executive, and Executive hereby accepts such continued
employment by Company, upon the terms and conditions set forth in
this Agreement.
2.
Term . The term of this Agreement shall be the
thirty-six (36) consecutive month year period commencing January 1,
2009 (“Effective Date”), and ending on December 31,
2011 (the “Term”), unless terminated sooner pursuant to
Paragraphs 9 and 10 below. After the Term, this Agreement shall be
automatically renewed for additional twelve (12) consecutive month
periods (the “Additional Term(s)”), unless Company or
Executive provides prior written notice of its or his intention for
this Agreement not to be renewed, which written notice shall be
provided not less than thirty (30) days prior to the expiration of
the Term or any Additional Term. Any reference to Term
herein shall include the initial Term and any Additional Term
unless expressly provided to the contrary.
3.
Duties . During the Term, Executive shall hold
the position of Chief Financial Officer for Company and such other
affiliates as requested by Company. Provided, however,
Company may alter the title and position held by Executive at any
time, in its sole and absolute discretion. Executive
shall perform the duties customary for that position or any other
position held by Executive, and such other duties as Company may
from time to time reasonably assign to him. Executive
agrees to use his best efforts for the benefit of Company and its
affiliates, and throughout the Term shall devote his entire time,
attention, and energies to the business of Company and its
affiliates. Executive shall not, without Company's prior
written consent, engage in other business activities during the
Term; provided, Executive may invest his assets in such form or
manner as will not be adverse to the interests or reputation of
Company and will not require any services on his part in the
operation of the affairs of the enterprises in which the
investments are made. The Company realizes that the
Executive has some continuing obligations with regards to other
business entities and associated matters. The Executive
acknowledges that these matters will not create any conflict of
interest with the Company, and will not interfere with the
execution of the Executive’s duties. The Company
will allow the Executive reasonable time to fulfill his obligations
concerning these matters.
4.
Compensation . During the Term, Executive's
compensation for duties performed under this Agreement shall
consist of the following:
An Annual Base Salary of Two Hundred Fifteen
Thousand Five Hundred Dollars and no/100 ($215,500.00)
(“Annual Base Salary”), to be paid in accordance with
the customary payroll practices of Company at such times as the
President/COO, CEO or the Board of Directors, if so authorized, may
determine, with any increases as determined by the President/COO,
CEO or the Board of Directors, if so authorized in its sole and
absolute discretion. Such adjustment shall be made, as
necessary, to cover the period from the effective date to the first
payroll in April 2009.
Annual bonus compensation of up to 70% of
Executive’s Annual Base Salary, as the Board of Directors of
Company or the CEO may determine in its sole and absolute
discretion.
Company shall withhold from any such amounts
payable to Executive any applicable social security, federal, state
or local taxes.
5.
Employee Benefits . During the Term, Executive
shall be eligible for the following benefits:
Executive shall be entitled to participate in
employee benefit plans, policies and practices sponsored by Company
for the benefit of its employees, upon the same terms and
conditions as other employees of Company, including vacation and
holiday time; provided nothing in this Agreement shall affect
Company’s right to amend, modify or otherwise terminate any
such plans, policies and practices in its sole and absolute
discretion.
Upon termination of Executive’s employment
without “cause” (as defined below), Company shall pay
or reimburse Executive for the premiums associated with continued
medical coverage under Company’s medical plan should
Executive elect to continue such coverage pursuant to the terms of
the Consolidated Omnibus Budget Reconciliation Act of 1986, as
amended.
Company shall establish and maintain a stock
option arrangement for its management group which shall grant
Executive options to purchase stock pursuant to the terms and
conditions of the arrangement.
6.
Reimbursement of Expenses . Company shall
reimburse Executive for all reasonable travel, entertainment, and
similar expenses that Executive incurs in promoting the business of
Company and its affiliates, subject to policies and directives from
Company. The Company shall also reimburse Executive for
all associated expenses for professional education, certifications,
and other ongoing educational seminars, training, and courses
taken. This will include direct costs, travel, lodging,
and other related expenses. The Executive shall submit
such courses for approval by the President/COO or the CEO prior to
incurring such expenses.
7.
Facilities . Company shall provide Executive with
an office, books, stenographic and technical help, and such other
facilities, equipment, supplies and services as are suitable to his
position and adequate for the performance of his duties.
8.
Confidentiality, Nonsolicitation and Noncompetition
.
Disclosure of Information
. Executive acknowledges
and agrees that Company’s operations, financial reports,
customer information, strategic plan, salary and employee
information, and other confidential information pertaining to
Company’s operations and business affairs, as the same may
exist from time-to-time, including but not limited to any
information not generally known in the industry in which Company is
or may be engaged, are valuable, special and unique assets of
Company’s business, and Executive shall not (without
Company’s prior written consent), either during
Executive’s employment or thereafter, for any reason or
purpose whatsoever, disclose any such information to any person,
firm, corporation, association, or other entity. Company
may protect this interest by seeking and obtaining a court
injunction.
Return of Materials . Executive agrees to deliver, within
three (3) days after he is no longer affiliated with Company, any
and all property of Company, including any Confidential Material
(whether made, written or obtained by Executive or others) that is
in his possession, custody or control. Executive agrees
that he shall retain no copies of such material. For
purposes of this Agreement, “Confidential Material”
shall include, but not be limited to, any writing, computer data,
photograph, or other written material or tangible thing, obtained
by Executive as a consequence of or through his relationship with
Company, and containing any confidential information, including any
information not generally known in the industry in which Company is
or may be engaged. This shall include, without limiting
the generality of the foregoing, customer lists, price or fee
lists, financial date, forms and manuals, procedures, instructions,
records, computer programs, notes, notebooks, and all other
material of a trade secret, proprietary, or confidential
nature.
Nonsolicitation of Employees, Etc
. Executive hereby
covenants and agrees that during the term of Executive’s
employment with Company and throughout the Restricted Period,
Executive will not, directly or indirectly, solicit, divert,
induce, encourage or attempt to solicit, divert, induce or
encourage any person who was any employee, agent, consultant,
independent contractor, vendor, supplier or service provider of
Company or its affiliates at the time of his termination of
employment or within six (6) months prior to such termination of
employment, to leave or reduce his or her employment, relationship
or other arrangement with Company or any of its
affiliates. Further, during the Restricted Period,
Executi
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