Exhibit
10.8
PRIME SUN POWER
INC.
EMPLOYMENT
AGREEMENT
This Employment Agreement, dated
this 13th day of January, 2009 (the “ Agreement
”), by and between Prime Sun Power Inc., a Nevada corporation
(the “ Company ”), and Frank Jürgens (the
“ Executive ”).
WHEREAS, the Company desires to
engage the Executive to serve as Chief Operations Officer of the
Company and the Executive desires to serve as the Chief Operations
Officer of the Company;
NOW THEREFORE, in consideration of
the premises and the mutual agreements made herein, the Company and
the Executive agree as follows:
1. Employment; Duties
. The Company shall engage the Executive to serve as
Chief Operations Officer of the Company. The Executive
shall have such duties and authority as set forth on Annex A
attached hereto. The Executive shall serve the Company
in such capacity for the Employment Period as defined in Section 2.
The Executive shall report to the Chief Executive
Officer. The Executive agrees that during the term of
his employment rendered to the Company, he shall devote his
professional attention, knowledge and experience and give his best
effort, skill and abilities to promote the business and interests
of the Company. The Executive agrees to accept direction
from Chief Executive Officer of the Company or the Board of
Directors of the Company or a committee of the Board of Directors
to which the Board of Directors has duly delegated authority
thereof (collectively, the “ Board ”). The
Executive agrees to faithfully and diligently perform such
reasonable duties commensurate with the position of Chief
Operations Officer as may from time to time be assigned to the
Executive by the Board. For purposes of clarity, except
with respect to subsidiaries of the Company, to the extent the
Executive renders services to any other organizations, all such
services must be rendered in a separate capacity and shall not be
deemed to constitute services of the Executive as an agent of any
such other organization to the Company or as an agent by or on
behalf of the Company to such other organizations unless expressly
delegated in writing to such effect.
2. Employment Period
. This Agreement shall have an initial term of two (2)
years to be effective commencing on 1 st Day of January 2009 and ending on
the second anniversary of hereof (the “ Initial Employment
Period ”), unless sooner terminated in accordance with
the provisions of Section 7 or Section 8. This Agreement
shall automatically renew and continue to remain in effect after
the Initial Employment Period for successive one year periods
(each, a “ Renewal Employment Period ”), until
terminated as provided herein, unless either party provides the
other party with written notice of non-renewal not later than six
months (180 days) prior to the expiration of the Initial Period or
the anniversary of such date in any subsequent Renewal Employment
Period. The Initial Employment Period and each Renewal
Employment Period of this Agreement is referred to herein as the
“ Employment Period .”
(a)
Base Compensation . The Executive shall be paid a
base salary of one-hundred thirty thousand (130,000) Swiss
Francs per annum , payable incrementally on a monthly basis and
pro-rated for any partial year of employment, less any applicable
statutory or regulatory deductions (the “ Base Salary
”). The Base Salary shall be payable in accordance
with the Company’s regular payroll practices, as the same may
be modified from time to time.
(b) Options and Benefits.
The Executive shall be granted stock options for the purchase of
_50.000_ (Fifty thousand) shares of Company common stock at a
purchase price equal to the fair market value per share as of the
date of this Agreement. The fair market value per share
shall be determined by reference to the publicly quoted closing
price per share on the date immediately preceding the date of
approval of this Agreement by the Board of the
Company. The stock options shall be subject to the
customary terms and conditions pertaining to all Company stock
options. The Executive shall be eligible to participate
in all Company benefits and incentive plans granted at the
discretion of the Board.
(c) Expense Reimbursement
. The Executive shall be entitled to reimbursement of
reasonable out-of-pocket expenses incurred in connection with
travel and matters related to the Company's business and affairs if
made in accordance with written Company policy as in effect from
time to time as determined by the Board.
(d) Vacation
. The Executive shall be entitled to vacation each
calendar year in accordance with written Company policy as in
effect from time to time as determined by the Board. No
compensation shall be paid for accrued but untaken
vacation.
(e) Place of Employment .
The parties agree that the principal place of services to be
rendered to the Company by Executive shall be deemed to be Abu
Dhabi, United Arab Emirates and all compensation shall be paid to
Executive in such jurisdiction. The Company acknowledges
and agrees that Executive may reside from time to time in other
jurisdictions and may travel to any and all other jurisdictions
related to services to be rendered to the Company and Executive,
none of which shall have the effect of changing the deemed
principal place of services rendered by Executive to the Company
unless otherwise required by the laws of such other
jurisdictions.
4. Trade Secrets . The
Executive agrees that it is in the Company's legitimate business
interest to restrict his disclosure or use of Trade Secrets and
Confidential Information relating to the Company or its affiliates
as provided herein, and Executive agrees not to disclose or use the
Trade Secrets and/or Confidential Information relating to the
Company or its affiliates for any purpose other than in connection
with his performance of his duties. For purposes of this
Agreement, “ Trade Secrets ” shall mean all
confidential and proprietary information belonging to the Company
(including current client lists and prospective client lists,
ideas, formulas, compositions, inventions (whether patentable or
unpatentable and whether or not reduced to practice), know-how,
manufacturing and production processes and techniques, research and
development information, drawings, specifications, designs, plans,
proposals, technical data, copyrightable works, financial and
marketing plans and customer and supplier lists and information).
For purposes of this Agreement, “
Confidential Information ” shall mean all information
in addition to Trade Secrets used by, or which is in the possession
of the Company and relating to the Company’s business or
assets specifically including, but not limited to, information
relating to the Company’s products, services, strategies,
pricing, customers, representatives, suppliers, distributors,
technology, finances, employee compensation, computer software and
hardware, inventions, developments, in each case to the extent that
such information is not required to be disclosed by applicable law
or compelled to be disclosed by any governmental
authority. Notwithstanding the foregoing, the terms
“ Trade Secrets ” and “ Confidential
Information ” do not include information that (i) is or
becomes generally available to or known by the public (other than
as a result of a disclosure by the Executive), provided ,
that the source of such information is not known by the
Executive to be bound by a confidentiality agreement with the
Company; or (ii) is independently developed by the Executive
without violating this Agreement.
5. Return of Documents and
Property . Upon the expiration or termination of the
Executive's employment with the Company, or at any time upon the
request of the Company, the Executive (or his heirs or personal
representatives) shall deliver to the Company (a) all documents and
materials (including, without limitation, computer files)
containing Trade Secrets and Confidential Information relating to
the business and affairs of the Company or its affiliates, and (b)
all documents, materials, equipment and other property (including,
without limitation, computer files, computer programs, computer
Operations systems, computers, printers, scanners, pagers,
telephones, credit cards and ID cards) belonging to the Company or
its affiliates, which in either case are in the possession or under
the control of the Executive (or his heirs or personal
representatives).
6. Discoveries and Works
. All Discoveries and Works which are made or conceived
by the Executive during his employment by the Company, solely,
jointly or with others, that relate to the Company's present or
anticipated activities, or are used or useable by the Company
within the scope of this Agreement shall be owned by the
Company. For the purposes of this Section 6, (including
the definition of “ Discoveries and Works ”) the
term “ Company ” shall include the Company and
its affiliates. The term “ Discoveries and
Works ” includes, by way of example but without
limitation, Trade Secrets and other Confidential Information,
patents and patent applications, service marks, and service mark
registrations and applications, trade names, copyrights and
copyright registrations and applications. The Executive
shall (a) promptly notify, make full disclosure to, and execute and
deliver any documents requested by the Company, as the case may be,
to evidence or better assure title to Discoveries and Works in the
Company, as so requested, (b) renounce any and all claims,
including but not limited to claims of ownership and royalty, with
respect to all Discoveries and Works and all other property owned
or licensed by the Company, (c) assist the Company in obtaining or
maintaining for itself at its own expense United States and foreign
patents, copyrights, trade secret protection or other protection of
any and all Discoveries and Works, and (d) promptly execute,
whether during his employment with the Company or thereafter, all
applications or other endorsements necessary or appropriate to
maintain patents and other rights for the Company and to protect
the title of the Company thereto, including but not limited to
assignments of such patents and other rights. Any
Discoveries and Works which, within one year after the expiration
or termination of the Executive's employment with the Company, are
made, disclosed, reduced to tangible or written form or
description, or are reduced to practice by the Executive and which
pertain to the business carried on or products or services being
sold or delivered by the Company at the time of such termination
shall, as between the Executive and, the Company, be presumed to
have been made during the Executive's employment by the
Company. The Executive acknowledges that all Discoveries
and Works shall be deemed “ works made for hire
” under the U.S. Copyright Act of 1976, as amended 17 U.S.C.
Sect. 101.
(a) Manner of Termination .
The Company and the Executive may terminate this Agreement, with or
without cause, only in accordance with the provisions of this
Section 7.
(b) Termination Without
Cause . The Company may terminate this Agreement
without cause at any time during the Employment Period effective
immediately upon giving written notice of termination to the
Executive, provided however, that if the Company terminates this
Agreement other than for cause during the Employment Period the
Company shall pay the Executive payments equivalent to
Executive’s annual Base Salary following such termination
date in accordance with the Company’s regular payroll
procedures through the remainder of the Employment Period, plus
vesting of any options, plus reimbursement of any and all
reasonable and pre-approved expenses incurred by Executive as of
the date of notice of such date, and all of such payments shall
completely and fully discharge any and all obligations and
liabilities of the Company to the Executive.
(c) Termination for Cause
. The Company may terminate this Agreement for cause at
any time during the Employment Period effective immediately upon
giving written notice of termination to the Executive. For purposes
of this Agreement, “ cause ” shall mean, with
respect to the Executive, (i) any act of fraud or dishonesty,
willful misconduct or negligence in connection with the Executive's
performance of his duties, (ii) repeated failure of the Executive
to follow reasonable instructions of the Board, (iii) dishonesty of
the Executive which causes a material detriment to the Company or
its affiliates, (iv) a breach by the Executive of any provision
hereof or of any contractual or legal fiduciary duty to the Company
(including, but not limited to, the unauthorized disclosure of
Trade Secrets or other Confidential Information, non-compliance
with the policies, guidelines and procedures of the Company or
engaging during his employment in any other employment or business
without the express written approval of the Company’s Board),
(v) the arrest of the Executive for the commission of a felony,
whether or not such alleged felony was committed in connection with
the Company's busi
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