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EMPLOYMENT AGREEMENT

Employment Agreement

EMPLOYMENT AGREEMENT | Document Parties: INTEGRAL TECHNOLOGIES, INC | WILLIAM S. ROBINSON You are currently viewing:
This Employment Agreement involves

INTEGRAL TECHNOLOGIES, INC | WILLIAM S. ROBINSON

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Title: EMPLOYMENT AGREEMENT
Date: 9/28/2009
Industry: Electronic Instr. and Controls     Sector: Technology

EMPLOYMENT AGREEMENT, Parties: integral technologies  inc , william s. robinson
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Exhibit 10.30


 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”) is made this 1st day of August 2009 , by and between INTEGRAL TECHNOLOGIES, INC. , a Nevada corporation, with principal executive offices located at 805 West Orchard Drive, #3, Bellingham, Washington 98225 (the "Company"), and WILLIAM S. ROBINSON , an individual residing at 5918 Olympic ST., Vancouver B.C. V6N 1Z6 (the "Executive").

 

 

RECITALS

 

NOW, THEREFORE, for and in consideration of the mutual covenants and representations and warranties of each other contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the Executive and the Company agree as follows: p!

 

 

ARTICLE I

EMPLOYMENT

 

The Company hereby employs the Executive; and the Executive hereby accepts such employment and agrees to serve as an employee and Director of the Company, subject to and upon the terms and conditions set forth in this Agreement.

 

 

ARTICLE II

TITLE AND DUTIES

 

(A)           During the term of employment with the Company, and subject to the direction of the Board of Directors, the Executive shall perform duties and functions consistent with his employment hereunder as an officer and director of the Company in the capacity of President, Secretary and Chief Financial Officer, as further defined in the Company’s bylaws. The Executive shall also perform duties and functions consistent with his employment hereunder as an officer and director of each subsidiary of the Company.

 

(B)           The Executive agrees to devote his best efforts to the performance of his duties for the Company; to render his services to any joint venture, subsidiary or affiliated business of the Company; to participate in establishing the direction of the Company's business; and to promote the Company's relationships with its employees, customers and others in the business and financial communities.

 

 

William S. Robinson Employment Agreement

 

 

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ARTICLE III

COMPENSATION

 

(A)           The Company shall pay to the Executive $220,000 per year for all services to be rendered pursuant to the terms of this Agreement.  Such salary is payable in accordance with the Company’s normal payroll procedures.  The Board of Directors may increase the Executive's salary from time to time in its discretion.

 

(B)            The Company shall grant the Executive options to acquire 500,000 shares of the Company's common stock at an exercise price of $0.25 per share. These options shall be granted pursuant to the Integral Technologies, Inc. 2009 Stock Plan. These options shall be fully vested on August 1, 2009 and may be exercised in whole or in part at any time after January 1, 2010 .  All options shall expire the earlier of December 31, 2014, or one year following the termination of employment with the Company.  The following terms and conditions apply to the options: (i) both the number of options and the exercise price are subject to appropriate adjustments in the event of any stock split, stock dividend or other change in capital structure affecting the Company's common stock, (ii) the options and the shares of common stock issuable upon exercise of the options are subject to restrictions on transfer, as required by applicable federal and state securities laws; (iii) options which have not vested on or before the date of termination of the Executive’s employment shall terminate on such date, and (iv) notwithstanding the expiration date, all vested options must be exercised within the earlier of the expiration date of the options or one year after termination of the Executive’s employment.  The Executive acknowledges that as long as he remains an executive officer of the Company, he shall be deemed an "affiliate" and/or a "control person" for purposes of reporting and compliance under the rules and regulations of the Securities and Exchange Commission.

 

(C)           The Executive shall be eligible to receive bonuses, based on the extent the Executive achieves certain goals and objectives, to be determined by mutual agreement between the Executive and the Board of Directors.

 

(D)           The Board of Directors may at its discretion from time to time grant to the Executive additional options to purchase shares of common stock of the Company.

 

 

ARTICLE IV

WORKING CONDITIONS AND BENEFITS

 

(A)           The Executive shall be entitled to paid vacations during each year of his employment with the Company in accordance with Company practice in that year.  The Executive shall also be entitled to leave for illness or temporary disability, subject to the terms of Article VII(B), which may be paid or unpaid, in accordance with the policies of the Company in effect at that time.

 

(B)           The Executive is authorized to incur reasonable and necessary expenses for promoting the business of the Company, including authorized expenses for entertainment, travel and similar items.  The Company shall reimburse the Executive in accordance with the policies of the Company in effect from time to time for all such expenses, upon presentation by the Executive of an itemized account of such authorized expenditures.

 

 

William S. Robinson Employment Agreement

 

 

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(C)           The Executive shall be employed by the Company at its executive offices in Bellingham, Washington.  The Executive shall travel on the Company's behalf to the extent reasonable and necessary and be reimbursed for such travel.

 

(D)            The Company shall provide to the Executive, to the full extent provided for under the laws of the Company's state of incorporation and the Company's bylaws, indemnification for any claim or lawsuit which may be threatened, asserted or commenced against the Executive by reason of the fact that he is or was a director, officer, employee or other agent of the Company, or is or was serv


 
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