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EXHIBIT 10.54
EMPLOYMENT
AGREEMENT
AGREEMENT
made this 1st day of July, 2004. by and between
Hydrogen Power
Inc., a corporation formed under the laws of the State of
Delaware (the “Company”) and Ricky Gujral (the
“Executive”)
WITNESSETH:
WHEREAS,
the Company wishes to employ the Executive and the
Executive wishes
to accept such. Employment, and each desires to enter into an
agreement to provide
for the terms and conditions of such employment set forth
herein;
NOW,
THEREFORE, in consideration of the premises and other
good
and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto agree as
follows:
The
Company agrees to employ the Executive during the Term
specified in section
2, and the Executive agrees to accept such employment, upon
the terms and conditions
hereinafter set forth.
2. Term
(a)
The Executive’s employment under this Agreement shall
continue until terminated pursuant to the provisions set out in
Article 5 of the Agreement. The effective
date of the termination of the Executive's employment with the
Company, regardless
of the reason therefor, is referred to in this Agreement as the
“Date of Termination”.
(b)
Upon termination of the employment of
the
Executive with the Company on or after Expiration Date, the Company
shall pay the Executive, subject to appropriate offsets, as
permitted by applicable law, for debts or money due to the Company
(collectively, “Offsets”), any earned but unpaid salary
and bonus composition,
and any unused Personal Time Off (“PTO”) days accrued
under Company policy,
only through or as of, the Date of Termination. Any benefits to
which the Executive or his beneficiaries may be entitled
may
be e
ntitled
to under the plans and programs described
in section 4(b) below, or any other applicable plans and programs.
In addition, the Company shall continue to pay the Executive his
rate of base salary compensation then in effect for a period of six
months. Except
as provided in this section 2(b), in connection with the
Executive’s termination
of
employment
pursuant to section 2(a), the Company shall have no
further
liability to the Executive or the Executive’s heirs,
beneficiaries or estate for
damages,
compensation, benefits, severance, indemnities or other amount of
whatever
nature.
3.
Duties and Responsibilities
(a)
During the Term, the Ex
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